This report covers market characteristics, size and growth, segmentation, regional breakdowns, competitive landscape, market shares, trends and strategies
PUNE, INDIA, November 20, 2019 /EINPresswire.com/ — Market overview
Superalloys are referred to the group of alloys, which are alloyed particularly with cobalt, nickel, and iron along with other metals with an aim to enhance their corrosion resistance. Owing to remarkable properties of creep resistance at high temperature, high mechanical strength, significant surface stability, and corrosion, oxidation and high-temperature, resistance, Superalloys are popularly and largely used in the aerospace gas turbine engines, power generation turbines, nuclear reactors, rocket engines, petrochemical equipment, and others.
The global superalloys for nuclear market was evaluated at $4,158 million in 2016, and is expected to reach $7,677 million by 2023, growing at a CAGR of 8.9% during the forecast period.
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Owing to the increasing demand from nuclear reactors since the United States, with around 99 nuclear reactors is one of the largest producers of nuclear power in the world, the market is expected to see positive growth in the region. With more nuclear reactors under construction, this trend is expected to increase during the forecast period.
The report provides a detailed analysis of the key drivers contributing to the market growth, potential opportunities, as well as challenges and the risks faced by key manufacturers. It also sheds some light on emerging trends and their impact on current and future development.
The key manufacturers covered in this report:
Precision Castparts Corporation
The Global Superalloy for nuclear market growth is segmented by product type, application, manufacturer and region.
In terms of product type the market is classified into Fe based, Ni based and Co based. The nickel-based segment held more than half share of the total market based on an evaluation in 2016 owing to its oxidation resistance and high-temperature mechanical properties and its use in the power production units of nuclear reactors. Moreover, the Cobalt-based superalloys segment is expected to show the highest growth rate in terms of market revenue with a CAGR of 10.0% during the forecast period.
With respect to applications, the market is split into Fuel Element, Heat Exchanger and Others.
Geographically, the market spans across key regions of North America, Europe, China and Japan
The report provides a detailed country-wise analysis of the regions the Global Superalloy for nuclear market spans across. These include:
Americas (United States, Canada, Mexico, Brazil)
APAC (China, Japan, Korea, Southeast Asia, India, Australia)
Europe (Germany, France, UK, Italy, Russia, Spain)
Middle East and Africa (Egypt, South Africa, Israel, Turkey, GCC Countries)
North America dominated the global market, contributing to two-fifths of the market share, in terms of revenue owing to increase in demand of nuclear reactors and growth of aerospace industry and utilization of aircrafts.
The Asia-Pacific region is expected to show the highest growth in volume with a CAGR of 9.4% followed by Europe which is expected to record a CAGR of 9.0%.
The forecast and evaluation of the Superalloy for nuclear market have been analyzed on both a regional, as well as global basis. On the basis of the region, the Superalloy for nuclear market is reviewed in North America, Latin America (LATAM), Europe, the Asia Pacific (APAC), and the Middle East and Africa (MEA).
Idaho National Laboratory, Idaho Falls, announced their development of a heat treatment process to enable superalloys to withstand higher heat roughly more than six times than an untreated counterpart, extending useful life by thousands of hours in nuclear reactor applications.
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Source: EIN Presswire