The Business Research Company’s report on the Superalloy Melting Equipment Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the primary drivers fueling the growth of the superalloy melting equipment market in recent years?
The increasing aircraft deliveries are expected to propel the growth of the superalloy melting equipment market going forward. Aircraft deliveries are increasing due to rising demand for air travel, fleet expansion, and the replacement of older aircraft with newer, more efficient models. Superalloy melting equipment is used in aircraft deliveries to produce high-performance components that can withstand extreme conditions in aerospace applications. For instance, in February 2023, according to the International Civil Aviation Organization (ICAO), a Canada-based agency of the United Nations, in 2022, major aircraft manufacturers Airbus and Boeing saw a 53% increase in orders and a 20% rise in deliveries compared to 2021. Therefore, the increasing aircraft deliveries are driving the growth of the superalloy melting equipment market.
Growth In Renewable Energy Driving Demand For Superalloy Melting Equipment
The expansion of the renewable energy industry is expected to propel the growth of the superalloy melting equipment market going forward. The renewable energy industry encompasses the production, distribution, and utilization of energy derived from natural sources that are replenished on a human timescale, such as solar, wind, hydro, and geothermal power. The expansion of the renewable energy industry is driven by technological advancements that reduce costs and increase global awareness and policies to combat climate change. Superalloy melting equipment is crucial in the renewable energy industry for manufacturing high-performance components in wind turbines and solar power systems, enhancing efficiency and durability. For instance, in January 2024, according to The Energy Information Administration, a US-based government agency, solar capacity operated by the electric power sector increased by 38% from 95 gigawatts (GW) at the end of 2023 to 131 GW by the end of 2024. Therefore, the expansion of the renewable energy industry is driving the superalloy melting equipment market.
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What is the projected market size of the superalloy melting equipment industry, and how is it expected to grow?
The superalloy melting equipment market size has grown strongly in recent years. It will grow from $1.05 $ billion in 2024 to $1.12 $ billion in 2025 at a compound annual growth rate (CAGR) of 6.8%. The growth in the historic period can be attributed to a rise in the aerospace industry, an increase in demand for high-performance materials in power generation, growth in the automotive sector, a rise in need for corrosion-resistant materials in the chemical industry, and expansion in applications in the oil and gas sector.
The superalloy melting equipment market size is expected to see strong growth in the next few years. It will grow to $1.44 $ billion in 2029 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to increasing demand from the aerospace and defense sectors, growing automotive and power generation industries, rising emphasis on lightweight and high-performance materials, increasing research and development activities, expanding applications in healthcare, and growing environmental regulations encouraging sustainable practices. Major trends in the forecast period include the integration of automation and artificial intelligence, the adoption of green and sustainable practices, advancements in melting techniques, advancements in quality control methods, and advancements in remote monitoring.
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Who are the key players driving competition in the superalloy melting equipment market?
Major companies operating in the superalloy melting equipment market are Thyssenkrupp AG, Henkel AG & Co. KGaA, Precision Castparts Corp., Allegheny Technologies Incorporated, SMS Group GmbH, Nordson Corporation, Graco Inc., Carpenter Technology Corporation, Nippon Yakin Kogyo Co. Ltd., VDM Metals Group, Kurtz Holding GmbH & Co. Beteiligungs KG, Valco Cincinnati Inc., SECO/WARWICK Group, Plansee Group, Nabertherm GmbH, ABP Induction Systems, Robatech AG, ALD Vacuum Technologies, Hitachi Industrial Equipment & Solutions America LLC, Inductotherm Group LLC, TAV Vacuum Furnaces, MTI corporation, Glue Machinery Corporation
What key trends are expected to drive the sunflower market during the forecast period?
Major companies operating in the superalloy melting equipment market are focusing on adopting new melting procedures, such as investment casting, to enhance the quality and durability of products. Investment casting, or lost-wax casting, is a precision manufacturing process used to produce intricate metal parts. It involves creating a wax model, covering it with ceramic to form a mold, and then melting the wax away. For instance, in November 2022, Impro Precision Industries Limited, a Hong Kong-based machine industry company, expanded its capabilities in superalloy investment casting, increasing the maximum piece weight from 30 kilograms to 115 kilograms. This enhancement is facilitated by the installation of a state-of-the-art three-chamber vacuum induction melting (VIM) furnace at their facility in Wuxi, China, which is designed to handle the melting and pouring of superalloys under vacuum conditions. This advanced equipment enables the production of larger and more complex superalloy components, enhancing the overall quality and efficiency of the casting process.
Which key geographies are driving the growth of the superalloy melting equipment market?
Asia-Pacificwas the largest region in the superalloy melting equipment market in 2024. The regions covered in the superalloy melting equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What are the key segments driving growth in the superalloy melting equipment market?
The superalloy melting equipmentmarket covered in this report is segmented –
1) By Type: Benchtop Hot-Melt Equipment, Glue Guns
2) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
3) By Application: Commercial, Industrial
Subsegments:
1) Benchtop Hot-Melt Equipment: Manual Benchtop Hot-Melt Equipment, Automatic Benchtop Hot-Melt Equipment
2) Glue Guns: Standard Glue Guns, High-Temperature Glue Guns
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What defines the structure and scope of the superalloy melting equipment market?
Superalloy melting equipment is a specialized machinery used to melt and process superalloys, which are high-performance materials designed to withstand extreme temperatures, pressures, and corrosive environments. This equipment includes induction furnaces, vacuum arc remelters, and electron beam melters, ensuring precise control over temperature and atmospheric conditions to maintain the integrity and quality of the superalloys.
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