DUBLIN--(BUSINESS WIRE)--The "Aircraft Nickel & Cobalt Round Products Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2024-2030" report has been added to ResearchAndMarkets.com's offering.
The aircraft nickel & cobalt round products market was 74.8 kilotons in 2023 and is expected to grow at a CAGR of 5% in the long run to reach a market size of 106 kilotons in 2030.
Key factors driving the growth of aircraft nickel and cobalt round products are the organic growth of the aircraft industry, with an expected rise in the production rate of key programs (A220, A320neo family, A350XWB, B737Max, and B787), the entry of new programs (C919, B777x, etc.), the growing aircraft fleet, the benefits of Ni and Co alloys, increasing demand for high-temperature resistant materials, and the development of high-thrust turbofan engines.
Key Trends Shaping the Market:
- Development of single crystal alloys.
- Emphasis on High-Temperature and High-Strength Alloys.
- Raw Material Supply Challenges.
- Formation of Long-Term Contracts.
- Sustainability and Recycling Initiatives.
By Aircraft Type
- Commercial aircraft is expected to remain the most dominant aircraft type of the market during the forecast period.
- The aircraft nickel & cobalt round products market is segmented into commercial aircraft, regional aircraft, helicopters, military aircraft, general aviation, and others.
- Expected increase in production rates of the best-selling aircraft programs, introduction of variants of existing best-selling aircraft programs, such as B777X, huge order backlogs of both the significant OEMs (Boeing: 6,197 and Airbus: 8,749) 14,976 as of September 2024; technological advancements; and fleet modernization and expansion are key factors behind the dominance of commercial aircraft segment.
By Process Type
- VIM Process is likely to hold the dominant market position during the forecast period.
- Based on process type, the market is segmented into VIM (vacuum induction melting) and others.
- The vacuum induction melting (VIM) process leads the market driven by its key features, such as precise control over the melting environment, high purity, uniform microstructures, reduced oxidation, and flexibility, i.e., suitable for producing small batches of superalloys.
- VIM prevents air contamination, resulting in high-purity superalloys. This process allows for precise control over the chemical composition of the alloys.
By Part Type
- Turbine discs are expected to remain the most dominant part type of the market over the next six years.
- The market is segmented by part type into turbine discs, shafts, casing, blades, landing gear, fasteners, etc.
- Turbine discs, casing, and blades are expected to remain the most attractive segments in the aero-engine applications. In contrast, landing gear is the most lucrative non-engine application for nickel & cobalt round products.
- The development of high-thrust engines requires materials that can withstand extreme temperatures and stress. Nickel & Cobalt alloys play a vital role in producing crucial parts such as blades, casings, turbine discs, and shafts of high-thrust engines.
By Application Type
- Non-rotating applications dominate the market during the forecast period.
- Based on application type, the market is segmented into rotating and non-rotating applications.
- Major non-rotating applications are casings, exhaust systems, and landing gear.
- Major rotating applications are turbine discs, shafts, and blades.
- Extreme temperatures and rotational forces are imposed on the rotating applications; therefore, nickel and cobalt are utilized to provide strength and durability to withstand these conditions.
- Round products (bars and billets) can be easily forged into complex shapes and are cost-effective for manufacturing large, heavy-duty parts. Hence, non-rotating applications, such as turbine discs, shafts, and blades, are dominant applications of nickel & cobalt round products.
Regional Analysis
- North America is expected to be the dominant region, whereas Asia-Pacific is likely to register the highest growth in the aircraft nickel & cobalt round products market over the next six years.
- The aircraft nickel and cobalt round products market is segmented by region into North America, Europe, Asia-Pacific, and the Rest of the World. North America is the largest region of the market, as it is home to major aeroengine OEMs, such as GE Aerospace, Pratt & Whitney, and Honeywell International Inc., which generate high demand. It also has the presence of leading players, such as ATI Inc., Haynes International, Inc., Carpenter Technology Corporation, and Precision Castparts Corp. (Special Metals Corporation).
- Asia-Pacific is likely to offer significant growth opportunities driven by programs such as the Safran-DRDO JV engine and GTRE's custom-designed engines for AMCA. Other factors include increasing demand for commercial aircraft to support rising passenger traffic, the opening of Boeing and Airbus assembly plants in India and China, and a growing preference for air travel and tourism.
Key Players
The market is moderately concentrated, with a few players across the region. All the leading players are manufacturing superalloys for various industries, such as aerospace, oil & gas, automotive, and medical. Many engine manufacturers (OEMs), like CFM, GE Aerospace, and Rolls Royce, maintain close relationships with a selected group of round product suppliers. R&D efforts by leading players to develop new lightweight, strong materials resistant to extreme conditions.
Key players in the aircraft nickel & cobalt round products market include:
- ATI Inc.
- Precision Castparts Corp.
- Carpenter Technology Corporation
- Aperam
- Haynes International
- Proterial, Ltd. (Earlier Hitachi Metals, Ltd.)
- Aubert & Duval
- VDM Metals Group
Report Scope
Market Environment Analysis: Factors Affecting Market Dynamics
- Supply Chain Analysis (Identification of Key Players/Materials across the Value Chain)
- Analysis (List of All Factors Directly or Indirectly Affecting the Market Demand)
- Industry Life Cycle Analysis (Current and Future Lifecycle Stage of the Market)
- Key Trends (Key Industry as well as Market Trends Shaping the Market Dynamics)
-
Market Drivers (Study of Drivers and their Short- and Long-Term Impacts)
- Expected Rebound in Aircraft Deliveries
- Development of New Aircraft Programs
- Benefits of Nickel and Cobalt Alloys.
- Increasing Demand for High-Temperature Resistant Materials.
- Development of High-Thrust Turbofan Engines
- Market Challenges (Study of Factors Hindrance the Adoption/Growth)
Aircraft Nickel & Cobalt Round Products Market Assessment (2018-2030) (Kilotons and US$ Million)
- Map the Key Applications of Round Products
- Aircraft Nickel & Cobalt Round Products Market Trend and Forecast (Kilotons and US$ Million)
- Market Scenario Analysis: Growth Trajectories in Different Market Conditions
Aircraft Nickel & Cobalt Round Products Market Segments' Analysis (2018-2030) (Kilotons and US$ Million)
-
Aircraft-Type Analysis
- Commercial Aircraft: Regional Trend and Forecast (Kilotons and US$ Million)
- Regional Aircraft: Regional Trend and Forecast (Kilotons and US$ Million)
- Helicopter: Regional Trend and Forecast (Kilotons and US$ Million)
- Military Aircraft: Regional Trend and Forecast (Kilotons and US$ Million)
- General Aviation: Regional Trend and Forecast (Kilotons and US$ Million)
- Others: Regional Trend and Forecast (Kilotons and US$ Million)
-
Process-Type Analysis
- VIM: Regional Trend and Forecast Kilotons and US$ Million)
- Others: Regional Trend and Forecast (Kilotons and US$ Million)
-
Part-Type Analysis
- Turbine Discs: Regional Trend and Forecast (Kilotons and US$ Million)
- Shafts: Regional Trend and Forecast (Kilotons and US$ Million)
- Casings: Regional Trend and Forecast (Kilotons and US$ Million)
- Blades: Regional Trend and Forecast (Kilotons and US$ Million)
- Landing Gears: Regional Trend and Forecast (Kilotons and US$ Million)
- Fasteners: Regional Trend and Forecast (Kilotons and US$ Million)
- Others: Regional Trend and Forecast (Kilotons and US$ Million)
-
Application-Type Analysis
- Rotating Applications: Regional Trend and Forecast (Kilotons and US$ Million)
- Non-Rotating Applications: Regional Trend and Forecast (Kilotons and US$ Million)
Competitive Analysis
- Degree of Competition (Current Stage of Competition based on Market Consolidation)
- Competitive Landscape (Benchmarking of Key Players in Crucial Parameters)
- Market Share Analysis (Key Players and their Respective Shares)
- Product Portfolio Mapping (Map their Presence in Different Market Categories)
- Geographical Presence (Map their Geographical Presence)
- Key Target Areas for Product Development (Understand the Industry Focus while Development)
- M&As, JVs, Collaborations, Strategic Alliances, etc. (Map All the Major M&As and JVs)
- Porter's Five Forces Analysis (A Bird's Eye View of the Overall Competitive Landscape)
Strategic Growth Opportunities
- Market Attractiveness Analysis
- Emerging Trends (Key Trends that May Shape the Market Dynamics in the Future)
- Key Strategic Implications (Changing Market Dynamics and their Key Implications)
- Key Success Factors (KSFs) (Identifying Some Factors that May Help Companies to Gain Business)
Company Profiles of Key Players
- Apearam S.A.
- ATI Inc.
- Aubert & Duval
- Carpenter Technology Corporation
- Haynes International Inc.
- Precision Castparts Corp. (Special Metals Corporation)
- Proterial, Ltd. (Earlier Hitachi Metals, Ltd.)
- VDM Metals Group
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