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Superalloy Melting Equipment Market Growth Rate, Share, Analysis, Outlook and Forecast To 2033
Superalloy Melting Equipment Market Growth
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According to The Business Research Company's, The superalloy melting equipment market size has grown strongly in recent years. It will grow from $0.99 billion in 2023 to $1.05 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. 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 $1.35 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. 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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Market Drivers and Trends:
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.
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.
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Major Key Players of the Market:
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
Superalloy Melting Equipment Market 2024 Key Insights:
• The superalloy melting equipment market size is expected to see strong growth in the next few years. It will grow to $1.35 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%.
• Increasing Aircraft Deliveries Drive Growth In Superalloy Melting Equipment Market
• Adoption Of Investment Casting In The Steel Grating Walkways Market
• Asia-Pacific was the largest region in the superalloy melting equipment market in 2023
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