Superalloy Melting Equipment Market Report 2024

This Superalloy Melting Equipment market report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.

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 during the historic period can be attributed to several factors such as an expansion in the aerospace industry, increased demand for high-performance materials in power generation, growth in the automotive sector, a rising need for corrosion-resistant materials in the chemical industry, and an increase in applications within 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 anticipated growth during the forecast period can be attributed to several factors such as rising demand from the aerospace and defense sectors, expanding automotive and power generation industries, a growing focus on lightweight and high-performance materials, increasing research and development activities, expanding applications in healthcare, and heightened environmental regulations promoting sustainable practices. Key trends expected in this period include the integration of automation and artificial intelligence, the adoption of green and sustainable practices, advancements in melting techniques, improvements in quality control methods, and developments in remote monitoring.

The growth of the superalloy melting equipment market is expected to be driven by the increase in aircraft deliveries. This rise in deliveries is due to the growing demand for air travel, fleet expansion, and the replacement of older aircraft with newer, more efficient models. Superalloy melting equipment is essential in aircraft manufacturing for producing high-performance components capable of withstanding extreme aerospace conditions. For example, in February 2023, the International Civil Aviation Organization (ICAO), a Canada-based UN agency, reported that in 2022, major aircraft manufacturers Airbus and Boeing experienced a 53% increase in orders and a 20% rise in deliveries compared to 2021. Consequently, the growth in aircraft deliveries is fueling the expansion of the superalloy melting equipment market.

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.

Leading companies in the superalloy melting equipment market are focusing on adopting new melting techniques, such as investment casting, to improve product quality and durability. Investment casting, or lost-wax casting, is a precise manufacturing process for creating detailed metal parts. It involves making a wax model, covering it with ceramic to create a mold, and then melting away the wax. For instance, in November 2022, Impro Precision Industries Limited, a Hong Kong-based company, enhanced its superalloy investment casting capabilities by increasing the maximum piece weight from 30 kilograms to 115 kilograms. This improvement was achieved through the installation of a cutting-edge three-chamber vacuum induction melting (VIM) furnace at their Wuxi, China facility, designed to melt and pour superalloys under vacuum conditions. This advanced equipment allows for the production of larger and more complex superalloy components, thereby improving the overall quality and efficiency of the casting process.

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.

Asia-Pacific was the largest region in the superalloy melting equipment market in 2023. The regions covered in the superalloy melting equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the superalloy melting equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Superalloy melting equipment is specialized machinery used for melting and processing superalloys, which are high-performance materials capable of withstanding extreme temperatures, pressures, and corrosive environments. This equipment includes induction furnaces, vacuum arc remelters, and electron beam melters, all of which ensure precise control over temperature and atmospheric conditions to preserve the integrity and quality of the superalloys.

The primary types of superalloy melting equipment include benchtop hot-melt equipment and glue guns. Benchtop hot-melt equipment is a compact and efficient tool designed for melting and applying adhesive materials at high temperatures. This equipment is available through original equipment manufacturers (OEM) and aftermarket sales channels, and it finds applications in both commercial and industrial settings.

The superalloy melting equipment market research report is one of a series of new reports that provides superalloy melting equipment market statistics, including superalloy melting equipment industry global market size, regional shares, competitors with a superalloy melting equipment market share, detailed superalloy melting equipment market segments, market trends and opportunities, and any further data you may need to thrive in the superalloy melting equipment industry. This superalloy melting equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The superalloy melting equipment market consists of sales of induction furnaces, vacuum induction melting (VIM) furnaces, vacuum arc melters (VAR), electroslag melting (ESR) furnaces, electron beam melters, and plasma arc melters. Values in this market are ‘factory gate’ values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

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