Global Superalloy Honeycomb Materials Market Grows at a CAGR of 7.6%

Introduction

High-performance alloys, known as superalloys, operate smoothly at extremely high temperatures. Other essential properties of superalloys include extraordinary mechanical strength, excellent surface stability, resistance to thermal creep, corrosion and oxidation resistance, etc. A "honeycomb" cell geometry resembles natural objects like bone tissue or beehive cells. Because of its low density and low thermal conductivity, the superalloy's honeycomb structure makes it perfect for hypersonic flight vehicles like the Starship and other space shuttles. Superalloys have many bases, including nickel, copper, iron, and others. Even though each family has specific applications, nickel-based superalloys have emerged as the most significant and frequently used superalloys. This is so that nickel-based superalloys can be altered to suit different circumstances while retaining their original elemental makeup. Due to these modifications, some metals, metalloids, and possibly even non-metallic elements may be added. To create the honeycomb structure, numerous metallic or non-metallic sheets must be bent and bonded together. The properties of superalloy honeycomb have made engineering at highly high temperatures possible. Because of this, superalloy honeycombs are frequently used in the aerospace sector.

Market Dynamics

Increase In Demand From The Aerospace & Defense Industry

Many aircraft are being produced for both military and commercial applications. In a 2015 article in Aerospace Technology, it was predicted that Airbus would increase its output to about 60 aircraft per month by 2018. This target has been set to meet the growing demand for short- to medium-range and narrow-body aircraft. All aircraft must be built using honeycomb panels because of their advanced characteristics. Due to advancements in the defense sector in developed nations like the United States, Germany, Canada, and others, as well as in less developed nations like Africa, Iran, and Iraq, the market for honeycomb sandwich materials is growing. The market is expanding due to increased space activities such as satellite launches, test probes, and deep space missions. Because superalloy honeycomb enables greater operational effectiveness and lower environmental emissions, it is used more frequently in the automotive and aviation industries.

Development In 3D Printing Technologies Creates Opportunities

3D printing uses a computer system to create solid three-dimensional objects by adding layers on top of each other. Honeycomb sandwich panels can be created using 3D printers, streamlining the manufacturing process. Additionally, 3D printing manufacturing allows for panel customization and maximizes the use of raw materials. It is therefore anticipated that this factor will present profitable opportunities for market growth during the forecast period. The titanium alloy Ti6Al4V and stainless steel 316Ls were produced using laser powder bed fusion, whereas the honeycomb structure of Stratasys Vero PureWhite polymer was produced using PolyJet technology. The finite element model (FEM) accurately predicted the metal structure's stiffness, but the polymer structure's stiffness was overestimated.

Regional Analysis

North America is the highest contributor to the global superalloy honeycomb materials market and is anticipated to grow at a CAGR of 7.3% during the forecast period. The U.S. and Canada account for a sizable portion of the market for superalloy honeycomb materials due to the presence of significant market players in these countries. The region's market is dominated by the United States, with Canada and Mexico following. The U.S. and Canada have developed economies that make up the region. Industries like aerospace, oil & gas, automotive, pharmaceutical, energy, and manufacturing are driving up the demand for superalloys in this region. Superalloys are used in many products, including turbine blades, engines, aero-landing gears, nuclear reactors, combustors, exhausts, pumps, tubes, down-holes, and more. Because they offer enhanced properties that satisfy the end user’s needs, castings or forgings are used as the parts. The use of superalloys in the industries above increases both demand and production. These factors encourage the local market for superalloy honeycomb materials to grow.

Europe is expected to grow at the fastest CAGR of 7.7% during the forecast period. Thanks to significant market players in Germany and the UK, the region makes up a sizable portion of the global superalloy market. Germany is the primary producer of superalloys in the area. The growth of the aerospace, automotive, oil & gas, healthcare, and energy industries has significantly impacted the market for superalloy honeycomb materials in the area. Germany is home to several significant market players in the automotive sector, with the bulk of manufacturing taking place there. The demand for superalloys is rising in France due to the presence of large aerospace companies. The demand for superalloys in the region is also influenced by the energy industries in Italy, the UK, and Italy's healthcare industry. Europe's booming superalloy demand is driving growth in the market for superalloy honeycomb materials.

Key Highlights

• The global superalloy honeycomb materials market was valued at USD 1.62 billion in 2022. It is projected to reach USD 3.21 billion by 2031, growing at a CAGR of 7.6% during the forecast period (2023–2031).
• Based on material type, the global superalloy honeycomb materials market is bifurcated into nickel, stainless steel, and others. The nickel segment is the highest contributor to the market and is anticipated to grow at a CAGR of 7.6% during the forecast period.
• Based on the end-use industry, the global superalloy honeycomb materials market is bifurcated into aerospace & defense, automotive, power, and others. The aerospace & defense segment owns the highest market share and is forecasted to grow at a CAGR of 7.3% during the forecast period.
• North America is the highest contributor to the global superalloy honeycomb materials market and is expected to grow at a CAGR of 7.3% during the forecast period.

Competitive Players

Competitive Players

The global superalloy honeycomb materials market’s major key players are Allegheny Technologies Incorporated, Hamilton Precision Metals, Haynes International, Inc., Hi Tech Honeycomb Inc., Beijing Ander Technologies, Chromalloy Gas Turbine LLC, Forged Solutions Group (Firth Rixson), Howmet Aerospace, Inc., Indy Honeycomb, Oerlikon Metco Switzerland, Quality Honeycomb, JSC Rotec.

Recent Developments

Market News

• In November 2022, At InterWeighing 2022 this year, Hamilton Precision Metals will display its precision resistor alloy foils for strain gauges. The Nanjing International Expo Center in Nanjing, China, will host the international weighing instrument exhibition from November to December 2022.
• In August 2022, When launchpad 39B at Florida's Kennedy Space Center is "all systems go," ATI will play a crucial role in NASA's Artemis I mission. A safe flight crew expedition to the Moon with a predetermined splashdown and recovery plan is tested on Artemis I, the first mission in a complicated series of deep space exploration initiatives.

Segmentation

Global Superalloy Honeycomb Materials Market: Segmentation

By Material Type

• Nickel
• Stainless-steel
• Others

By End Use Industry

• Aerospace & Defense
• Automotive
• Power
• Others

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA