Wilmington, Delaware, Aug. 14, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Superalloy Melting Equipment Market by Type (Benchtop Hot-Melt Equipment and Glue Guns), Sales Channel (OEM and Aftermarket), Application (Commercial and Industrial): Global Opportunity Analysis and Industry Forecast, 2024-2032". According to the report, the superalloy melting equipment market was valued at $1.1 billion in 2023, and is estimated to reach $1.9 billion by 2032, growing at a CAGR of 5.9% from 2024 to 2032.
Prime determinants of growth
The aerospace industry is one of the primary drivers for the superalloy melting equipment market. Superalloys are essential for manufacturing components that must withstand extreme temperatures and pressures, such as turbine blades in jet engines. The continuous growth and advancements in aerospace technology fuel the demand for high-quality superalloys.
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Report coverage & details:
| Report Coverage | Details |
| Forecast Period | 2024–2032 |
| Base Year | 2023 |
| Market Size in 2023 | $1.1 billion |
| Market Size in 2032 | $1.9 billion |
| CAGR | 5.9% |
| No. of Pages in Report | 198 |
| Segments covered | Product, Sales Channel, Application and Region |
| Drivers | Rapid industrialization and infrastructure development Growth in superalloy industry |
| Opportunities | Technological Advancements in superalloy manufacturing |
| Restraints | Volatile price of raw materials |
COVID-19 Scenario
- The outbreak of the COVID-19 pandemic had a negative impact on the superalloy melting equipment market, owing to the temporary closure of manufacturing firms during the lockdown.
- Not only the production but also the sale of superalloy melting equipment was hampered due to the closure of manufacturing factories across the world, especially in the initial period of the pandemic.
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The benchtop hot-melt equipment segment dominated the market share
Based on type, the market is divided into benchtop hot-melt equipment, glue guns. Advances in manufacturing technologies, such as additive manufacturing (3D printing) with superalloys, require sophisticated melting equipment to produce high-purity feedstock materials which in turn fuels the benchtop hot-melt equipment segment in global market. The integration of these advanced manufacturing techniques drives the need for state-of-the-art superalloy melting equipment.
The OEM segment dominated the market in 2023
Based on sales channel, the market is segregated into OEM, and Aftermarket. Superalloys are critical in defense and military applications, including jet engines for fighter aircraft, naval propulsion systems, and various other high-performance components. Increased defense spending and the development of new military technologies support the growth of the superalloy melting equipment market. OEMs invest heavily in research and development to innovate and improve their melting equipment which propels the market growth.
The industrial segment dominated the market in 2023
As per application, the market is bifurcated into commercial, and industrial. Stricter environmental regulations and efficiency standards in various industries compel manufacturers to use materials that can operate efficiently at higher temperatures and under more extreme conditions which fuels the industrial segment in global market. Superalloys meet these requirements, driving the demand for the equipment necessary to produce them. The development of renewable energy technologies, such as wind turbines, also contributes to the demand for superalloys. Components in wind turbines, especially those in harsh environments, require materials with high durability and performance, driving the need for advanced melting equipment. Such factors drive the industrial superalloy melting equipment market.
The Asia-Pacific dominated the market share in terms of revenue in 2023
The superalloy melting equipment market is analyzed across North America, Europe, Asia-Pacific, Latin America, and MEA. In 2023, Asia-Pacific accounted for more than one-third of the market share, and is expected to grow at a significant CAGR throughout the forecast period. China holds the maximum share in the superalloy melting equipment industry in the Asia-Pacific region. Rapid industrialization and economic growth in emerging markets lead to increased infrastructure development and industrial activities. This growth stimulates demand for high-performance materials, including superalloys, thereby boosting the market for melting equipment.
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Leading Market Players: -
- 3M
- Banseok Precision Industry Co.Ltd.
- Glue Machinery Corporation
- Graco Inc.
- Henkel AG & Co. KGaA
- ITW Dynatec
- Nordson Corporation
- Robatech AG
- Twin Engineers Pvt. Ltd.
- Valco Cincinnati Inc.
The report provides a detailed analysis of these key players in the superalloy melting equipment market. These players have adopted different strategies such as new product launches, expansion, and acquisitions to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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