Press release
Superalloy Melting Equipment Market Latest Rising Trend & Forecast 2024 to 2032 | At a CAGR of 5.9%
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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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.
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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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Top Players:
Banseok Precision Industry Co.Ltd, Glue Machinery Corporation, Twin Engineers Pvt. Ltd, ITW Dynatec, Graco Inc., 3M, Robatech AG, Nordson Corporation, Valco Cincinnati Inc, Henkel AG & Co. KGaA
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