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The creep resistance materials market size is forecast to increase by USD 4.87 billion at a CAGR of 6.78% between 2023 and 2028. The global market for creep resistance materials is experiencing significant growth due to their increasing adoption across various industries, including aerospace, automotive, and power generation. These materials offer enhanced resistance to deformation under load at high temperatures, leading to improved engine efficiency and extended component lifespan. Additionally, the trend towards sustainability is driving the demand for recycled and reusable materials in manufacturing processes. Creep resistance materials, such as super alloys and composites, not only meet the performance requirements but also contribute to reducing the carbon footprint by minimizing waste and conserving resources. The adoption of these materials is set to continue, as industries seek to optimize performance, reduce costs, and minimize environmental impact.
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The rise in the adoption of creep resistance materials in various industries is a key factor driving the market growth. Creep-resistant materials are in high demand across diverse industries due to their exceptional heat and stress resistance. In aerospace, they're essential for high-temperature applications like aircraft engines.
Furthermore, the power generation sector relies on them for enhanced efficiency, while the oil and gas industry benefits from their resistance to oxidation and corrosion. In automotive, these materials are used in high-temperature components, and the medical equipment sector finds them valuable for prostheses and implants. The growing adoption of creep-resistant materials is set to drive market growth.
The growing prominence of nickel-based creep resistance materials is a key trend shaping the market growth. Nickel-based materials with exceptional creep resistance find extensive use in crafting aircraft, power-generation turbines, rocket engines, and challenging settings like chemical plants and nuclear facilities. These alloys, comprising a substantial portion (40%-50%) of aircraft engine weight, primarily fortify combustors and engine turbines, enduring extreme temperatures.
The aerospace sector's drive to curtail emissions and enhance fuel efficiency propels demand for these alloys, fostering the evolution of advanced creep-resistant materials. Energy efficiency gains in electricity-producing steam turbines also hinge on nickel-based creep-resistant alloys, prized for their robust high-temperature strength and resilience against corrosive and oxidizing conditions. Consequently, these dynamics forecast heightened global market growth.
The toxic nature of chromium and other metals is a key challenge hindering the market growth. In the aerospace realm, utilization of hexavalent chromium and nickel compounds carries the potential for grave health ramifications, including lung cancer. Instances highlight an escalated cancer hazard due to prolonged exposure to chromium in activities like abrasive blasting, grinding spray, and painting within a chromate dye firm. This element is incorporated into paint as both a pigment and anti-corrosive agent, notably prevalent in aerospace applications.
Exposure to Cr(VI) can occur during aircraft interior and exterior painting, as well as through sanding and the omission of chromate-based coatings. Regulatory measures, such as the Occupational Safety and Health Administration's (OSHA) restriction of Cr(VI) exposure to five ug/m3 over an eight-hour time span, are poised to impede global market growth within the projected period.
The market share growth by the electronic and semiconductors segment will be significant during the forecast period. Creep-resistance materials are widely used in electronics and semiconductor industries due to their ability to withstand high temperatures and pressure for an extended period without exhibiting any permanent deformation or failure. This has led to a rise in demand and, subsequently, the growth of the market.
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The electronic and semi-conductors segment was valued at USD 3.31 billion in 2018. One example of creep-resistance materials used in the industry is molybdenum, a high-strength metal with excellent creep-resistance properties. Molybdenum is used in the manufacture of electronic components such as transistors and diodes, as well as in semiconductors for its high thermal conductivity and low coefficient of thermal expansion. Ceramics, such as aluminum oxide, represent another example of creep-resistance materials employed in the manufacturing of microchip substrates. These ceramics exhibit exceptional mechanical properties suitable for demanding environments characterized by high temperatures and pressures where materials are constantly subjected to stress. Such trends are driving the creep-resistant materials market growth.
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APAC is estimated to contribute 35% to the growth of the global market during the forecast period. The market is thriving, primarily driven by the expanding construction and manufacturing sectors. China, a major manufacturer of these materials, and India are key contributors to this growth, with increasing demand across various industries. Noteworthy infrastructure projects in both countries, like Australia's M6 Motorway Expansion and Malaysia's Sarawak-Sabah Link Road, are further boosting market prospects. Additionally, the rising need for high-temperature-resistant materials in power generation equipment and the focus on renewable energy sources, such as solar and wind, are expected to provide new growth opportunities.
The market is fragmented in nature. Some significant players include Aperam SA, Compagnie de Saint Gobain, Daicel Corp., Entegris Inc., Illinois Tool Works Inc.
Aperam SA: The company offers creep resistance materials such as K33X grade.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Imerys S.A., Kalyani Steels Ltd., Mishra Dhatu Nigam Ltd., Modern Plastics Inc., Navstar steel corp., Pexco LLC, Remet UK Ltd., Steel Authority of India Ltd., thyssenkrupp AG, TWI Ltd., Unified Alloys Inc., voestalpine BOHLER Edelstahl GmbH and Co KG, and ZwickRoell GmbH and Co. KG
The market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD billion " for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
Polybutylene Terephthalate Market Analysis APAC, Europe, North America, South America, Middle East and Africa - China, US, Germany, India, UK - Size and Forecast
Steel Flat-Rolled Products Market by Product, End-user, and Geography - Forecast and Analysis
Rigid Recycled Plastic Market Analysis APAC,Europe,North America,Middle East and Africa,South America - US,China,Japan,Germany,UK - Size and Forecast
The market focuses on supplying raw materials crucial for industries like the oil and gas sector, renewable energy sector, and materials industry. These materials, including titanium alloys and lightweight materials, are pivotal in manufacturing high-efficiency engines and lightweight, high-precision components used in gas turbines, boilers, and heat exchangers. Advanced coating technologies enhance durability and performance against time-dependent deformation and constant stress conditions, addressing challenges like creep deformation. Material science advancements continually innovate to improve the creep resistance of components, ensuring reliability in critical applications. The market thrives on optimizing the raw material supply chain to meet stringent requirements for efficiency and longevity in industries dependent on reliable and resilient materials. The efficiency of engines depends significantly on the choice of material type used in their construction and components.
Market Scope |
|
Report Coverage |
Details |
Page number |
170 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.78% |
Market growth 2024-2028 |
USD 4.87 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
6.23 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 35% |
Key countries |
China, US, Japan, South Korea, and Germany |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aperam SA, Compagnie de Saint Gobain, Daicel Corp., Entegris Inc., Illinois Tool Works Inc., Imerys S.A., Kalyani Steels Ltd., Mishra Dhatu Nigam Ltd., Modern Plastics Inc., Navstar steel corp., Pexco LLC, Remet UK Ltd., Steel Authority of India Ltd., thyssenkrupp AG, TWI Ltd., Unified Alloys Inc., voestalpine BOHLER Edelstahl GmbH and Co KG, and ZwickRoell GmbH and Co. KG |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for market forecast period |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Opportunity/Restraints
11 Competitive Landscape
12 Competitive Analysis
13 Appendix
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