In fast growing economies and developing markets, the aerospace and marine industry is estimated to gain momentum in the coming years. Technological advancements in the materials used to manufacture turbine blades have increased their adoption.
Besides, they ensure a prolong life of the turbine blades and reduce the maintenance cost. Different types of turbine blade material are available in market such as stainless steel, nickel alloy, titanium alloy, and composite material. Among these, nickel alloy can be used in temperatures of up to 1,700 degrees Celsius.
Failure in steam and gas turbines are often caused due to blade fatigue, and this can be cured by using high melting point materials. More recently, the demand for turbine blade material is significantly impelled, owing to a surge in the demand from turbine blade manufacturers.
Turbine Blade Material Market: Market Dynamics
Drivers
Ever growing end use industries such as automotive, aerospace, industrial, marine, etc., both, in developed and developing economies, is anticipated to be a major factor responsible for the growth of the global turbine blade material market over the forecast period.
Moreover, the continuously declining cost of energy generation using renewable sources is also anticipated to give traction to the growth of turbine blades as well as turbine blade material in the coming decade.
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That apart, governments are focused on using renewable energy and encouraging people to do the same. This is expected to further boost the demand for turbine blades and turbine blade material over the forecast period.
Restraints
Turbine blades require high capital investments as well as maintenance costs, which is anticipated to act as a restraining factor to the growth of the turbine blade material market over the forecast period. Moreover, the prices of turbine blade materials are highly volatile. This is also expected to act as a factor hampering the growth of the turbine blade material market in the coming future.
Trends
A major trend predicted five years down the line includes market players of turbine blade material focusing on strategic expansions to expand their presence across the globe. This is projected to act as a catalyst to maintain leadership. Moreover, the strong outlook of the global automotive, aerospace, marine, etc., industries across the globe creates considerable opportunities for turbine blade & turbine blade material manufacturers.
Turbine Blade Material Market: Regional Outlook
The global turbine blade material market is totally dependent on the growing demand for turbine blades from end use sectors across geographies. Over the forecast period, Asia Pacific is expected to be closely followed by North America. Both these markets are predicted to witness enormous growth in the turbine blade material market, owing to increasing government initiatives to use renewable energy in emerging economies such as the India, China, and the U.S. Western Europe is estimated to grow at a considerable CAGR during the forecast period, owing to the high demand for turbine blade material in the growing automotive sector in the region.
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Germany is expected to be the leading automotive and automobile market in Western Europe. Latin America is anticipated to witness the growth of the turbine blade material market over the forecast period. The Middle East & Africa is expected to grow at a substantial CAGR during the forecast period, owing to an increase in the demand for turbine blade material from turbine blade manufacturers in the region.
Turbine Blade Material Market: Market Participants
Examples of some of the key participants identified across the value chain of the global turbine blade material market include:
- Acerinox
- Aperam
- AK Steel
- Guangxi Chengde Group
- JLC Electromet Pvt. Ltd.
- KOBE STEEL, LTD.
- Mannesmann Stainless Tubes GmbH
- Nippon Steel and Sumitomo Metal
- POSCO
- Tata Steel Europe
The research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geography, application, material type, and end user.
The report covers exhaustive analysis on
- Market Segments
- Market Dynamics
- Market Size
- Supply & Demand
- Current Trends/Issues/Challenges
- Competition & Companies Involved
- Technology
- Value Chain
Regional analysis includes
- North America (U.S., Canada)
- Latin America (Mexico, Brazil)
- Western Europe (Germany, Italy, France, U.K, Spain)
- Eastern Europe (Poland, Russia)
- Asia Pacific (China, India, ASEAN, Australia & New Zealand)
- Japan
- Middle East and Africa (GCC Countries, S. Africa, Northern Africa)
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.
The report provides in-depth analysis of parent market trends, macro-economic indicators, and governing factors, along with market attractiveness as per segment. The report also maps the qualitative impact of various market factors on market segments and geographies.
Turbine Blade Material Market: Segmentation
The global turbine blade material market can be segmented on the basis of material type, application, and end user.
On the basis of material type, the global turbine blade material market can be segmented as:
- Stainless Steel
- Nickel Alloy
- Titanium Alloy
- Composite Materials
On the basis of application, the global turbine blade material market can be segmented as:
- Gas Turbines
- Water Turbines
- Wind Turbines
- Steam Turbines
On the basis of end user, the global turbine blade material market can be segmented as:
- Automotive
- Industrial
- Marine
- Aerospace
- Others
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