Capital Securities: Aviation Equipment In-depth Report: Superalloy (with report)

core point

Superalloys are cutting-edge industrial materials standing at the tip of the pyramid. Superalloys can resist oxidation, corrosion and creep at high temperatures above 600 °C. They are not only key materials for aero-engine hot-end components and various high-temperature components of aerospace rocket engines, but also widely used in industrial gas turbines, energy, and chemical industries. department. From the perspective of the main elements of the alloy, nickel-based superalloys have relatively stronger heat resistance and are the most widely used, accounting for up to 80% of today’s production. According to the manufacturing process, there are deformed superalloys, cast superalloys and powder superalloys.

More than 60 years of localization development, breakthroughs have been made in the field of multiple models. The development of superalloys in my country has changed from imitation of the Soviet Union, Europe and the United States to independent innovation, forming a complete superalloy system, which ensures that the superalloy materials required for my country’s aerospace engines and gas turbines are completely based in China. GH4169 is the standard of BO7718 in the United States, and its yield strength below 650°C ranks first in deformed superalloys. It is the superalloy with the largest amount and the highest application range in my country. K438 is one of the casting superalloys with the best heat-resistant corrosion resistance, and its composition and properties are comparable to IN738, which is widely used abroad. The single crystal superalloy has been independently developed to the third generation single crystal alloy DD33, DD9 and the fourth generation single crystal alloy DD91, DD15 and so on. Companies represented by Gangyan Gaona have successfully developed FGH4091, FGH4097, FGH4098 and other powder superalloy disk forgings, which meet the design and application requirements of many national key models of aero-engines.

The demand for military and civil aviation development is strong, and the localization rate will continue to increase under the gap between supply and demand. The number and generation of my country’s military aircraft are far from the United States, and there is an urgent need to update advanced equipment; under the consumption of actual combat training, the demand for military aviation development will continue to be strong. In the next 10-20 years, the commercial aviation market will also vigorously drive the demand for superalloys. It is expected that the general aviation and civil aviation market demand will exceed the military field. According to the statistics of China Special Steel Enterprises Association, in 2020, the domestic production of superalloy is 33,000 tons, the demand is about 53,000 tons, and the supply and demand gap is 20,000 tons. The main core suppliers are actively expanding their production capacity, which is expected to bring a supply increase of 12,000 tons per year. The localization rate of superalloys is targeted to increase from the current 60% to 80%.

Pay attention to the listed core producers Fushun Special Steel, Western Superconductor, Gangyan Gaona and Tunan Co., Ltd. The prosperity of the aerospace track is clear, the superalloy industry has high barriers, the competition pattern is stable, and the growth rate of production capacity is relatively slow. Fushun Special Steel, Western Superconductor, Gangyan Gaona and Tunan Co., Ltd. have their own focuses in the fields of technology and products, and focus on competition and cooperation. As a leader in deformed superalloys, Fushun Special Steel has carried out a number of equipment additions and technical transformation projects in recent years to further release production capacity. The Western Superconductor’s initial launch and fixed increase investment projects plan to increase the production capacity of superalloys by 4,000 tons, and the three major businesses of titanium alloys, superconducting materials and superalloys will work together. Gangyan Gaona has outstanding research and development strength and complete product categories, and has an absolute dominant position in the field of new superalloys. The first fundraising project of Tunan Co., Ltd. will be completed this year. It is expected to release a production capacity of 1,000 tons of superalloys and a production capacity of 3,300 pieces of precision castings. The increase in the proportion of precision castings will lead to a steady increase in the company’s profitability.

To view the full report click here

Note: The articles on this site have not been posted and shared by netizens or institutions unless they are marked as original. If there is any need for publicity or infringement, please contact [email protected].

This article is reprinted from: https://www.dx2025.com/archives/166683.html
This site is for inclusion only, and the copyright belongs to the original author.

Leave a Comment