Middle and upper reaches of global steel and superalloy industry chain
Issuing time:2022-05-10 12:13
The downstream market concentration of Superalloy industry chain is high. The whole machine market downstream of the superalloy industry chain presents an obvious oligopoly situation, and the engine market is concentrated in four companies: Safran in France, Ge in the United States, P & W in the United States and R-R in the United Kingdom. In terms of the whole machine market, in the global annual delivery of new aircraft, the total delivery volume of Boeing and Airbus from 2010 to 2020 accounted for an average of 90% of the global delivery volume. They have monopolized more than 85% of the global market share for a long time. In terms of engine market, in 2020, the global civil engine market was mainly focused on Ge, P & W and Safran. In 2020, the global engine delivery + total orders on hand, Ge accounted for 6%, P & W accounted for 17%, and CFM, a subsidiary established by GE and Safran with half investment, accounted for 52%, that is, the total market share of Ge, P & W and Safran reached 75%, plus the market share of R-R nearly 8%, and the global market share of the four reached 82%.
The concentration of Superalloy market is relatively scattered in the downstream, and the difference of Superalloy revenue scale of major American enterprises is not obvious. The representative enterprises of global superalloys are Hayn (Haynes International), CRS (carpenter Technology Corporation), ATI (alleghenyteledynein C) and special metals (PCC subsidiary), etc. For Hayn The revenues of CRS and ATI's major enterprises from 2010 to 2020 are split (Hayn superalloy revenue is represented by its "high temperature alloy" sub segment revenue, CRS superalloy revenue is represented by its "special alloy", "stainless steel" and "alloy and tool steel" sub segment revenue, and ATI superalloy revenue is represented by its "nickel base alloy and special alloy", "precision forgings and castings" and "zirconium and related alloys" sub segment revenue), The annual revenue scale of ATI's superalloy series products is slightly higher than that of other major suppliers. The revenue of Hayn and CRS superalloy materials is equivalent, or mainly because ATI's industrial chain and product categories are more complete than the other two - ATI not only produces and sells superalloy materials, but also processes superalloys and sells component grade forgings and precision castings to downstream engine enterprises, but Hayn and CRS mainly focus on the sale of superalloy materials.
The annual revenue of ATI and CRS superalloys is higher than that of Hayn. They are mainly from steel mills and have capacity advantages. ATI was formed by the merger of Allegheny steel company and Ludlum steel company in 1938, CRS was founded as a steel company in 1889, and Haynes was born in nickel and cobalt alloy manufacturing in 1912. Therefore, ATI and CRS have a strong production foundation in the metal industry, and the scale of raw material purification and master alloy forming and processing equipment is larger. From the original value of machinery and equipment, the level of ATI and CRS in each year is significantly higher than that of Hayn. The average original value of machinery and equipment of CRS from 2001 to 2007 was US $1.1 billion, while Hayn was only US $97 million. Since then, ATI has developed its own high-temperature alloy forging and precision casting component products, and made a series of major acquisitions to enhance its forging and casting strength - in 2009, ATI acquired crucible comparison metals and crucible research to enhance its powder metallurgy business capacity, in 2011, ATI acquired large forging enterprise ladish, and in 2014, ATI acquired precision casting company dynamic flowform; Therefore, the equipment scale of the company gradually lags behind that of CRS.