高温合金行业深度：航空发动机换代与燃气轮机国产化下的确定性增长（附53页PPT）

Group 1 - High-temperature alloys are critical materials in aerospace engines, gas turbines, and nuclear power equipment, directly influencing thrust, efficiency, and lifespan of high-end equipment [2][3] - The high-temperature alloy industry in China is accelerating due to the "Two Aircraft Special Project," the mass production of the C919 aircraft, breakthroughs in gas turbine localization, and the "dual carbon" strategy [2][4] - Nickel-based alloys dominate the market, accounting for 80% of demand, with deformation alloys making up 75% of production by 2024 [3][21] Group 2 - The production of high-temperature alloys in China increased from 19,000 tons in 2017 to 49,000 tons in 2023, with a CAGR of 17.1%, while demand rose from 21,000 tons to 52,000 tons, with a CAGR of 16.8% [4][34] - By 2024, production is expected to reach 57,000 tons, with aerospace (55%) and power generation (20%) as the main demand sectors [4][34] - The annual average demand for high-temperature alloys is projected to exceed 56,500 tons from 2025 to 2030, driven by factors such as the replacement of aircraft engines and the localization of commercial aircraft [4][39] Group 3 - The global high-temperature alloy market is expected to exceed $30 billion by 2025, with China's market projected to reach 120 billion yuan, growing at over 15% annually [5] - Domestic production capacity is expected to exceed 60,000 tons by 2025, but there remains a 30% supply gap for high-end products [5][6] - The domestic localization rate is anticipated to rise from less than 40% in 2020 to about 65% by 2025, supported by policies under the 14th Five-Year Plan [5][6] Group 4 - The industry is characterized by a "technology-driven, strong players" dynamic, with an expected annual compound growth rate of 15% from 2025 to 2027 [6] - Leading companies are achieving breakthroughs in niche markets, with notable revenue growth reported by companies such as Western Superconducting and Steel Research [6][8] - The competitive landscape shows a high concentration in upstream and a diverse midstream, with major players in the upstream segment like Fushun Special Steel [5][6] Group 5 - High-temperature alloys are primarily used in aerospace, accounting for over 50% of total demand, and are critical for the performance of advanced aircraft engines [26][34] - The demand for high-temperature alloys in gas turbines is expected to exceed 151,000 tons from 2025 to 2030, driven by domestic and international power generation needs [40][44] - The military sector is also a significant driver, with domestic naval gas turbines reaching international standards, enhancing the capabilities of the People's Navy [62]