Main points:
Superalloy is the perfect companion of internal combustion engine. Temperature and pressure are very important to the efficiency of internal combustion engine. In order to improve the output efficiency of gas engine, the hot end components of aerospace engine and gas turbine need to withstand the interaction of high temperature of 600 ℃ – 1200 ℃ and complex stress, and the material requirements are very harsh. Compared with commonly used aluminum alloys, titanium alloys and magnesium alloys, superalloys are more suitable for higher temperatures (600 ℃) and complex environments with serious corrosion. Nickel based alloys account for nearly 80% of the current superalloy market.
The three kinds of superalloys have different properties, so there is no need to worry about replacing each other
Wrought superalloy is a kind of high-temperature material supported by plastic deformation processes and heat treatment such as forging, rolling, pier coarsening and cold drawing. At present, it is a kind of high-temperature material with the largest amount and variety. The turbine disk of internal combustion engine is the main application field.
Cast superalloy is a kind of Superalloy that is directly poured or directionally solidified into parts after remelting of alloy ingot. Because it can be directly formed by precision casting or directional solidification technology department, it is unnecessary to consider the forging deformation performance. The service temperature of cast superalloy with the same composition is 10-30 ℃ higher than that of deformed superalloy. Internal combustion engine blade is the main application field.
Powder Superalloy is a superalloy prepared by powder metallurgy process. Compared with the previous casting forging superalloy, powder metallurgy process can solve the problems of difficult forming of deformed superalloy and fluctuation of mechanical properties of cast superalloy to a certain extent. At present, aeroengine turbine disk is the main application field.
After decades of development, thousands of brands have been derived from superalloys, with different characteristics. Based on the complex structure of internal combustion engine and different parts under different working conditions, the starting point of material selection is the adaptability of various performance parameters of the overall structure. Therefore, there is no substitution relationship between the three types of superalloys.
New processes, protective coatings, alloy types of new products and returned materials may be the development trend in the future. The melting point of most superalloys is about 1200 ℃. With the development of large internal combustion engines such as aeroengines towards high bypass ratio, high thrust weight ratio and high turbine inlet temperature, the working temperature of hot end components of internal combustion engines has repeatedly reached new highs, so new processes The development of new alloys and high-temperature protective coatings is very important to continue the growth of high-temperature alloy market. In terms of returned materials, according to relevant patents, the yield of deformed alloy prepared by the traditional duplex process is no more than 60%, while the weight of the final parts of cast single crystal alloy is only about 30% of the raw materials. At the same time, the utilization rate of superalloy is very low, in which the utilization rate of precision castings accounts for about 20% ~ 30%, and the parts with complex shapes only account for about 10%, resulting in a huge waste of resources. Therefore, the recycling of Superalloy waste can not only reduce the cost, but also reduce the dependence on important strategic material elements (such as nickel, cobalt, chromium, etc.).
The military industry generates a demand of 10000 tons, and automobile, nuclear power and chemical industry are expected to create incremental space. At present, the consumption of Superalloy in the most advanced fighter aircraft has exceeded 50%, which is mainly used in the four hot end components of combustion chamber, deflector, turbine blade and turbine disk. Its consumption proportion still shows a growing trend in the future, and the value proportion is expected to be further improved. According to the team’s calculation, the market space of military superalloys will reach 13000 tons in the next five years, and the demand for superalloys of domestic commercial airliner engines will exceed 10000 tons. In addition, in order to promote fuel efficiency and reduce emissions, automobiles are equipped with turbochargers, domestic substitution acceleration of industrial gas turbines, steady progress in the construction of carbon neutral nuclear power plants and the upgrading and transformation of petrochemical refining and chemical equipment. It is expected that the civil field will become the main battlefield for the application of superalloys in the future.
Midstream enterprises have different technical routes and small direct competition. The field of returned materials is worth looking forward to
At present, the market of superalloys is mainly located in the military industry fields such as aerospace. The time cycle of scientific research and production of weapons and equipment and material supporting process is long. After finalization, materials and design schemes will not be replaced. Strict access qualification will help to raise industry barriers. The number of enterprises engaged in the production of superalloy materials and superalloy precision castings in China is limited. Based on the large number of parts in the aviation field, the technical routes and main product brands of various enterprises are different, the direct competition in this field is small and the pattern is relatively stable.
From the perspective of patents, the current number of players is small. According to incomplete statistics, Fushun Special Steel Co.Ltd(600399) and Gaona Aero Material Co.Ltd(300034) of listed companies have applied for relevant patents, and AVIC Shangda, an unlisted company, has also made a layout. The growth of this field is expected in the future.
Investment advice
Based on the high prosperity of the military industry, the difficulty of Superalloy technology and the high entry threshold of the industry, we mainly recommend the covered Western Superconducting Technologies Co.Ltd(688122) . We believe that with the release of production capacity after the completion of the project construction, the company is expected to achieve sustainable and steady development. It is suggested to pay attention to Fushun Special Steel Co.Ltd(600399) , Gaona Aero Material Co.Ltd(300034) , Jiangsu Toland Alloy Co.Ltd(300855) , Anhui Yingliu Electromechanical Co.Ltd(603308) , Wedge Industrial Co.Ltd(000534) , etc.
Risk tips
The volume of new military aircraft is less than expected; The process of localization and substitution in engine, gas turbine and other fields is slow; The price of Superalloy raw materials rose; The breakthrough of Superalloy technology is less than expected; The production capacity expansion of relevant companies is less than expected.
