Superalloys are the group of alloys, which are alloyed particularly with nickel, cobalt, and iron along with other metals to enhance their corrosion resistance. These alloys are widely used in aerospace gas turbine engines, nuclear reactors, power generation turbines, petrochemical equipment, rocket engines, and others owing to their remarkable properties such as high mechanical strength, creep resistance at high temperature, significant surface stability, and corrosion, oxidation, & high-temperature, resistance.
Portland, OR -- (SBWIRE) -- 10/02/2017 -- Superalloys Market Report, published by Allied Market Research, states that the global market was valued at $3,727 million in 2015, and is estimated to reach $7,150 million by 2022, growing at a CAGR of 9.5% from 2016 to 2022. In 2015, nickel-based segment held more than half share of the total market.
The base alloying element used for superalloys are nickel, cobalt, and iron. These alloys facilitate improved operating efficiency and reduce environmental emissions. Presently, there is an increased usage of superalloys owing to the increase in need for high-strength materials that can withstand high temperature and resist creeping in aerospace and aircraft applications. The growth of the market is further driven by increase in adoption of superalloys in aerospace and power industries. However, high cost of these alloying metals is expected to hamper the growth of the market.
The report mainly emphasizes on the different types of base materials used to manufacture superalloys, which include nickel-based, cobalt-based, and iron-based superalloys. Applications covered in this analysis include aerospace, industrial gas turbine, automotive, oil & gas, industrial, and others. Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. In addition, the report highlights different factors that impact the growth of the global market, such as key drivers, restraints, growth opportunities, and the role of different key players. It presents the quantitative data, in terms of both value and volume, which are gathered from the secondary sources such as company publications, Factiva, Hoovers, OneSource, and others. The data is validated after analysis by C-level executives and directors of the companies present in the market.
Key Findings of the Superalloys Market Report
- In 2015, North America dominated the global market, with around two-fifths share, in terms of revenue.
- Cobalt-based superalloys segment is estimated to display the highest growth rate, in terms of revenue, registering a CAGR of 10.6% from 2016 to 2022.
- Asia-Pacific is projected to grow at the highest CAGR of 10.0%, in terms of volume.
- Automotive application segment is projected to grow at the highest CAGR of 10.8%, in terms of revenue.
- In aerospace application, commercial aircraft segment dominated the market, comprising more than half of the total market share, in terms of revenue.
In 2015, North America dominated the global market owing to increase in utilization of aircrafts and significant growth in aerospace industry. Furthermore, in terms of value, Asia-Pacific is projected to witness the highest CAGR of 10.1%, followed by Europe, which is expected to register a CAGR of 9.6%.
Limited Period Offer! Get 30% discount on this report
Click to get Sample!