Superalloys market expected to reach $7,150 million globally by 2022

According to a new report published by Allied Market Research titled "Superalloys Market: Global Opportunity Analysis and Industry Forecast, 2014-2022," 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 percent from 2016 to 2022. In 2015 nickel-based alloys held more than half the share of the total market.

Superalloys are those alloyed with nickel, cobalt, and iron along with other metals to enhance corrosion resistance. These alloys are widely used in aerospace gas turbine engines, nuclear reactors, power-generation turbines, petrochemical equipment, and rocket engines because of their high mechanical strength; creep resistance at high temperature; significant surface stability; and corrosion, oxidation, and high-temperature resistance.

The growth of the global superalloys market is driven by the increase in demand for these alloys in industries such as aerospace, oil and gas, and automotive. The aerospace application segment dominated the global market in 2015, with almost half of the total market share. In aerospace, alloys are used to develop gas turbine engines for defense aircraft, turbine blades, and jet engines. However, the high cost of these alloys is anticipated to hamper the market growth during the forecast period.

In 2015 North America dominated the global market with its aerospace industry growth. In terms of value, Asia-Pacific is projected to have the highest CAGR of 10.1 percent, followed by Europe, which is expected to register a CAGR of 9.6 percent.