According to a new market report published by Lucintel, superalloys in the global aerospace market is forecast to grow at a CAGR (compound annual growth rate) of 2.6% from 2015 to 2020.
Within the superalloys market, commercial aircraft is expected to remain the largest segment due to increasing demand of wide body commercial aircraft.
As well, North America is expected to remain the largest region, during the forecast period, due to the growth in aircraft deliveries and the presence of major aircraft engine parts manufacturers in this region.
A major growth driver includes excellent mechanical properties of superalloys, such as high temperature, creep resistance, corrosion resistance and thermal stability.
In this market, nickel base, nickel iron base and cobalt base superalloys are used. Majority of superalloys usage are in the aircraft engines. Lucintel predicts that the demand for nickel base superalloy is likely to experience the highest growth in the forecast period due to its excellent performance at high temperatures. On the basis of its comprehensive research, Lucintel forecasts that the regional aircraft segment is likely to experience the highest growth in the forecast period supported by increasing regional aircraft deliveries.