According to a recent report by SandlerResearch.org, the global superalloys market is expected to increase at 9% compound annual growth rate (CAGR) from 2015 to 2019. This growth is being driven by increasing demand in the aerospace, automotive, and industrial component sectors with nickel alloy forecast to dominate the market by segment to 2019.
According to the report, superalloys are used in the aerospace sector due to the need for high strength material, that are resistant to corrosion, sulfidation and oxidation, with the ability to withstand high temperatures. Superalloys are widely used in the transportation sector because they have advantageous properties such as light weight, chemical resistance, high strength, corrosion resistance and are low maintenance.
Market Segmentation in this report is done by type covering nickel-based, nickel-iron based, cobalt based. The nickel-based segment accounted for nearly 81% of the market share during 2014 and is expected to maintain its dominance until the end of 2019. Nickel base superalloys are used in the aerospace sector as it is resistant to extremely high temperatures and physical stress, which helps in surface stability.