The global corrosion resistant alloys market is expected to be valued at USD 9.64 billion by 2025, according to a new report by Grand View Research, Inc. Continuous technological advancements in the corrosion resistant alloys to accommodate the needs of various end-use markets have been key factors fueling the global market growth. The growing aerospace and automotive industries across the world are also anticipated to propel product demand over the forecast period.
Corrosion resistant alloy is a combination of various metal materials, which provide long-term corrosion resistance to components that are exposed to harsh environmental conditions. Chromium, cobalt, nickel, iron, titanium, and molybdenum are combined in varying proportions depending on the end-user industry. These metals can promote higher temperature and corrosion resistance in comparison to others such as carbon steel. They offer reliable protection to components in various industries including health, energy, pharmaceuticals, gas, oil, and chemical processing.
Utility metals are prone to corrosion. Corrosion resistant alloys are extensively used in various industries where the working conditions necessitate their use. The environmental settings and material compositions vary as per the configuration of major equipment in end-use industries in terms of temperature and corrosive condition.
Several factors contribute to corrosion in power generation plants that comprise water steam systems in their tubing. Components in coal-fired power plants, wind turbines, and nuclear & diesel generators are composed of strong and high-temperature-resistant materials. Nickel alloys are extensively used in power generation applications such as gas turbine components, scrubbers, heat exchangers, industrial furnaces & accessories, and land-based gas turbines.
Further key findings from the report suggest:
- Europe corrosion resistant alloys market was valued at USD 1.38 billion in 2016 and is expected to ascend at a CAGR of 6.5% from 2017 to 2025. Nickel-based alloys was the largest segment in 2016 and is anticipated to progress at a CAGR of 7.1%.
- The global demand for cobalt-based alloys was valued at USD 377.8 million in 2016 and is anticipated to witness moderate growth over the next 8 years. The aerospace & defense segment in Canada was worth USD 215.4 million in 2016 and is projected to denote a CAGR of 7.5% from 2017 to 2025.
- The Asia Pacific market is projected to experience staggering growth over the next eight years owing to growing R&D activities, which in turn is expected to positively impact the aerospace and automotive segments. Canada market is projected to ascend at a CAGR of 6.8% between 2017 and 2025.
- Key players that dominate the global market include Corrosion Resistant Alloys, L.P.; Haynes International, Inc.; Nippon Steel & Sumitomo Metal Corp (NSSMC); Mitsubishi Materials Trading Corporation; Special Metals Corporation; and Hitachi Metals MMC Superalloy, Ltd.