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.
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http://www.grandviewresearch.com/industry-analysis/corrosion-resistant-alloys-market
http://www.grandviewresearch.com/industry-analysis/corrosion-resistant-alloys-market
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.
Grand View Research has segmented the
global corrosion resistant alloys market on the basis of type, end use, and
region:
Type Outlook (Revenue, USD Million; 2014 - 2025)
·
Iron-based Alloys
·
Nickel-based Alloys
·
Cobalt-based Alloys
·
Others
End-use Outlook (Revenue, USD Million; 2014 - 2025)
·
Oil & Gas
·
Automotive & Transportation
·
Aerospace & Defense
·
Energy & Power
·
Industrial
·
Others
Regional Outlook (Revenue, USD Million; 2014 - 2025)
·
North America
·
Europe
·
Asia Pacific
·
Central & South America
·
MEA
About
Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For More Information: www.grandviewresearch.com
