Corrosion Resistant Alloys Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 - 2025
- Transparency Market Research
An alloy is a homogeneous mixture composed of two or more metals, nonmetals, or metalloids. Alloys are produced through fusion or electro-deposition process wherein, the parent metal is the base metal for the alloying material, while remaining metals are alloying agents in the form of metals, nonmetals, or metalloids. Alloys possess superior physical and chemical properties that are different from those of pure metals. Corrosion is a process of degrading materials that are exposed to the environment due to chemical or electrochemical reactions occurring at its surface. Corrosion resistant alloys are used to provide resistance to materials against atmospheric corrosion, galvanic corrosion, intergranular corrosion, pitting corrosion, crevice corrosion, wet corrosion, and corrosion fatigue.
The global corrosion resistant alloys market is primarily driven by increasing demand for corrosion resistant alloys from various end-use industries such as automotive, oil & gas, and marine. Increase in utilization of alloys subjected to specific melting methods, controlled manufacturing routes, and extensive mechanical and corrosion testing methods are expected to propel the corrosion resistant alloys market. Increase in consumption of advanced corrosion resistant products to match the needs of various end use industries has been a key driver fuelling the corrosion resistant alloys market. Expansion of the oil & gas industry across the world is also anticipated to boost the demand corrosion resistant alloys during the forecast period. Onshore and offshore applications are expected be major contributors propelling the demand for corrosion resistant alloys. Use of deep-water exploration, subsea technology, and drilling technology has led to the rise in consumption of these alloys. Moreover, expansions and technological developments in the aerospace sector is projected to offer lucrative opportunities to the corrosion resistant alloys market. However, volatility in prices of raw materials of corrosion resistant alloys are likely to hamper the market.
In terms of type, the corrosion resistant alloys market can be segmented into iron-based alloys, nickel-based alloys, cobalt-based alloys, and others. Nickel-based alloys holds a key share in the global corrosion resistant alloys market. Nickel-based alloys have high temperature strength, oxidation resistance, and creep resistance. These properties allow these alloys to be employed in high temperature applications such as turbine engines.
Based on end-use industry, the corrosion resistant alloys market can be divided into oil & gas, automotive & transportation, aerospace & defense, process industries, and others. Alloys with a blend of molybdenum, nickel, iron, titanium, among others, impart specific characteristics to a wide range of applications. Process industries holds a significant share in the global corrosion resistant alloys market owing to its uses in food processing, metal mining & refining, plating, paper & pulp, and pharmaceutical applications.
In terms of geography, the corrosion resistant alloys market can be segregated into North America, Latin America, Asia Pacific, Europe, and Middle East & Africa. The market in Asia Pacific is anticipated to expand at a rapid pace due to easy availability of raw materials in countries such as China, Japan, and India. North America and Europe also hold a significant share of the market owing to the increase in demand for corrosion resistant alloys in automobile and marine sectors.
Key players operating in the global corrosion resistant alloys market include Advanced Metallurgical Group N.V., Corrosion Resistant Alloys, L.P., Haynes International, Inc., Hitachi Metals MMC Superalloy, Ltd., Nippon Steel & Sumitomo Metal Corp., and Special Metals Corporation.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
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