These alloys are extensively used in oil and gas industry in production and transportation of corrosive gas and oil and in a number of process industries. Other end-use industries where they find substantial use are automotive, aerospace & defense, and marine. A rise in onshore and offshore oil gas production in various developing and developed regions is providing a robust and sustained impetus to the demand for corrosion resistant alloys in various corrosive environments.
The report offers in-depth evaluation of factors and trends influencing the growth of the market. It offers a comprehensive insight covering the key growth drivers, recent advances in technologies used, share and size of key segments, lucrative avenues, and the competitive landscape.
Global Corrosion Resistant Alloys Market: Trends and Opportunities
A rising demand for corrosion resistant products in various end-use industries for specific corrosive environments is a notable factor driving the market. A burgeoning oil and gas exploration and production sector in developing and developed regions is a striking trend aiding in the expansion of the market. A substantial rise in deep-water exploration, drilling technology, and subsea technology in various parts of the world is a noteworthy trend providing a robust thrust to the demand for corrosion resistant alloys. The extensive rise in various testing methods for a correct evaluation of the suitability of different corrosion resistant alloys is a notable factor boosting the market. This has led to the production of advanced as well as reliably-performing corrosion resistant alloys suitable for specific corrosive environments, which bodes well for the market.
A notably rising aerospace sector is also expected to stoke the demand for corrosion resistant alloys. A rise in onshore and offshore applications of corrosion resistant alloys is also catalyzing the growth of the market. However, the volatility in the prices of raw materials is a notable factor likely to adversely affect the demand for corrosion resistant alloys during the forecast period. Nevertheless, the rising preference of nickel-based alloys in several high temperature applications is a noteworthy factor accentuating the market. Furthermore, the widespread demand for corrosion resistant alloys in various process industries such as metal mining and refining, paper and pulp, and plating, is driving the market.
Global Corrosion Resistant Alloys Market: Regional Outlook
The various regional markets for corrosion resistant alloys can be segmented as Latin America, North America, Asia Pacific, the Middle East & Africa, and Europe. Of these, Asia Pacific is rising at a boisterous pace during the forecast period. The growth is attributed to the ease of availability of raw materials in economies such as China, Japan, and India. A substantially rising process industries in various key economies is a key factor stoking the demand for corrosion resistant alloys in the region. Meanwhile, the uptake is robust in various countries of North America and parts of Europe. The growth can be attributed to a widespread demand for corrosion resistant alloys in automobile and marine sectors.
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Companies mentioned in the report
Key players operating in the global corrosion resistant alloys market are Special Metals Corporation, Nippon Steel & Sumitomo Metal Corp., Corrosion Resistant Alloys, L.P., Advanced Metallurgical Group N.V., Hitachi Metals MMC Superalloy, Ltd., and Haynes International, Inc.