Newark, Nov. 23, 2022 (GLOBE NEWSWIRE) -- The corrosion resistant alloys market was estimated at around USD 5.4 billion in 2021, growing at a CAGR of nearly 6.8% during 2022-2030. The market is projected to reach approximately USD 9.8 billion by 2030.
In the offshore and onshore oil and gas production as well as numerous processing industries, corrosion resistant alloys like nickel-based, cobalt-based, and molybdenum alloys are frequently employed to give resistance to corrosion conditions. Because of the need to maintain high temperatures and pressures in production facilities, corrosion-resistant alloys made of chloride, co2, and H2S are utilized in these industries. Because of its passivity, the corrosion-resistant alloy can withstand widespread corrosion in the environment. Depending on the metallurgical and environmental conditions, the environment-assisted condition may have any effect on the corrosion resistant alloy. In the oil and gas business, corrosion resistant alloys are used in a variety of process industries as well as for the production and transportation of corrosive gases and oil. This is due to their wide range of uses in the manufacturing of chemical and petrochemical goods, nuclear power systems, steam turbine power plants, aircraft gas turbines, and high-strength components for the automotive sector.
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Growth Factors
One significant driver propelling the market is the increasing need for items that are resistant to corrosion in various end-use industries for particular corrosive conditions. A notable trend encouraging the growth of the market is the exploding oil and gas exploration and production industry in both developing and developed nations. A notable trend giving the demand for corrosion resistant alloys a strong boost is the significant increase in deep-water exploration, drilling, and subsea technology across the globe. One significant element driving the market is the rapid development of various testing techniques for an accurate assessment of the compatibility of various corrosion resistant alloys. This has prompted the development of sophisticated and dependably effective corrosion resistant alloys suited for particular corrosive conditions, which is positive for the market.
Demand for corrosion resistant alloys is also anticipated to increase due to the significantly expanding aircraft industry. The market is expanding due to an increase in both onshore and offshore applications of corrosion resistant alloys. However, one significant issue that is projected to negatively impact the demand for corrosion resistant alloys during the projection period is the fluctuation in raw material costs. However, a notable aspect enhancing the market is the growing desire for nickel-based alloys in numerous high temperature applications. The market is also being driven by the increased demand for corrosion resistant alloys in different process sectors like metal mining and refining, paper and pulp, and plating.
The market for corrosion resistant alloys is being significantly fueled by an expansion in subsea technology, mining, drilling, and deep water exploration in numerous locations. Additionally, the market for corrosion-resistant alloys is expected to rise due to recent innovations in Shale gas development and production using horizontal drilling and hydraulic fracturing below the surface.
Segmental Overview
The market for corrosion resistant alloys market is segmented into the type, and end use. According to the type, the nickel-based alloys segment is expected to increase at the quickest rate. Due to their superior mechanical and physical characteristics, which make them particularly appropriate for applications including engines, turbine blades, landing gears, and others, the nickel-based segment held the biggest share in the corrosion resistant alloys market throughout the projection period. Other uses for nickel alloys include electrical and electronic switchgear, braking fluid lines, sensors, safety devices, and switchgear. In addition, alloys based on cobalt have advantageous mechanical characteristics. They are frequently used in hot gas turbines because they are corrosion resistant.
The oil & gas segment is anticipated to hold major share in the corrosion resistant alloys market by end use during the forecast period. The oil and gas end-use segment is predicted to expand as more corrosion-resistant alloys are utilized in processing facilities, drilling and extraction equipment, and mining tools. Corrosion-resistant alloys are frequently used in harsh oil and gas production environments that exert high pressure, temperature, and include chlorides.
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Regional Overview
The biggest market share of the total market was held by the Asia-Pacific in the corrosion resistant alloys. Due to its strong industrialization and the growing demand for contemporary technologies among its people, this region currently controls the market for corrosion-resistant alloys. The research and development industry is receiving large investments from the Asia Pacific area, and it is expected to increase significantly over the projected period.
Report Scope
| Base Year | 2021 |
| Forecast period | 2022-2030 |
| Report Coverage | Revenue estimation and forecast, company profile, competitive landscape, growth factors, and recent trends |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, and Latin America |
| Market Size(unit) | USD Billion |
| Corrosion Resistant Alloys Market CAGR | 6.8% |
| Segments Covered | By Type By End Use |
List of the prominent players in the Global Corrosion Resistant Alloys market:
• Special Metals Corporation
• Corrosion Resistant Alloys, L.P.
• Advanced Metallurgical Group N.V.
• Hitachi Metals
• VDM Metals
• Nippon Yakin Kogyo Co., Ltd
• MMC Superalloy, Ltd.
• Haynes International, Inc.
• Eramet S.A.
• Carpenter Technology Corporation,
The global Corrosion resistant alloys market is segmented as follows:
By Type
• Iron-based Alloys
• Nickel-based Alloys
• Cobalt-based Alloys
• Others
By End use
• Oil & Gas
• Automotive & Transportation
• Aerospace & Defense
• Energy & Power
• Industrial
• Others
By Region/Geography
• North America
o The U.S.
o Canada
o Mexico
• Europe
o France
o The UK
o Spain
o Germany
o Italy
o Rest of Europe
• Asia Pacific
o China
o Japan
o India
o Australia
o South Korea
o Rest of Asia Pacific
• The Middle East & Africa
o Saudi Arabia
o UAE
o Egypt
o Kuwait
o South Africa
o Rest of the Middle East & Africa
• Latin America
o Brazil
o Argentina
o Rest of Latin America
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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