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.
U.S.
corrosion resistant alloys market, by end-use, 2014 - 2025 (USD Million)
Browse full research report on Corrosion
Resistant Alloys Market: http://www.grandviewresearch.com/industry-analysis/corrosion-resistant-alloys-market
Further key findings from the study
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.
Access
Press Release By Grand View Research: http://www.grandviewresearch.com/press-release/global-corrosion-resistant-alloys-market
About
Grand View Research, Inc:
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, the company offers market intelligence
studies ensuring relevant and fact-based research across a range of industries
including technology, chemicals, materials, healthcare and energy.
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