Chromium, Nickel, Molybdenum are the most essential basic alloying elements in corrosion resistant alloys. Different types of corrosion-resistant alloys are formed by varying percentage contents and production procedures. The elements listed above are critical for the production of the stable protective corrosion product coating on structural parts. When the protective corrosion products coating fails, corrosion will occurring addition to carbon steel, the phrase corrosion resistant alloy is frequently used to refer to any metal capable of resisting corrosion to some level. Because corrosion resistance varies substantially based on the specific corrosive environment and the alloying composition of the supplied alloy, it is not universal. These alloys differ greatly from one another and can be iron-or-nickel based materials alloyed with copper or chromium or any mixture of other alloying elements. This alloy comes handy in welding and manufacturing and also resistance to stress corrosion crackling. Corrosion resistance alloys are among of the most durable construction materials, with magnetic and electrical conductivity.
COVID-19 Impact analysis
- The corrosion resistant alloys market was negatively affected due to the outbreak of COVID-19 pandemic.
- The industries such as automotive, oil and gas, aerospace, chemicals and petrochemicals, defense, mining and others, were shut down during the COVID-19 pandemic. This decreased the demand for corrosion resistant alloys, which affected the corrosion resistant alloys market.
- The COVID-19 pandemic has caused the imposition of lockdown due to which the production of corrosion resistant alloys decreased and the global supply chain was affected, this decreased the demand for corrosion resistant alloys market.
- The corrosion resistant alloys market faced downfall of revenue due to the COVID-19 pandemic.
Top Impacting Factors
The growth of the corrosion resistant alloys market is being fueled by an increase in offshore and onshore oil and gas production around the world. Other end-user industries that use corrosion resistant alloys include marine, aerospace, chemicals, and automotive. Contribute to the expansion of the corrosion resistant alloys market, as rising investment in the oil and gas industries, as well as increased global commercial aircraft production, will propel the corrosion resistant alloys market forward. The market is growing due to significant advancements in drilling technology, subsea technology, deep water exploration, and mining in various nations. The corrosion resistant alloys market is growing due to new advancements in extraction techniques such as hydraulic fracturing, shale gas exploration, and horizontal drilling under the surface. The fluctuation in raw material costs due to supply insecurity is expected to have a major negative impact on demand for corrosion resistant alloys. Furthermore, the market is driven by growing demand for corrosion resistant alloys in various process sector such as paper and pulp, metal mining and refining and plating.
Market Trends
- A growing oil and gas exploration and production sector in both developing and developed nation is a notable trend that is boosting the progress of the market.
- The significant rise in various testing methods for a proper evaluation of the appropriateness of various corrosion resistant alloys is a significant element fuelling the market.
- The Asia-Pacific region is predicted to account for the largest share of the worldwide market. This is due to the region’s growing industrial sector and the flexibility of access to raw materials in expanding countries like Japan, India and China.
- Because of the widespread demand for corrosion resistant alloys from the automotive, marine and aerospace sector the corrosion resistant alloys market in Europe and North America will rise significantly.
- Corrosion resistant alloys have a substantial increase in demand in the Middle East and Africa region. These increases are attributed to rising government investments in the development of shale gas exploration, sour reservoirs and extraction operations to produce natural gas, which are opening the way for spectacular growth in corrosion resistant alloy.
- Market players are adopting many strategies such as R&D activities, acquisition, mergers, contract, agreement and partnership to expand their business.
Key Benefits of the Report
- This study presents the analytical depiction of the corrosion resistant alloys industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the corrosion resistant alloys market share.
- The current market is quantitatively analyzed to highlight the corrosion resistant alloys market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed corrosion resistant alloys market analysis based on competitive intensity and how the competition will take shape
Key Market Segments
- By Product Type
- Nickel based Alloy
- Cobalt Based Alloy
- Iron based Alloy
- Others (Chromium, Molybdenum, etc.) By End-User Industry
- Oil & Gas
- Mining
- Chemical & Petrochemical
- Aerospace
- Defense
- Automotive
- Others
- By Region
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
- North America
- Europe
- Germany
- UK
- France
- Italy
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Middle-East and Africa
- Saudi Arabia
- South Africa
- Rest of Middle-East and Africa
Key Market Players
- Haynes International Inc.
- VDM Metals
- Carpenter Technology Corporation
- Rolled Alloys Inc.
- ThyssenKrupp AG
- Allegheny Technologies Incorporated
- Aperam S.A.
- Precision Castparts Corporation
- Voestalpine AG
- Sandvik Materials Technology AB