Global Corrosion Resistant Alloys Market 2018-2022
About Corrosion Resistant Alloys
Corrosion-resistant alloy is a combination of various metal materials such as nickel, cobalt, chromium, iron, titanium, aluminum, molybdenum, and others. It is used to provide long-term corrosion resistance from harsh environmental conditions. The high demand for corrosion-resistant alloys is from the aerospace, defense, automotive, and oil and gas industries.
Technavio’s analysts forecast the global corrosion resistant alloys market to grow at a CAGR of 6.97% during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global corrosion resistant alloys market for 2018-2022. To calculate the market size, the report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Corrosion Resistant Alloys Market 2018-2022
Technavio recognizes the following companies as the key players in the global corrosion resistant alloys market: AMG Advanced Metallurgical Group, CRS Holdings, ERAMET, HAYNES INTERNATIONAL, NIPPON STEEL & SUMITOMO METAL CORPORATION, and Nippon Yakin Kogyo.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is increasing government spending on energy systems. The rise in the focus of the governments on the energy systems and research has fueled the growth in the global wind turbine market in the regions like North America and Europe. For instance, the US Department of Energy (DOE) had allocated more than $93.50 million in the FY2016 for the advances in the wind power technologies.”
According to the report, one driver in the market is growing shale gas exploration market. The demand for corrosion-resistant alloys is growing due to the advances in technologies such as hydraulic fracturing technique, which is used for extracting shale gas. The global shale gas market is expected to grow at CAGR of 14.7% during the forecast period. In recent years, shale gas is produced in China, Canada, and the US with its reserves present across the globe.
Further, the report states that one challenge in the market is fluctuation in raw material prices. Nickel, titanium, iron, chromium, cobalt, and molybdenum are some of the raw materials used in the manufacturing of corrosion-resistant alloys. The market is significantly dependent on the availability of these metals from the mining industry. The fluctuations in the prices of metals significantly impact the costs of the corrosion-resistant alloys.
AMG Advanced Metallurgical Group, CRS Holdings, ERAMET, HAYNES INTERNATIONAL, NIPPON STEEL & SUMITOMO METAL CORPORATION, and Nippon Yakin Kogyo.
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