An alloy is a homogeneous mixture composed of two or more metals, nonmetals, or metalloids. Alloys are produced through fusion or electro-deposition process wherein, the parent metal is the base metal for the alloying material, while remaining metals are alloying agents in the form of metals, nonmetals, or metalloids. Alloys possess superior physical and chemical properties that are different from those of pure metals. Corrosion is a process of degrading materials that are exposed to the environment due to chemical or electrochemical reactions occurring at its surface. Corrosion resistant alloys are used to provide resistance to materials against atmospheric corrosion, galvanic corrosion, intergranular corrosion, pitting corrosion, crevice corrosion, wet corrosion, and corrosion fatigue.
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The global corrosion resistant alloys market is primarily driven by increasing demand for corrosion resistant alloys from various end-use industries such as automotive, oil & gas, and marine. Increase in utilization of alloys subjected to specific melting methods, controlled manufacturing routes, and extensive mechanical and corrosion testing methods are expected to propel the corrosion resistant alloys market. Increase in consumption of advanced corrosion resistant products to match the needs of various end use industries has been a key driver fuelling the corrosion resistant alloys market. Expansion of the oil & gas industry across the world is also anticipated to boost the demand corrosion resistant alloys during the forecast period. Onshore and offshore applications are expected be major contributors propelling the demand for corrosion resistant alloys. Use of deep-water exploration, subsea technology, and drilling technology has led to the rise in consumption of these alloys. Moreover, expansions and technological developments in the aerospace sector is projected to offer lucrative opportunities to the corrosion resistant alloys market. However, volatility in prices of raw materials of corrosion resistant alloys are likely to hamper the market.
In terms of type, the corrosion resistant alloys market can be segmented into iron-based alloys, nickel-based alloys, cobalt-based alloys, and others. Nickel-based alloys holds a key share in the global corrosion resistant alloys market. Nickel-based alloys have high temperature strength, oxidation resistance, and creep resistance. These properties allow these alloys to be employed in high temperature applications such as turbine engines.
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Based on end-use industry, the corrosion resistant alloys market can be divided into oil & gas, automotive & transportation, aerospace & defense, process industries, and others. Alloys with a blend of molybdenum, nickel, iron, titanium, among others, impart specific characteristics to a wide range of applications. Process industries holds a significant share in the global corrosion resistant alloys market owing to its uses in food processing, metal mining & refining, plating, paper & pulp, and pharmaceutical applications.
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