Corrosion Resistant Alloys Market size is forecast to reach 9.8 billion by 2026, after growing at a CAGR of 6.2% during 2021-2026, owing to rising demand from various end-use industries such as aircraft, automotive, medical, oil & gas, aerospace, and water treatment. Moreover, the growing need for advanced resistant products for high thermal geothermal fluids is further propelling the growth of corrosion resistant alloys industry.
Corrosion resistant alloys like nickel based, cobalt based, molybdenum alloys are widely used to provide resistance to corrosion environments in offshore and onshore oil & gas production and various processing industries. However, continuous R&D activities by industry players are expected to increase the product demand over the forecast period. For instance, new datasheet for VDM Alloy 2120 MoN was released in March 2017. VDM Alloy 2120 MoN is a nickel-chromium-molybdenum alloy with low carbon content and addition of nitrogen.
Corrosion Resistant Alloys Market Segment Analysis – By Product Type
Nickel based segment held the largest share in corrosion resistant alloys market during the forecast period owing to their excellent mechanical and physical properties, which makes them highly suitable for applications such as engine, turbine blades, landing gears, and among others. Nickel alloys are also used in various applications such as in brake fluid lines, sensors, safety devices, and electrical and electronic switchgear. Apart from this, cobalt based alloys display favorable mechanical properties. They are corrosion resistant; therefore they are widely used in hot gas turbines.
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Corrosion Resistant Alloys Market Segment Analysis – By End Use Industry
Transportation sector held the largest share in the corrosion resistant alloys market in 2020 and is growing at a CAGR of 6.5% during this forecast period, as corrosion resistant alloys are used to manufacture various components of aircraft engines due to its superior properties compared to other materials like steel. Hence, the airline companies are expanding its businesses by introducing new aircraft.
According to International Civil Aviation Organization (ICAO), in 2017, airlines worldwide carried around 4.1 billion passengers. The aviation sector is growing fast and will continue to grow. The most recent estimates suggest that demand for air transport will increase by an average of 4.3% per annum over the next 20 years. This increase will directly influence the growth of the corrosion resistant alloys market.
Corrosion Resistant Alloys Market Segment Analysis – By Geography
Asia pacific dominated the corrosion resistant alloys market in 2020 with 30% due to robust growth in various end-use industries such as marine, transportation, paper & pulp, oil & gas, and others. The corrosion resistant alloys are widely used in industrial applications such as automotive, medical devices, water treatment, nuclear power plant, geothermal fluids, and magnetic wires.
However, according to the International Energy Agency (IEA), electric cars accounted for 2.6% of global car sales and about 1% of global car stock in 2019. For the next five years, automakers have announced plans to release another 200 new electric car models. Hence, the corrosion resistant alloys market is expected to witness significant growth owing to the rising popularity of electric vehicles.
Corrosion Resistant Alloys Market Drivers
Rising Production in Offshore and Onshore Oil & Gas
Corrosion resistant alloys are widely used in production of offshore and onshore oil & gas. According to the International Energy Agency (IEA), the world’s oil production capacity is expected to rise by 5.9 million barrels per day. Non Organization of the Petroleum Exporting Countries (OPEC) supply will rise by 4.5 million barrels per day while OPEC builds another 1.4 million barrels per day of crude and natural gas liquids capacity by 2025, which stimulating the growth of corrosion resistance alloy market.
According to Energy Transition Outlook (ETO) reports onshore oil production will roughly double to around 22 million barrels per day (Mbpd) by 2035 and offshore gas production volumes will increase by approximately 20% by 2030. Hence, rising expenditure in oil & gas industries are projected to drive the corrosion resistant alloys industry.
Increasing Demand of Various End User Industry
Rising demand from end use industries including automotive, aerospace, water treatment, aerospace, oil & gas, and among others find substantial use of corrosion resistant alloys. Corrosion resistant alloys have wide range of applications in water treatment plant. According to Environmental protection Agency (EPA) U.S. estimates that the nation’s water treatment plants and drinking water systems spend about $4 billion per year on energy to treat water.
Nickel based alloys are used in steam turbine power plants, aircraft gas turbines and high-strength parts in the automotive industry with their excellent features such as excellent resistance to corrosion and high temperature. Apart from this, cobalt based alloys are corrosion, wear and heat resistant and are therefore used for hot gas turbines. Furthermore, the widespread demand for corrosion resistant alloys in various industries such as automotive, aircraft, oil & gas and other is driving the market.
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Corrosion Resistant Alloys Market Challenges
Volatility in Prices of Raw Materials
Volatility in the prices of raw materials is a notable factor likely to adversely affect the demand for corrosion resistant alloys during the forecast period. The pandemic has been disrupting supply chains and altering demand patterns that have caused a significant impact on raw material prices. Hence, in 2020, worldwide demand for oil fell rapidly as governments closed businesses and restricted travel due to the COVID-19 pandemic. Global oil demand was fall by a record 9.3 million barrels per in 2020. Thus, the volatility in oil prices is hampering the market growth of corrosion resistant alloys market.
Corrosion Resistant Alloys Market Landscape
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the corrosion resistant alloys industry. Major players in the corrosion resistant alloys market top 10 companies are Corrosion Resistant Alloys, L.P., Haynes International, Inc., Carpenter Technology Corporation, Eramet S.A., Advanced Metallurgical Group, VDM Metals, Hitachi Metals MMC Superalloy, Ltd., and Special Metals Corporation, and among others.
Acquisitions/Technology Launches
In May 2020, Haynes International Inc. announced a new data alloy for HAYNES HR-224 alloy with excellent oxidation resistance and improved fabric ability and weld ability compared to other alloys.
Key Takeaways
Asia-Pacific region dominates the corrosion resistant alloys market, owing to increasing industrial sector and easy availability of molybdenum alloy, cobalt based alloy, stainless steel, and among others.
Increasing adoption of corrosion resistance alloys in production of offshore and onshore oil & gas and increased global commercial aircraft production is expected to drive the corrosion resistant alloys market.
Increasing demand for alloys for exploration of shale gas and various end use industries such as automotive, water treatments, geothermal power plants, and among others, are paving remarkable growth in corrosion resistant Alloys Industry over the forecast period.
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