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Corrosion Resistant Alloys Market Segmented By product type such as Nickel based Alloy, Cobalt Based Alloy, Iron based Alloy, Others (Chromium, Molybdenum, etc.)
Corrosion Resistant Alloys are Alloys composed of metals like nickel, iron, cobalt, stainless steel, etc. When combined, these metals can provide more reliable corrosion resistance than other materials such as carbon steel correspondingly suppressing the need for expensive repair and maintenance in machinery, tools and components in industrial domain.
The use of this Alloy also provide ease of fabrication and welding coupled with resistance to stress corrosion cracking. Corrosion Resistant Alloys are some of the toughest structural materials possessing magnetic properties and electrical conductivity.
Corrosion Resistant Alloys have different resistance levels and provide stable protection against various corrosion types like atmospheric corrosion, wet corrosion, pitting corrosion, crevice corrosion intergranular corrosion and bimetallic corrosion.
Corrosion Resistant Alloys have wide range of applications in oil & gas industry for production and transportation of corrosive gases and oil and in many process industries. Nickel based Alloy are expected to have highest growth rate.
This is attributed to their extensive applications during production of chemical and petrochemical products, nuclear power systems, steam turbine power plants, aircraft gas turbines and high-strength parts in the automotive industry.
Nickel-based products are preferred for their features such as excellent resistance to corrosion and high temperature.
The rise in offshore and onshore oil & gas production in across the globe is stimulating the growth of corrosion resistance Alloy market. Other end use industries including chemical, marine, automotive, aerospace, etc. find substantial use of Corrosion Resistant Alloys.
Coherently contribute to the growth of Corrosion Resistant Alloys market. The rising expenditure in oil & gas industries coupled with increased global commercial aircraft production are projected to drive the Corrosion Resistant Alloys market over the forecast period.
A significant increase in subsea technology, drilling technology, mining and deep water exploration in various regions is prominently catalyzing the growth of Corrosion Resistant Alloys market. Furthermore, the recent developments for shale gas exploration and extraction by using hydraulic fracturing and horizontal drilling below the surface are accentuating the growth of Corrosion Resistant Alloys market during the forecast period.
The volatility in the raw material prices owing to the unstability in supply is the notable factor expected to have adverse impact the demand for Corrosion Resistant Alloys in the stipulated period. However, continuous research and development activities by industry players are expected to augment the demand for Corrosion Resistant Alloys over the assessment period.
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The substantial growth in various process industries such as pulp and paper, mining and refining, etc. are driving the Corrosion Resistant Alloys market. Asia pacific is expected to account for highest share in the global market. These is owing to the increasing industrial sector and ease of availability of raw materials in emerging countries from the region such as China, Japan and India.
Furthermore, referring to widespread demand for Corrosion Resistant Alloys from aerospace, automotive and marine sectors, North America and Europe are expected to witness significant growth in the Corrosion Resistant Alloys market.
The demand for Corrosion Resistant Alloys in the Middle East & Africa region has witnessed a significant uptake over the recent years. These growth is attributed to the increasing government investments, for development of sour reservoirs coupled with shale gas exploration and extraction projects in order to extract natural gas, are paving the way for remarkable growth in Corrosion Resistant Alloys market over the forecast period.
The research report presents a comprehensive assessment of the Corrosion Resistant Alloys market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data.
It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to the Corrosion Resistant Alloys market segments such as geographies, product type, resin type, and end use industry
The global Corrosion Resistant Alloys market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, and inputs from industry experts and industry participants across the value chain.
The global Corrosion Resistant Alloys market report provides an in-depth analysis of parent market trends, macro-economic indicators, and governing factors along with market attractiveness as per segments. The global Corrosion Resistant Alloys market report also maps the qualitative impact of various market factors on market segments and geographies.