The global corrosion resistant alloy market revenue is expected to expand at a lucrative CAGR over the forecast period. The penetration of corrosion resistant alloy is expected to grow in chemical processing, pulp & paper, food & beverage, aerospace & defense and automotive industries owing to mechanical properties.
The global corrosion resistant alloy market report has been segmented on the basis of type, application, and region.
On the basis of material, the global corrosion resistant alloy market has been segmented into iron-based alloy, nickel-based alloy, cobalt-based alloy, and others (chromium-based alloy, stainless steel-based alloy, titanium-based alloy, and molybdenum-based alloy). Penetration of stainless-based alloy is expected to grow over the forecast period owing to growing demand for machine components in various industries.
On the basis of end use, the global corrosion resistant alloy market has been segmented into automotive & transportation, aerospace & defense, oil & gas, industrial machinery, energy & power, and others (heat exchangers, gas turbines, and chemical & petrochemical plants). Aerospace & defense application segment is expected to witness significant growth over the forecast period. Corrosion resistant alloys are gaining traction in aerospace & defense industry, especially in engine manufacturing segment.
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On the basis of region, the global corrosion resistant alloy market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is estimated to account for major revenue share in the global corrosion resistant alloy market owing to the presence of aerospace and defense manufacturers in the region.
Key players operating in the global corrosion resistant alloy market include Special Metals Corporation, Nippon Steel & Sumitomo Metal Corporation, Haynes International, Inc., Corrosion Resistant Alloys, L.P., Carpenter Technology Corporation, Advanced Metallurgical Group N.V., Hitachi Metals MMC Superalloy, Ltd., Nippon Yakin Kogyo Co., Ltd., Eramet S.A., and VDM Metals GmbH.