Top 2 Drivers of the Global Corrosion Resistant Alloys Market | Technavio

January 31, 2018

LONDON–(BUSINESS WIRE)–#MetalsandMinerals—Technavio
market research analysts forecast the global
corrosion resistant alloys market to grow at a CAGR of nearly 7%
during the forecast period, according to their latest report.

This market research report segments the global corrosion resistant
alloys market into the following four major end-users (aerospace and
defense, automotive, oil and gas, and industrial machinery) and four
major regions (North America, Europe, APAC, and ROW).

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In this report, Technavio analysts highlight the top market drivers that
are contributing to the growth of the global corrosion resistant alloys
market:

Growing shale gas exploration market
Growing demand for nickel-based alloys

Growing demand for nickel-based alloys

Nickel-based alloys are extensively used in various applications in the
end-user industries. This is attributed to their properties such as high
corrosion, high-temperature resistance, stress-rupture failures, and
constant wear. Moreover, nickel-based alloy facilitates good electrical
conductivity and magnetic properties.

During the production of aircraft gas turbines, nuclear power systems,
chemical and petrochemical products, steam turbine power plants, and
high-strength parts in the automotive industry, nickel-based alloys are
extensively used. In recent few years, they are gaining popularity in
the aerospace and defense industry, especially in engine manufacturing
segment. As they provide excellent mechanical and physical properties,
they are used in various aircraft components such as engine turbine,
blades, and exhausts systems.

According to a senior analyst at Technavio for metals
and minerals, “The increase in the expenditure on the defense
sector by different countries and the rise in the global commercial
aircraft production will drive the demand for corrosion-resistant
alloys. Regions such as APAC are witnessing a strong growth in the
corrosion-resistant alloys market. This is driven by the presence of
several nickel alloy production facilities and growing end-user
industries.

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Global corrosion resistant alloys market
segmentation

Of the four major end-users, the aerospace and defense segment held the
largest market share in 2017, accounting for nearly 33% of the market.
However, the market share for this application is expected to decrease
by 2022.

In 2017, North America was the leading region for the global
corrosion resistant alloys market. Over 35% of the incremental
growth is expected to originate for this region during the forecast
period, which will be followed by Europe, APAC, and ROW.

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