LONDON--(BUSINESS WIRE)--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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