Corrosion Resistant Alloys Market Size, Share, Industry Analysis, Trends, Growth, 2032

Corrosion Resistant Alloys Industry Prospective:

The global corrosion resistant alloys market size was worth around USD 7.14 billion in 2023 and is predicted to grow to around USD 13.24 billion by 2032 with a compound annual growth rate (CAGR) of roughly 7.1% between 2024 and 2032.

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Corrosion Resistant Alloys Market: Overview

The three most crucial basic alloying components for alloys that resist corrosion are nickel, chromium, and molybdenum. Varying types of corrosion-resistant alloys are produced at varying percentage levels and using different production procedures. The aforementioned elements are necessary for the formation of a stable protective corrosion product coating on structural parts. Any metal that has the potential to withstand corrosion to some degree is referred to as a "corrosion-resistant alloy" in everyday speech. In addition to carbon steel, corrosion will also occur if the anticorrosive coating fails. Because it varies so much based on the specific corrosive environment and the alloying composition of the alloy given, corrosion resistance is not universal. These alloys are very different from each other and can be made of materials based on iron or nickel and alloyed with copper, chromium, or any combination of other alloying elements. This alloy resists stress corrosion cracking and is useful in manufacturing and welding. With their magnetic and electrical conductivity, corrosion-resistant alloys rank among the most robust building materials.

Key Insights

• As per the analysis shared by our research analyst, the global corrosion resistant alloys market is estimated to grow annually at a CAGR of around 7.1% over the forecast period (2024-2032).
• In terms of revenue, the global corrosion resistant alloys market size was valued at around USD 7.14 billion in 2023 and is projected to reach USD 13.24 billion, by 2032.
• The rising automotive sector is expected to drive the global corrosion resistant alloy market growth over the forecast period.
• Based on the type, the nickel-based alloy segment is expected to capture the largest market share over the projected period.
• Based on the end-use, the automotive & transportation segment is expected to hold a prominent market share over the projected period.
• Based on region, the Asia Pacific is expected to dominate the market during the forecast period.

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Corrosion Resistant Alloys Market: Growth Drivers

Growing shale gas exploration drives the market growth

A growing need exists for corrosion-resistant alloys as a result of technical developments such as hydraulic fracturing, which is used to extract shale gas. The US, Canada, and China have lately started producing shale gas, which has deposits all around the world. Refracturing existing shale wells has also allowed for production to be increased without the need to drill a new well due to the latest technological advancement, hydraulic fracturing. Wells that were inactive or performing poorly before can now be utilized owing to the updated hydraulic simulation. Global gas reserves have increased and energy security has improved due to fracking's ability to extract shale gas. The world economy has expanded in part due to falling energy costs brought about by the rising shale gas supply. The expansion of shale gas production has resulted in lower energy costs, which has boosted world economic expansion. The fossil fuel with the least carbon intensity is shale gas. Corrosion-resistant alloy demand will therefore rise throughout the projection period due to the expansion of the shale gas industry and shale gas extraction.

Corrosion Resistant Alloys Market: Restraints

Volatility in raw material prices hinders the market growth

Over the anticipated period, raw material prices are likely to fluctuate, which would negatively impact the demand for corrosion resistant alloys industry. The COVID-19 outbreak has had a significant impact on raw material costs due to changes in supply chain interruptions and demand fluctuations. The year 2020 saw a remarkable decline in global oil consumption as a result of COVID-19-related travel restrictions and company closures. A startling 9.3 million fewer barrels of oil were consumed daily worldwide in 2020. The market for corrosion resistant alloys is expanding more slowly as a result of the volatile oil prices.

Corrosion Resistant Alloys Market: Opportunities

Growing product launch offers a lucrative opportunity for market growth

The growing product launch is expected to offer a lucrative opportunity for corrosion resistant alloys industry growth during the forecast period. For instance, in April 2023, to solve the recurring corrosion-related pain points that jeopardize asset integrity, PETRONAS introduced a ground-breaking product. ProShield+ is an ultra-high technology paint additive for steel buildings that was formulated with graphene. ProShield+, an internal product, has been demonstrated to increase coating resilience against weather and shield assets from corrosive substances.

Corrosion Resistant Alloys Market: Challenges

High production cost poses a major challenge to market expansion

Costly alloying elements like nickel, chromium, and molybdenum are frequently needed for corrosion resistant alloys. Price fluctuations for these basic materials can have a major effect on the total cost of corrosion-resistant alloys, which reduces their appeal in comparison to less expensive options. Complex corrosion resistant alloy production and processing call for highly skilled workers and cutting-edge technology. This intricacy raises costs and may prevent production from scaling up. Thus, the high product cost poses a major challenge to the corrosion resistant alloys market growth.

Corrosion Resistant Alloys Market: Segmentation

The global corrosion resistant alloys industry is segmented based on type, end-use, and region.

Based on the type, the global corrosion resistant alloys market is bifurcated into nickel-based alloys, iron-based alloys, cobalt-based alloys, and others. The nickel-based alloys segment is expected to capture the largest market share over the projected period. The need for nickel-based alloys is driven by the necessity for materials that can survive extreme environments in deepwater and offshore oil exploration and production. In these applications, their resistance to stress corrosion cracking caused by chloride is essential. High-pressure, high-temperature environments are common in advanced recovery techniques, that prompt for the usage of durable materials like alloys based on nickel. Additionally, persistent research and development activities result in the production of new alloys based on nickel that have improved qualities, creating new markets and driving up demand. The utilization of complex components built from nickel-based alloys is increasing due to the more economical and efficient production made possible by advances in 3D printing technologies.

Based on the end-use, the global corrosion resistant alloys industry is bifurcated into automotive & transportation, oil & gas, aerospace & defense, energy & power, industrial, and others. The automotive & transportation segment is expected to hold a prominent market share over the projected period. Because alloys that are resistant to corrosion are superior to other materials like steel and are used to make a variety of aircraft engine components. Therefore, by launching new planes, airline firms are growing their company. In 2017, airlines globally transported around 4.1 billion passengers, according to the International Civil Aviation Organization (ICAO). This industry will only expand further given how quickly it is now expanding. Recent projections indicate that throughout the next 20 years, there will be an average annual rise in demand for air travel of 4.3%. Growth in the market for corrosion-resistant alloys will be directly impacted by this increase.

Corrosion Resistant Alloys Market: Report Scope

Corrosion Resistant Alloys Market: Regional Analysis

Asia Pacific is expected to dominate the market during the forecast period

The Asia Pacific is expected to dominate the global corrosion resistant alloys market during the forecast period. The need for corrosion-resistant alloys in the fields of building, transportation, and urban development is driven by the continuing infrastructure development projects in nations like China, India, and Southeast Asian states. A strong economic expansion in the area boosts investments in several industrial sectors, which raises the need for materials that are resilient to corrosion. Lightweight and corrosion-resistant materials are also needed to improve the performance and lifetime of vehicles in the expanding automotive sector in Asia Pacific, especially in the electric vehicle sector. The need for CRAs in aircraft manufacture and maintenance is further fueled by the growth of the aerospace sector in the area. On the other hand, North America holds a significant market share during the forecast period. The thriving aerospace sector in the region is the major factor for the market growth.

Corrosion Resistant Alloys Market: Competitive Analysis

The global corrosion resistant alloys market is dominated by players like:

• Voestalpine AG
• Sandvik Materials Technology AB
• Aperam S.A.
• Precision Castparts Corporation
• Haynes International Inc.
• VDM Metals
• ThyssenKrupp AG
• Allegheny Technologies Incorporated
• Carpenter Technology Corporation
• Rolled Alloys Inc.

The global corrosion resistant alloys market is segmented as follows:

By Type

• Nickel-based Alloys
• Iron-based Alloys
• Cobalt-based Alloys
• Others

By End-Use

• Automotive & Transportation
• Oil & Gas
• Aerospace & Defense
• Energy & Power
• Industrial
• Others

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa