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The corrosion-resistant alloys market share is expected to increase by USD 2.82 billion from 2020 to 2025, and the market’s growth momentum will accelerate at a CAGR of 7.26%.
This corrosion-resistant alloys market research report provides valuable insights on the post-COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers corrosion-resistant alloys market segmentation by end-user (aerospace and defense, automotive, oil and gas, industrial machinery, and others) and geography (North America, Europe, APAC, South America, and MEA). The corrosion-resistant alloys market report also offers information on several market vendors, including AMG Advanced Metallurgical Group NV, Berkshire Hathaway Inc., Carpenter Technology Corp., Corrotherm International Ltd., Eramet Group, Haynes International Inc., Hitachi Ltd., Mitsubishi Corp., Nippon Steel Corp., and Tenaris SA among others.
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Based on our research output, there has been a negative impact on the market growth during and post COVID-19 era. The growing shale gas exploration is notably driving the corrosion-resistant alloys market growth, although factors such as fluctuation in raw material prices may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the corrosion-resistant alloys industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Corrosion Resistant Alloys Market Driver
The growing shale gas exploration is one of the key factors driving the growth of the global corrosion-resistant alloys market. The demand for corrosion-resistant alloys is growing due to the advances in technologies such as the hydraulic fracturing technique, which is used for extracting shale gas. In recent years, shale gas is produced in China, Canada, and the US, with its reserves present across the world. In addition, the newest technology (hydraulic fracturing technique) has led to the refracturing of older shale wells, thereby, increasing production without incurring the costs of a new well. Old wells or underperforming wells are now functional using the new hydraulic simulation. The potential to extract shale gas through fracking has increased global gas reserves and improved energy security. The growth in shale gas production has reduced energy prices, benefitting global economic growth. Shale gas is the least carbon-intensive fossil fuel. Therefore, with the growth of the shale gas market and shale gas extraction, the demand for corrosion-resistant alloys will augment during the forecast period.
Key Corrosion Resistant Alloys Market Trend
The growing investment in the defense industry will fuel the global corrosion-resistant alloys market growth. Countries such as China, the US, Russia, Saudi Arabia, India, Japan, and France are expected to increase their aerospace and defense budgets. This is owing to the resurgence of global security threats. Several governments across the world have already started increasing their defense budgets to address security threats. For instance, in 2021, China announced an over 6.5% increase in its defense budget. The country’s defense budget increased from around $185 billion in 2020 to over $200 billion in 2021. The growing demand for fighter and bomber aircraft is also expected to foster the demand for high-performance, corrosion-resistant alloys that are used in such aircraft. Similarly, in the 2020 defense budget of the US, the government announced $146 billion for military hardware, which included $1.87 billion for 98 F-35 aircraft and eight F-15EX aircraft to recapitalize the F-15C/D fleet. In May 2020, India announced that it would invest around $17 billion in inducting 114 medium-weight multirole fighters. The aircraft will be built in India with a significant transfer of foreign technology but no foreign procurements. Such investments in fighter jets will foster the demand for high-performance corrosion-resistant alloys during the forecast period.
Key Corrosion Resistant Alloys Market Challenge
The fluctuation in raw material prices is a major challenge for the global corrosion-resistant alloys market growth. Nickel, titanium, iron, chromium, cobalt, and molybdenum are some of the raw materials used in the manufacturing of corrosion-resistant alloys. The market is significantly dependent on the availability of these metals from the mining industry. The fluctuations in the prices of metals significantly impact the cost of corrosion-resistant alloys. For instance, the price of cobalt metal fluctuated between $15.75 to 16.75/lb. in the first year of January 2020. This fluctuation in the prices of metals has impacted the global corrosion-resistant alloys market. The economic scenario also plays a crucial role in the pricing of raw materials. The pricing structure of raw materials differs from one region to another based on import and export tariffs. The economic uncertainty affects the prices of raw materials and, subsequently, impacts the price of corrosion-resistant alloys. For instance, the COVID-19 pandemic in 2020 led to supply chain disruptions across the globe and negatively impacted industrial production and alloy production. Thus, fluctuations in raw material prices are a challenge to market growth.
This corrosion-resistant alloys market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.
The global corrosion-resistant alloys market is a part of the global diversified metals and mining market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the corrosion-resistant alloys market during the forecast period.
The report analyzes the market’s competitive landscape and offers information on several market vendors, including:
This statistical study of the corrosion-resistant alloys market encompasses successful business strategies deployed by the key vendors. The corrosion-resistant alloys market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from the post-COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The corrosion-resistant alloys market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the corrosion-resistant alloys market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The value chain of the global diversified metals and mining market includes the following core components:
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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36% of the market’s growth will originate from North America during the forecast period. The US is the key market for corrosion-resistant alloys market in North America. Market growth in this region will be slower than the growth of the market in regions.
The growing shale gas exploration will facilitate the corrosion-resistant alloys market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of the COVID-19 pandemic negatively impacted the growth of the market in the region in 2020. End-users of corrosion-resistant alloys were impacted due to the imposition of lockdowns across the region, which led to the temporary closure of factories and production facilities. This resulted in a decline in demand for corrosion-resistant alloys in the region in 2020. However, with a decline in the number of COVID-19 cases in the region, there has been a rise in industrial activities in the first half of 2021, which, in turn, has led to an increase in the demand for corrosion-resistant alloys. This is also expected to foster the growth of the corrosion-resistant alloys market in the region during the forecast period.
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The corrosion-resistant alloys market share growth in the Aerospace and defense segment will be significant during the forecast period. Corrosion-resistant alloys are used widely in various structural components of aircraft, such as gas turbine engines, combustion chambers, hot section rings, seals and cases, exhaust sections, and air inlets. This is due to its outstanding localized corrosion resistance and excellent stress corrosion cracking resistance.
This report provides an accurate prediction of the contribution of all the segments to the growth of the corrosion-resistant alloys market size and actionable market insights on post-COVID-19 impact on each segment.
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Corrosion Resistant Alloys Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2020 |
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Forecast period |
2021-2025 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 7.26% |
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Market growth 2021-2025 |
$ 2.82 billion |
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Market structure |
Fragmented |
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YoY growth (%) |
7.25 |
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Regional analysis |
North America, Europe, APAC, South America, and MEA |
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Performing market contribution |
North America at 36% |
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Key consumer countries |
US, China, Germany, Japan, and UK |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
AMG Advanced Metallurgical Group NV, Berkshire Hathaway Inc., Carpenter Technology Corp., Corrotherm International Ltd., Eramet Group, Haynes International Inc., Hitachi Ltd., Mitsubishi Corp., Nippon Steel Corp., and Tenaris SA |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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