The ban of chromium and cobalt coatings in automotive and aerospace sectors under the European Union’s Restriction of Hazardous Substances (RoHS) Directive due to their toxic nature has forced manufacturers to look for environment-friendly and lighter metals. Corrosion Resistant Alloys (CRA) are metals derived from a combination of various elements such as titanium, molybdenum, nickel, and chromium. Their ability to withstand erosion in high temperatures makes them a suitable fit in oil, gas, chemical processing, and energy sectors.
Emphasis on Fuel-Efficiency
Major end-use sectors of CRAs include energy and power, automotive and transportation, aerospace and defense, industrial, oil and gas, and others. The automotive and transportation segment is anticipated to experience a steady demand during the forecast period (from 2018 to 2025) due to high demand for aluminum alloys. Availability of aluminum in Japan, China, and India, coupled with the growing automotive sectors in Asia Pacific is expected to drive segment growth. Demand for CRA in the North America automotive and transportation market is expected to grow at a 7.2 % CAGR from 2018 to 2025.
The energy and power segment is expected to exhibit a CAGR of 5.8 %, in terms of revenue, from 2018 to 2025. This growth is attributed to the increased budgetary spending by governments for power saving systems. Emphasis on renewable energy and alliances with research institutes to enhance the capacity of sustainable energy generation machines are also anticipated to propel the segment growth.
Ongoing R&D
Researchers at the University of New South Wales (UNSW), Australia, discovered the high potential of magnesium-lithium alloys in 2015 to be used in car components. The composite metal weighs less than the weights of individual elements and can provide durable protection in cars. Furthermore, scientists at Purdue University, U.S. developed a technique in February 2018 to modify the microcellular structure of aluminum to provide it with properties similar to stainless steel. Higher tensile and compression strength could widen its scope in aerospace and automotive sectors.
Market Outlook
The global corrosion resistant alloys market is anticipated to exhibit a CAGR of 6.9 % over the forecast period, according to a report by Grand View Research, Inc. The market size is estimated to reach USD 9.64 billion by 2025 due to continuous advances in corrosion resistant alloy technology. Increased budgetary spending by governments for energy systems can contribute to market revenue over the forecast period. Key market players include Hitachi Metals MMC Superalloy, Ltd.; AMG Advanced Metallurgical Group N.V.; Special Metals Corp.; and Carpenter Technology Corp.
In-depth research report on corrosion resistant alloys market, click the link below:
In-depth research report on corrosion resistant alloys market, click the link below:
No comments:
Post a Comment