The penetration of corrosion resistant alloy is expected to grow in chemical processing, pulp & paper, food & beverage, aerospace & defense and automotive industries owing to mechanical properties.
On the basis of material, the global corrosion resistant alloy market has been segmented into iron-based alloy, nickel-based alloy, cobalt-based alloy, and others (chromium-based alloy, stainless steel-based alloy, titanium-based alloy, and molybdenum-based alloy). Penetration of stainless-based alloy is expected to grow over the forecast period owing to growing demand for machine components in various industries.
On the basis of end use, the global corrosion resistant alloy market has been segmented into automotive & transportation, aerospace & defense, oil & gas, industrial machinery, energy & power, Aerospace & defense application segment is expected to witness significant growth over the forecast period. Corrosion resistant alloys are gaining traction in aerospace & defense industry, especially in engine manufacturing segment.
On the basis of region, the global corrosion resistant alloy market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is estimated to account for major revenue share in the global corrosion resistant alloy market owing to the presence of aerospace and defense manufacturers in the region.
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