Global corrosion resistant alloys market to grow at a CAGR of 6.97% during the period 2018-2022.
According to the report, one driver in the market is growing shale gas exploration market. The demand for corrosion-resistant alloys is growing due to the advances in technologies such as hydraulic fracturing technique, which is used for extracting shale gas. The global shale gas market is expected to grow at CAGR of 14.7% during the forecast period. In recent years, shale gas is produced in China, Canada, and the US with its reserves present across the globe.
One trend in the market is increasing government spending on energy systems. The rise in the focus of the governments on the energy systems and research has fueled the growth in the global wind turbine market in the regions like North America and Europe. For instance, the US Department of Energy (DOE) had allocated more than $93.50 million in the FY2016 for the advances in the wind power technologies.
Further, the report states that one challenge in the market is fluctuation in raw material prices. 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 costs of the corrosion-resistant alloys.
The report has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the key vendors operating in this market.