The global Corrosion Resistant Alloys (CRAs) market is anticipated to reach a valuation of USD 9.64 billion by 2025, according to the a research report published by Grand View Research, Inc. Corrosion resistant alloys prevent corrosion to components or parts made from CRAs. The resistance of CRAs in high-temperature environments makes it a suitable fit for a variety of end-use sectors such as oil and gas, energy and power, aerospace and defense, and automotive and transportation.
Regulations by agencies such as Occupational Safety and Health Administration (OSHA) prohibiting the use of chromium and cobalt alloys have led to the development of composite materials for future production of CRAs. Meridian Lightweight Technologies developed components from three different types of magnesium alloys to cater to its clients. Researchers at Purdue School of Materials Engineering have developed lightweight alloys with similar properties to stainless steel. CRAs will answer the call for lightweight parts in the aerospace and defense sectors. The aerospace sector demands material innovations to improve fuel efficiency.
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Using stronger, lighter airframes help deliver significant fuel savings. Thus many companies focus on collaborations and product innovations. For example, Ilika PLC has collaborated with several aerospace companies in order to introduce new materials that will improve efficiency of airplanes. The company uses its High Throughput Physical Vapor Deposition (HT-PVD) platform to develop procedures to make and screen coatings in high throughput mode that enables companies to identify alloys that can replace the existing materials.
The global corrosion resistant alloys market is projected to expand at a growth rate of 6.9 % over the forecast period (from 2018 to 2025). This growth is attributed to the continuous advances in corrosion resistant alloys. The ever-expanding automotive and aerospace sectors are expected to be generate the maximum demand for the CRA market over the next few years. Increased budgetary spending on energy systems would also contribute toward the market development. Some of the leading companies operating in the global market include AMG Advanced Metallurgical Group N.V.; Carpenter Technology Corp.; Special Metals Corp.; and Hitachi Metals MMC Superalloy, Ltd.
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