The global market value of the oxide dispersion strengthened
alloys market was valued at USD 7.3 billion in 2022, and a CAGR of 5.6% is
expected during the forecast period. Increasing demand for oxide
dispersion-strengthened alloys in nuclear reactors is driving growth in the
market significantly. The diverse application of alloys in the energy industry
is also driving growth in the market.
Increasing demand for these alloys due to
their superior mechanical properties and rust resistance are the factors driving
significant growth in the market. Companies operating in the ODS alloys
industry are also expected to invest more in research and development
activities. Increasing demand for these alloys in nuclear plants is the key
factor driving growth in the market.
Growth Drivers
With advancements in nuclear power generation, ODS alloys
are increasingly used in reactor components due to their ability to withstand
radiation and high temperatures. Continuous research and development efforts
aimed at improving alloy compositions and manufacturing processes contribute to
expanding the market by enhancing material performance and reducing production
costs. Increasing applications in medical devices, chemical processing
equipment, and other specialized industries further divide the growth of the ODS alloys market.
ODS alloys exhibit enhanced resistance to oxidation and
corrosion, prolonging their lifespan and reliability in various operating
conditions. These alloys offer superior mechanical properties such as high strength,
hardness, and wear resistance, which are advantageous in demanding
environments. Increasing demand from the nuclear energy sector is driving
growth in the market significantly.
Segmentation
Type
·
Iron Based ODS
·
Nickel Based ODS
·
Chromium Based ODS
·
Aluminum Based ODS
·
Others
Application
·
Turbine
·
Space Launch Systems
·
Nuclear Reactor
·
Chemical Processing Systems
·
Others
End-Use
·
Chemical
·
Aerospace
·
Marine
·
Energy
·
Others
Regional Outlook
·
Asia Pacific
·
North America
·
Latin America
·
Middle East and Africa
·
Europe
Oxide Dispersion Strengthened Alloys
Market by Type Segmentation
On the basis of type, the oxide dispersion strengthened
alloys market is segmented into iron-based ODS, nickel-based ODS,
chromium-based ODS, and others. Iron-based ODS is the leading segment due to
its cost-effectiveness in comparison to ODS alloys like nickel-based or
cobalt-based alloys. Iron-based ODS alloys offer good strength at high
temperatures, making them suitable for use in environments where thermal
stability and mechanical strength are crucial, such as in power generation and
industrial equipment. Due to its availability and versatility, iron-based ODS
is the leading segment in the market.
Oxide Dispersion Strengthened Alloys
Market by End-User Market
On the basis of end-users, the oxide dispersion strengthened
alloys market is segmented into the chemical, aerospace, marine, and energy
sectors. Aerospace is the leading segment due to the increasing demand for
alloys in the construction of products in the aerospace industry. Since this
alloy provides stability at very high temperatures as well, it provides
mechanical superiority and strength like tensile strength. Increased expansion
in the aerospace and defense sectors is driving significant growth in the
market.
Increasing demand from the marine and chemical sectors is driving
growth in the market. Increasing demand for alloys in the energy sector is
driving growth in the market due to their excellent mechanical properties and
resistance to fatigue and corrosion. In the energy sector, in applications like
gas turbines for power generation and the nuclear sector, this alloy is being
successfully used due to its mechanical superiority. Increasing demand to
increase the overall efficiency and durability of equipment is the need of the hour.
As the energy sector continues to expand and upgrade its infrastructure, the
demand for this alloy is expected to increase.
Regional Outlook
On the basis of the regions, the oxide dispersion
strengthened alloys market is segmented into 5 parts: Asia Pacific, North
America, Latin America, the Middle East and Africa, and Europe. North America
is the leading segment in the ODS alloys market because the United States is
home to advanced manufacturing capabilities and research institutions that
specialize in developing high-performance alloys. Increasing demand from the
aerospace and defense industries in North America makes ODS alloys a big
customer. These alloys are used in critical components such as turbine blades,
engine parts, and structural materials, where high strength, high heat
resistance, and reliability are crucial.
The region benefits from continuous
technological advancements and investments in material science and engineering,
which are driving growth in the market. North America generally has a
supportive regulatory environment. ODS alloys find significant demand in the
nuclear energy sector in North America, where they are used in reactor
components due to their ability to withstand high temperatures. Asia Pacific is
also a leading segment due to increasing urbanization and industrialization.
Rising disposable income in the region is a driving force in the market.
The
region's strong industrial base across various sectors such as automotive,
medical devices, and chemical processing also contributes to the demand for ODS
alloys for specialized applications where their unique properties are
beneficial. Increasing demand for it in the nuclear energy sector is driving
growth in the market. The European market is also flourishing, as Europe has a
robust industrial base across sectors like aerospace, automotive, power
generation, and healthcare. These industries utilize ODS alloys due to their
superior mechanical properties and high temperature resistance. With a growing
emphasis on renewable energy sources, such as wind and solar power, they play a
crucial role in turbine components and other energy generation equipment due to
their durability and performance under harsh conditions.
Europe is renowned for
its strong focus on resources and innovations in materials. Similar to North
America, the aerospace and automotive sectors in Europe are significant
consumers of ODS alloys for applications requiring high strength. The region’s
regulatory environment supports the development and adoption of advanced materials,
including ODS alloys. Growing interest in using ODS alloys in medical devices
and the automotive sector is driving growth in the market significantly. The
Middle East, Africa, and Latin America are witnessing significant growth in the
market due to the increasing awareness of people who are associated with
aerospace, automotive, and other industries. ODS are mainly in demand due to
their superior mechanical properties, and there is increasing demand for them
in industries.
Key Players
·
TWI Industries
·
Space-Age Alloys
·
KANSAL PIPE Industries Ltd.
·
MBN Nanomaterial Lia
·
Alcoa Corporation
·
Arcelor Mittal
·
Constellium Group
·
Tata Steel
·
Outukumpu
·
Other Players
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