Proficient Market has published a new report titled “Global Invar Steel Market”. According to the report, global invar steel market in 2018 stood at USD 649.81 million and is expected to reach USD 1,066.23 million by 2026 growing at a CAGR of 6.44% from 2019 to 2026.
Invar Alloy is a low expansion alloy which exhibits extremely low expansion around ambient temperatures and it is mostly used where minimum expansion is required. Generally, invar alloy is ductile and easily weldable, and machinability is similar to austenitic stainless steel. Mainly, invar is a Nickel Iron alloy with 36% Nickel, and the remaining balance Iron. It is magnetic in the temperature range up to 400 F. Its minimal expansion over ambient temperatures makes this alloy useful in many applications where high dimensional stability is needed. Invar is strong, tough, ductile and possesses a useful degree of corrosion resistance. It is widely used in numerous applications such as precision instruments, clocks, seismic creep gauges, valves in motors, and antimagnetic watches where high dimensional stability is required.
Global Invar Steel Market: Key Players
The research study includes profiles of leading companies operating in the global invar steel market. Key players profiled in the report include: Eagle Alloys Corporation, Shanghai Tankii Alloy Material Co., Ltd., Carpenter Technology Corporation, National Electronic Alloys, Columbia Metals, American Elements and Others.
Drivers for the Global Invar Steel Market:
According to current market condition, rise in GDP, growth in research activities, and increase in investment in industrial manufacturing are estimated to accelerate the market in Asia Pacific in the near future. Asia-Pacific has emerged as the one of the largest invar markets and a key destination for the invar producers, due to its economic development, along with the increasing disposable income. The positive economic growth trends in countries, such as China, India, and Japan, has boosted the demand for invar steel products and applications in the recent years.
Opportunities for the Global Invar Steel Market:
The aerospace industry is a constantly growing and rapidly developing field of engineering. With the continued increase in production rates at key original equipment manufacturers of commercial aircraft and overall progress in airline activity is further creating growth opportunities during the forecast period. With the rising demand for commercial aircraft, there are some new production programs emerging at a pace, enhancing the demand of Invar Steel across the globe. Thus enhancement in aerospace industries can create lucrative opportunities for Invar Steel Market during the forecast period.
Restrains for the Global Invar Steel Market:
Despite the positive outlook for the industry, the sector continues to face numerous restraints, which pose a considerable risk to the profitability of invar steel manufacturers. Some of the factors include continuously rising raw material costs and stringent environmental regulations. Moreover, use of solvent-based coatings is limited in various regions such as Europe and North America on account of stringent regulations on harmful emission-causing chemicals.
Region Wise, Global Invar Steel Market Analysis:
Region wise, global invar steel market can be segmented into North America, Europe, Asia Pacific, Latin America, Middle East and Africa. Among all, Asia Pacific leads the global invar steel market share due to expansion of automotive sector in the developing countries present in the region. Additionally, rise in GDP, growth in research activities, and increase in investment in industrial manufacturing are estimated to accelerate the market in Asia Pacific in the near future. Asia pacific region which is followed by the Europe and North America.
Global Invar Steel Market: Product analysis
Global Invar Steel Market: Application analysis
- Industrial Manufacturing
- Aerospace & Defense
Global Invar Steel Market: Region analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Latin America
- Rest of L.A.
- Middle East and Africa
- South Africa
- Rest of Middle East
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