Increase in need for ODS alloys in high-temperature applications opens new growth avenues for the oxide dispersion strengthened alloys (ODS) industry
Wilmington, Delaware, United States, Jan. 25, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The oxide dispersion strengthened alloys (ODS) market report by TMR states that the global market was valued at US$ 8.7 Bn in 2021 and is expected to record a CAGR of 4.7% during the forecast period of 20222031.
ODS alloys made of iron and nickel have exceptional mechanical qualities and provide strong corrosion resistance even at high temperatures, which makes them popular among end-users. The manufacturing of nuclear designs, turbines, and space launch systems predominantly requires oxide dispersion strengthened (ODS) alloys. Furthermore, numerous applications of ODS alloys in the energy sector and other industries have created business opportunities for oxide dispersion strengthened (ODS) alloys market.
Development of efficient production methods for ODS alloys is likely to require more investment from manufacturers. Additionally, global companies are investing significantly in R&D initiatives to develop stronger ODS materials in order to boost revenue and expand oxide dispersion strengthened (ODS) alloys market share. These materials are used in various applications, including turbines, nuclear reactors, and submarines, which is likely to augment market growth.
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Oxide Dispersion Strengthened Alloys (ODS) Market: Growth Drivers
- Generation III+ reactors are projected to run at much greater temperatures than the present generation. This creates a potential need for fuel cladding materials with a better temperature tolerance than conventional reactors. Thus, the global market is estimated to grow at a rapid pace.
- Nano-oxides provide the alloy superior mechanical strength. Hence, these alloys are widely used as the primary building blocks for the next generation of nuclear power reactors. In order to retain the robust characteristics and ensure safe operation of reactors, it is crucial to maintain this precipitation at a nanoscale under service circumstances. Therefore, increase in demand in the nuclear sector is likely to drive the oxide dispersion strengthened (ODS) alloys industry growth.
Key findings of Oxide Dispersion Strengthened Alloys (ODS) Market
- Demand for ODS alloys is high due to outstanding microstructural and mechanical characteristics. Their microstructural characteristics enables usage in high-strength applications. Manufacturers in the aerospace and marine industries are using ODS alloys in various applications, which has increased market demand.
- The aluminum-based ODS segment accounted for significant share of the global oxide dispersion strengthened (ODS) alloys market in 2021, according to a recent industry data. ODS alloys based on aluminum, the category is expected to expand at a CAGR of 4.4% over the course of the forecast period owing to their superior metallic properties.
- ODS has been used as an electrode material for spot welding of electric vehicles, various electronic parts, such as heat-resistant substrates, and reinforcing materials. ODS alloys made from aluminum have improved creep resistance, which has led to high demand for these alloys.
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Oxide Dispersion Strengthened Alloys (ODS) Market: Regional Dynamics
- Asia Pacific accounted for 34.1% share of the global market in 2021. This is ascribed to increase in usage of ODS alloy across a number of end-use sectors in the region, including marine, aerospace, energy, and chemical which may eventually augment the market growth.
- Europe accounted for 29.8% share of the global ODS market in 2021. Germany dominated the market in the region in 2021, due to increase in investment in the chemical sector.
Oxide Dispersion Strengthened Alloys (ODS) Market: Competition Landscape
The oxide dispersion strengthened (ODS) alloys industry is concentrated, with a few significant manufacturers holding the major share. Majority of businesses engage in research & development initiatives, especially to produce eco-friendly products. Merger & acquisition and expansion of product portfolios are the key strategies adopted by major players. The two prominent companies operating in the market are Kansai Pipe Industries, Ltd. and TWI Ltd.
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Oxide Dispersion Strengthened Alloys (ODS) Market: Segmentation
- Iron-based ODS
- Nickel-based ODS
- Chromium-based ODS
- Aluminum-based ODS
- Space launch Systems
- Nuclear Reactor
- Chemical Processing System
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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