Alloy 316 is a type of stainless steel known for its excellent corrosion resistance, particularly against chlorides and marine environments. It contains molybdenum, which enhances its durability and makes it suitable for use in harsh conditions, such as chemical processing and marine applications. This alloy is commonly used in various industries, including food processing, pharmaceuticals, and construction. Its ability to withstand high temperatures and resist pitting makes it a popular choice for equipment and components that require both strength and longevity.