Luton, Bedfordshire, United Kingdom, Nov. 01, 2022 (GLOBE NEWSWIRE) -- Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Nickel Alloys Market.
The global nickel alloys market is worth USD 13.67 Billion in 2021 as of now and is expected to reach USD 18.96 Billion by 2029 at a CAGR of 3.7% between 2022 - 2029.
Nickel alloys refer to metals created by the combination of primary metal nickel with other materials, such as copper, molybdenum, iron, or chromium. Nickel alloys demonstrate several benefits which improve their suitability in extreme environments and conditions. Nickel-based alloys are oxidation- and corrosion-resistant and can retain their strength across a vast temperature range.
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The Asia Pacific held the largest share with 48% in the nickel alloys market in 2021.
An increase in production in the manufacturing sector to fulfill transportation requirements for superior quality goods and growing exports from the country are two main factors contributing to increased demand for nickel alloys in the Asia Pacific region. Nickel alloy market expansion in China and India would most likely be fueled by a rising population and changing consumer preferences for automobiles. In the next years, increased passenger traffic is expected to promote market growth, rising demand for automobiles.
For instance,
- In March 2021, Sandvik Additive Manufacturing and its subsidiary BEAMIT forged a strategic partnership with leading MENA-based AM solution provider Immensa Additive Manufacturing Group to expand the range of advanced AM-based high-end components.
- In February 2021, industrial 3D printing technologies supplier EOS introduced EOS NickelAlloy IN939, a new nickel-chromium alloy material, for use in powder bed AM (additive manufacturing). The possesses excellent strength balance in high temperature environments, fatigue performance, oxidation- and corrosion resistance and crack resistance.
Increasing in demand for aerospace industry give propel growth to market
Nickel alloys are extensively employed in the aircraft sector, especially in the production of engines. Nickel alloys are utilized to construct various sections of aircraft engines due to their superior properties compared to other materials such as steel and stainless steel. Moreover, Inconel alloy, a form of nickel alloy, is mostly employed in turbine engines due to its ability to maintain strength and corrosion resistance at extremely high temperatures. The use of Inconel alloy in aerospace items reduces the aircraft’s overall weight and improves its fuel efficiency. The worldwide aerospace sector is expanding at a rapid pace, thanks to a growth in passenger air travel.
Evolving government initiatives to promote green infrastructure will aid growth
The Government of Singapore has mandated the use of PPVC (prefabricated, prefinished, volumetric construction) elements in different projects on government properties, in an effort to reduce construction waste and promote green buildings, which would be boosting the market for its lake. Moreover, the government provides subsidies to enterprises that use new construction methods. The Canadian Minister of Families and other members of Parliament announced on March 15, 2021, that the Surrey Centre will receive a CAD 164 million Rapid Housing Initiative allocation to create 44 new affordable residences.
Advancements in technology will create significant growth opportunities in the market.
EOS Nickel Alloy IN939, a new nickel-chromium alloy material for powder bed AM, was released in February 2021 by industrial 3D printing technology supplier EOS (additive manufacturing). The material has good high-temperature strength balance, fatigue performance, oxidation, and corrosion resistance, and crack resistance. It is intended for use in the development of microturbines, industrial gas turbines, and other power sector applications that are subjected to high temperatures and extreme environmental conditions.
Key reasons for nickel alloys market growth:
- Growing usage of nickel alloys.
- Rising demand for the casting process.
- High uptake in machinery applications.
- Surging prominence in the construction sector.
Nickel Alloy Market Report Scope
| Report Attribute | Details |
| Market size value in 2021 | USD 13.67 Billion in 2021 |
| Revenue forecast in 2029 | USD 18.96 Billion by 2029 |
| Growth rate | CAGR of 3.7% from 2022 to 2029 |
| Base year for estimation | 2021 |
| Historical data | 2017 - 2020 |
| Forecast period | 2022 - 2029 |
| Quantitative units | Volume in kilo tons, revenue in USD million and CAGR from 2022 to 2029 |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Segments covered | Product, application, region |
| Regional scope | North America; Europe; China; Asia; Pacific; Central & South America; MEA |
| Country scope | U.S.; Canada; Mexico; Germany; U.K.; France; Italy; Poland; Spain; India; Japan; Thailand; Malaysia; Indonesia; Vietnam; Singapore; Philippines; Brazil; Argentina; Saudi Arabia; UAE; Oman |
| Key companies profiled | Allegheny Technologies Incorporated (ATI), VDM Metals., Carpenter Technology Corporation, Doncasters, Aperam S.A, Voestalpine AG, Nippon Yakin Kogyo., Danyang City Kaixin Alloy Material Co. Ltd, Haynes International., Ulbrich Stainless Steels, ANYO SPECIAL STEEL Co. Ltd, Sandvik Materials Technology AB. |
| Key Market Opportunities | The market is witnessing the growth of product portfolios followed by a shift in the market trends towards enhanced use of most important driving factor for the nickel alloy market is the rapid growth of application sectors such as aerospace and defense and automotive. |
| Key Market Drivers | The need for nickel alloys in this industry is expected to increase as the market for electric and hybrid vehicles grows. Nickel is required in lithium-ion batteries because of its high-power density in electric car applications over long distances. |
| Customization scope | The growing adoption of nickel alloy in the manufacture of aircraft components such as blades, engine components, exhaust systems, and blades, as well as its increased use in military and civil aircraft production, will boost the market’s growth. |
| Pricing and purchase options | The entire organization can use the report. It can be printed and shared. Delivery in PDF and Excel. |
Investments and Innovative Technologies
Furthermore, the increasing investment in research and development by the manufacturer has helped in the development of advanced techniques to enhancing the properties of Nickel Alloy which further extends profitable opportunities to the market players in the forecast period of 2022 to 2029.
The nickel alloy market key players include Allegheny Technologies Incorporated (ATI), VDM Metals., Carpenter Technology Corporation, Doncasters, Aperam S.A, Voestalpine AG, Nippon Yakin Kogyo., Danyang City Kaixin Alloy Materia l Co. Ltd, Haynes International., Ulbrich Stainless Steels, ANYO SPECIAL STEEL Co. Ltd, Sandvik Materials Technology AB.
Browse In-depth Market Research Report (140 Pages) @:
https://exactitudeconsultancy.com/reports/5139/nickel-alloy-market/
Key Market Segments: Nickel Alloy Market
Global Nickel Alloy Market by Product, 2022-2029, (USD Million) (Kilotons)
- Nickel Base Superalloy
- Nickel Base Corrosion-Resistant Alloy
- Nickel Base Shape Memory Alloy
- Others
Nickel Alloy Market by Function, 2022-2029, (USD Million), (Kilotons)
- Heat Resistant
- Corrosion-Resistant
- High Performance
Nickel Alloy Market by Application, 2022-2029, (USD Million), (Kilotons)
- Aerospace
- Defense
- Oil & Gas
- Energy & Power
- Automotive
- Electrical & Electronics
- Food Preparation Equipment
- Mobile Phones
- Buildings
- Others (Power Generation Equipment, And Medical Equipment)
Nickel Alloy Market: Market Dynamics
Robust growth of the end use sectors is one of the crucial factors determining the growth of the nickel alloy market. End use sectors such as automotive and aerospace & defence has been growing at a stable pace, this in turn will act as a growth driver for nickel alloy market. Nickel alloys has a wide acceptance in aircraft component manufacturing such as blades, exhaust system, engine components, blades etc.
Key Market Trends
Rising Oil & Gas Activities to Boot the Market Demand
- Exploration and production in the oil and gas industry are often carried out in challenging environments, with a complex set of expensive equipment, which experience rapid wear and tear. Hence, nickel alloys find extensive applications in the oil and gas industry, in order to protect the components, enhance their corrosion resistance and part life, and reduce the downtime.
- Owing to its high corrosion resistance, versatility, reliability, and good mechanical properties, they are used in oil and gas applications, such as piping, drilling, pumps, and valves.
- For instance, nickel combined with stainless steel is used for deep-well tubing, in order to enhance the strength and resistance toward corrosion. Additionally, nickel alloys are used for down-hole jewellery
- Moreover, nickel alloys are used as clad wellheads for Christmas trees, which help in easy weldability with steel, coupled with enhanced corrosion resistance properties. Furthermore, these alloys are used for transporting wet corrosive oil and gas. Nickel alloys prevent the usage of inhibitors, to protect the pipeline from corrosion.
- The exploration and production operations have been increasing significantly, as majority of the oil and gas players are looking for new prospects, in terms of availability of crude oil, while employing tertiary recovery methods for mature fields.
- The increasing number of drilling operations in the North American and Middle Eastern regions is expected to positively impact the demand for nickel alloys during the forecast period.
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