Nickel alloy is a metallic material that primarily consists of nickel as the main element, along with other alloying elements. These alloying elements include chromium, iron, copper, molybdenum, titanium, and others. Nickel alloys are specifically engineered to exhibit numerous properties such as corrosion resistance, high-temperature strength, excellent mechanical properties, and sometimes magnetic properties.
Nickel alloys are extensively used in aerospace and defense components such as aircraft engines, landing gears, structural components, and other critical parts due to their high strength, corrosion resistance, and ability to withstand extreme temperatures. This makes them vital for ensuring the safety and performance of aerospace and defense equipment. The oil and gas industry relies on them for their exceptional corrosion resistance, high strength, and resistance to harsh environments. They are used in equipment such as valves, pipes, tubing, heat exchangers, and downhole components. They maintain the integrity and reliability of equipment in challenging oil and gas exploration, production, and refining operations. In the power generation sector, they are utilized in thermal power plants, nuclear power plants, and renewable energy facilities. They are employed in components such as gas turbines, steam turbines, boiler tubes, heat exchangers, and condensers. They provide high-temperature strength, corrosion resistance, and resistance to thermal fatigue, ensuring the efficient and reliable operation of power generation equipment. The increasing demand for lightweight materials in aerospace is expected to drive market growth, due to which their demand is increasing in various regions
Access Full Report @ https://www.databridgemarketresearch.com/reports/global-nickel-alloy-market
Data Bridge Market Research analyzes that the Global Nickel Alloy Market is expected to grow at a CAGR of 5.59% in the forecast period of 2023 to 2030 and is expected to reach USD 19,370,672.30 thousand by 2030.
Key Findings of the Study
Availability of Various Types of Nickel Alloys in the Market
Nickel element allows alloy readiness with many other metals, including chromium, iron, molybdenum, and copper. This allows for a wide variety of alloys demonstrating outstanding resistance to corrosion and high-temperature scaling, exceptional high-temperature strength, and other unique properties, such as shape memory and low coefficient of expansion. The availability of various types of nickel alloys in the market is a significant factor expected to drive market growth. Other factors are mentioned below:
Diverse Applications: Nickel alloys offer a wide range of properties and characteristics, making them suitable for diverse applications across various industries. The availability of different types of nickel alloys allows manufacturers and engineers to select the most appropriate alloy for specific applications. For instance, nickel-chromium alloys such as Inconel are preferred for high-temperature environments, while nickel-copper alloys such as Monel are well-suited for corrosion resistance. This variety of alloys caters to the specific needs of different industries, such as aerospace, oil and gas, automotive, and chemical.
Tailored Properties: Each type of nickel alloy possesses unique properties and characteristics, allowing customization based on specific requirements. The availability of various alloys with tailored properties enables manufacturers to meet specific performance criteria, such as high strength, corrosion resistance, heat resistance, or electrical conductivity. This flexibility in material selection allows for optimizing components and systems, enhancing overall performance and reliability.
Market Competition and Innovation: The presence of multiple suppliers and manufacturers of nickel alloys fosters healthy market competition. Competing companies strive to differentiate themselves by offering a wide range of alloys with varying compositions and properties. This competition drives innovation and encourages the development of new alloys that meet evolving industry demands. The availability of a diverse range of nickel alloys spurs market growth by providing customers with more choices and driving the development of advanced applications.
The availability of advanced nickel alloys with improved properties, such as enhanced strength, better weldability, or superior resistance to extreme conditions, fuels innovation is expected to drive market growth.
Report Scope and Market Segmentation
|
Report Metric
|
Details
|
|
Forecast Period
|
2023 to 2030
|
|
Base Year
|
2022
|
|
Historic Year
|
2021 (Customizable to 2015 - 2020)
|
|
Quantitative Units
|
Revenue in USD Thousand
|
|
Segments Covered
|
Product (Nickel-Chromium-Iron Alloys, Nickel-Chromium Alloys, Nickel-Chromium-Molybdenum Alloys, Wrought Nickel, Nickel-Chromium-Cobalt Alloys, Nickel-Copper Alloys, Nickel-Iron Alloys, Nickel-Molybdenum Alloys, and Nickel-Titanium Alloys), Form (Bar, Rods, Tubing, Plate, Sheets, Wire, Billets, Pipe, Ingots, Strips, Flanges, Ball, Angles, Pipe Fittings, Channels, Coils, and Forgings), Function (High Performance and Electronics Grade, Heat Resistant, and Corrosion Resistant), Application (Energy and Power, Aerospace and Defense, Chemical, Oil & Gas, Electrical and Electronics, Automotive, Others)
|
|
Countries Covered
|
U.S., Canada, Mexico, Germany, U.K., Belgium, France, Russia, Italy, Spain, Netherlands, Turkey, Switzerland, Sweden, Denmark, Poland, Norway, Finland, Rest of Europe, China, Indonesia, Japan, India, Australia, South Korea, Philippines, Singapore, New Zealand, Malaysia, Thailand, Taiwan, Vietnam, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, Israel, South Africa, Egypt, U.A.E., Saudi Arabia, Bahrain, Qatar, Kuwait, Oman, and Rest of Middle East and Africa
|
|
Market Players Covered
|
AMETEK, Inc. (U.S.), Polymet (U.S.), Ulbrich Stainless Steels and Special Metals Inc. (U.S.), NIPPON STEEL CORPORATION (Japan), Acciaierie Valbruna S.p.a. (Italy), Rolled Alloys Inc. (U.S.), JLC Electromet Pvt. Ltd. (India), HAYNES INTERNATIONAL (U.S.), thyssenkrupp AG (Germany), voestalpine AG (Austria), Alloy Wire International (India), Precision Castparts Corp. (a subsidiary of Berkshire Hathaway Inc.) (U.S.), Aperam (Luxembourg), ATI (U.S.), Sandvik AB (Sweden), and CRS Holdings, LLC. (U.S.) among others
|
|
Data Points Covered in the Report
|
In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include raw material coverage, production consumption analysis, import-export scenario, technological advancement by manufacturers, Porter’s five forces, vendor selection criteria, PESTEL analysis, and regulation coverage
|
Segment Analysis
The global nickel alloy market is segmented into four notable segments based on product, function, application, and form.
- On the basis of product, the market is segmented into nickel-chromium-iron alloys, nickel-chromium alloys, nickel-chromium-molybdenum alloys, wrought nickel, nickel-chromium-cobalt alloys, nickel-copper alloys, nickel-iron alloys, nickel-molybdenum alloys, and nickel-titanium alloys.
In 2023, the nickel-chromium-iron alloys segment of the product segment is expected to dominate the global nickel alloy market.
In 2023, the nickel-chromium-iron alloys segment is expected to dominate the market with a market share of 29.96%, as they offer a combination of high strength, excellent oxidation resistance, and good creep resistance at high temperatures. They offer excellent resistance to corrosion and oxidation in aggressive chemical environments. They are widely used in chemical processing and petrochemical applications, including reactors, piping systems, and heat exchangers. The expansion of chemical and petrochemical industries, driven by increasing demand for chemicals and refining processes, is expected to drive segment growth.
- On the basis of form, the market is segmented into bars, rods, tubing, plate, sheets, wire, billets, pipe, ingots, strips, flanges, balls, angles, pipe fittings, channels, coils, and forgings.
In 2023, the bars segment of the form segment is expected to dominate the global nickel alloy market
In 2023, the bars segment is expected to dominate the market with a market share of 15.40%, as nickel alloy bars are solid, cylindrical components made from nickel alloys and the growing energy demand, coupled with the expansion of the power generation industry, is expected to increase their demand. These bars are utilized in conventional and renewable power plants for applications such as turbine blades, heat exchangers, and exhaust systems, where their high-temperature strength and corrosion resistance are essential. In addition, nickel alloy bars are used in the construction sector for applications such as reinforcement bars and structural components, which is expected to drive segment growth.
- On the basis of function, the market is segmented into high performance and electronics grade, heat resistant, and corrosion resistant. In 2023, high performance and electronics grade is expected to dominate the market with a market share of 42.15%.
- On the basis of application, the market is segmented into energy and power, aerospace and defense, chemical, oil & gas, electrical and electronics, automotive, and others. In 2023, the energy and power segment is expected to dominate the market with a market share of 18.57%.
Major Players
Data Bridge Market Research recognizes the following companies as the major nickel alloy players in the global nickel alloy market that include AMETEK, Inc. (U.S.), Polymet (U.S.), Ulbrich Stainless Steels and Special Metals Inc. (U.S.), NIPPON STEEL CORPORATION (Japan), Acciaierie Valbruna S.p.a. (Italy), Rolled Alloys Inc. (U.S.), JLC Electromet Pvt. Ltd. (India), HAYNES INTERNATIONAL (U.S.), thyssenkrupp AG (Germany), voestalpine AG (Austria), Alloy Wire International (India), Precision Castparts Corp. (a subsidiary of Berkshire Hathaway Inc.) (U.S.), Aperam (Luxembourg), ATI (U.S.), and Sandvik AB (Sweden) among others.
Market Developments
- In December 2019, ATI announced the agreement on multiple new long-term contracts with GE Aviation. This agreement supplies ISO-thermal and hot-die forgings used in the manufacture of commercial jet engines for over USD 300 million per year. This helped the company to accelerate revenue growth and strengthen market share
- In July 2020, Ulbrich Stainless Steels and Special Metals Inc. announced the launch of a new Ulbrich strip & wire alloy surcharge mobile app. This application will help manufacturers and the management to decide on the quality of metals, design of metal alloys, and usage of metals in different applications. The company will be able to offer its vast portfolio on one platform
- In March 2021, Sandvik AB announced a strategic partnership with Immensa Additive Manufacturing Group to develop industrial and mechanical applications in the Middle East region. This partnership helped the company strengthen the additive manufacturing offering through the joint force of global players with more than 30 AM engineers in-house. Immensa currently operates in Dubai and Sharjah, Kuwait, Riyadh, and Dammam
- In May 2021, Aperam announced the acquisition of ELG to further strengthen its cost and ESG leadership position. This helped the company to improve its input mix, expand the supply of raw materials, and achieve competitive excellence. In addition, this supported the expansion of environmental footprint and CO2 reduction targets
- In April 2023, Sandvik AB announced the metal powder webshop, offering standardized alloys for Additive Manufacturing (AM). This e-commerce solution will offer titanium powders, maraging steel, nickel-based superalloys, and stainless steels such as duplex and super duplex, austenitic, martensitic, and precipitation hardening steels. This will help the company to reach out to a large number of customers irrespective of any region.
Regional Analysis
Geographically, the countries covered in the global nickel alloy market report are U.S., Canada, Mexico, Germany, U.K., Belgium, France, Russia, Italy, Spain, Netherlands, Turkey, Switzerland, Sweden, Denmark, Poland, Norway, Finland, Rest of Europe, China, Indonesia, Japan, India, Australia, South Korea, Philippines, Singapore, New Zealand, Malaysia, Thailand, Taiwan, Vietnam, Rest of Asia-Pacific, Brazil, Argentina, Rest of South America, Israel, South Africa, Egypt, U.A.E., Saudi Arabia, Bahrain, Qatar, Kuwait, Oman, and Rest of Middle East and Africa.
As per Data Bridge Market Research analysis:
Asia-Pacific is the dominant region and Asia-Pacific is estimated to be the fastest-growing region in the global nickel alloy market during the forecast period of 2023 and 2030
Asia-Pacific is expected to dominate the market due to the increase in nickel production in Indonesia, Australia, the Philippines, and other countries. Adding to this rise in industrialization in Asia is also one of the factors contributing towards the increase in the market share in this region.
Asia-Pacific region is characterized by several emerging markets, such as China and India, experiencing rapid industrialization and economic growth. These countries are witnessing significant investments in various industries, including personal care, construction, and automotive. As a result, there is an increased demand for nickel alloy in these sectors, leading to market growth. In addition, governments in the Asia-Pacific region often introduce supportive policies and incentives to promote industrial growth and attract investments. These policies can create a favorable business environment for manufacturers, leading to increased production and market expansion.
For more detailed information about the global nickel alloy market report, click here – https://www.databridgemarketresearch.com/reports/global-nickel-alloy-market
