According to the new market research report on the “Nickel Alloys Market by Function (Corrosion Resistant, Heat Resistant, High Performance, Electronic Alloys), End-Use Industry (Aerospace & Defense, Oil & Gas, Chemical, Energy & Power), and Region – Global Forecast to 2022”, published by MarketsandMarkets™, The nickel alloys market is projected to grow from an estimated USD 12.14 Billion in 2017 to USD 14.68 Billion by 2022, at a CAGR of 3.9% from 2017 to 2022.
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Browse in-depth TOC on “Nickel Alloys Market”
91 – Tables
43 – Figures
164 – Pages
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The growing demand for nickel alloys from various end-use industries, including the growing aerospace and oil & gas industries, are factors driving the nickel alloys market, globally.
Based on function, the high performance alloy segment is projected to lead the nickel alloys market during the forecast period
Based on function, the high performance nickel alloys segment is estimated to lead the nickel alloys market in 2017, which can be attributed to the rising demand for nickel alloys, mainly from the aerospace & defense, oil & gas, and chemical & petrochemical industries. Nickel is a versatile metal that can alloy with various other metals, which possess various chemical, physical, and mechanical properties. Nickel alloys possess extreme corrosion resistant properties, due to which these alloys can be used in extremely harsh environments in the oil & gas, chemical, aerospace, energy & power, and various other industries. Besides corrosion resistance properties, nickel alloys also possess high heat and temperature resistance properties.
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Nickel alloys are widely used in the aerospace & defense industry
Based on end-use industry, the aerospace & defense industry segment are estimated to have led the nickel alloys market in 2017. Over the past few decades, nickel alloys are widely used in the aerospace industry mainly in the engine manufacturing sector. They provide excellent mechanical and physical properties and are highly suitable for engine turbine, blades, exhausts systems, and others. The growing investments in the aerospace industry and an increasing number of aircraft deliveries are driving the aerospace industry, which in turn is driving the demand for high performance alloys.
Based on end-use industry, the aerospace & defense industry segment is estimated to have led the nickel alloys market in 2017. A growing number of passengers are opting for air travel in the emerging economies of the Asia Pacific and the Middle East, which has led airline companies to introduce additional flights and is, in turn, leading to an increase in the demand for new aircraft. The growing aerospace & defense industry is thus driving the market for nickel alloys.
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Asia Pacific is the largest market for nickel alloys
The Asia Pacific is a highly potential market for nickel alloys and is projected to continue this trend during the coming years as well. Increasing production in the manufacturing sector to cater domestic requirements for superior quality products and rising exports from the region are factors leading to an increased demand for nickel alloys in the region. Moreover, increasing population and a growing number of end-use industries in the Asia Pacific region have also led to innovations and developments in the field of nickel alloys, thereby fueling the growth of the Asia Pacific nickel alloys market.
The nickel alloys market in the Asia Pacific is projected to grow at the highest CAGR from 2017 to 2022. The Asia Pacific is a major consumer of nickel alloys, which are used in the oil & gas, chemical, food processing, aerospace & defense, and electrical & electronics, among other industries. The demand for nickel alloys is increasing in both, developed and emerging countries of the region such as Japan, China, India, and Indonesia, among others. Key manufacturers from the US and Western Europe are now focusing on the Asia Pacific region to expand their geographic reach.
There are certain factors that are expected to hinder the growth of the nickel alloys market during the forecast period, which include the rising prices of raw materials required for the manufacture of nickel alloys.
Key companies in this market include VDM Metals (Germany), Aperam S.A. (Luxembourg), Sandvik Materials Technology AB (Sweden), Allegheny Technologies Incorporated (US), Carpenter Technology Corporation (US), ThyssenKrupp AG (Germany), Haynes International Inc. (US), Precision Castparts Corporation (US), Voestalpine AG (Austria), and Rolled Alloys Inc. (US) among others. These players have a wide market reach and established distribution networks, and are investing increasingly in research & development activities. These companies also have strong technical and market development capabilities, which enable them to upgrade their existing products for new applications.
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