Global Nickel Alloys Market Size By Type (Heat-Resistant Nickel Alloys , Corrosion-Resistant Nickel Alloys), By End-User (Aerospace , Electrical and Electronics), By Geographic Scope And Forecast
Global Nickel Alloys Market Size By Type (Heat-Resistant Nickel Alloys , Corrosion-Resistant Nickel Alloys), By End-User (Aerospace , Electrical and Electronics), By Geographic Scope And Forecast
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
Nickel Alloys Market size was valued at USD 14.81 Billion in 2022 and is projected to reach USD 23.78 Billion by 2030, growing at a CAGR of 4.13% from 2024 to 2030.
The global market for nickel alloys is expanding with the rising demand from the aerospace, automotive, and defense sector. Nickel alloys still are considered the go-to material for manufacturing various industrial products, including engines, furnaces, machinery, and offensive products for the defense sector. Because of such wide-scale applications, the Nickel Alloys Market is showcasing staggering growth during the forecast period. The Global Nickel Alloys Market report provides a holistic evaluation of the market. The report offers a comprehensive analysis of key segments, trends, drivers, restraints, competitive landscape, and factors that are playing a substantial role in the market.
Global Nickel Alloys Market Definition
Nickel alloy is a type of steel that is produced using nickel as one of the primary ingredients. Nickel alloys have superior corrosion resistance, heat resistance, strength, and structural integrity. Because of such excellent qualities, nickel alloys are extensively used for various industrial applications like turbines for steam engines, aircraft engines, automotive engines, furnaces, electrical components, etc.
Steel is considered the core of any manufacturing or production-related operations because of its inert nature and ability to resist corrosion. There are many types of nickel alloys that are classified as heat-resistant nickel alloys, corrosion-resistant nickel alloys, electrical-resistant nickel alloys, low-expansion nickel alloys, etc. Each of these nickel alloys is used based on their properties. Heat-resistant and corrosion-resistant alloys are used extensively across several industries, contributing to market growth.
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Global Nickel Alloys Market Overview
The primary market drivers for the Global Nickel Alloys Market include the industrial demand for nickel alloys, mainly from the aerospace, automotive, and defense sectors. Nickel alloy steel is inert to a wide range of chemicals and raw materials used for industrial production. Thus., they are significantly immune to corrosion from chemicals and atmospheric oxygen, making them highly durable.
Furthermore, nickel alloys also have superior strength and structural integrity while also being lightweight. Thus, nickel alloys are specially used for heavy-duty manufacturing, such as turbines used in steam engines for power generation, turbines used in aircraft engines and automotive engines, furnaces, etc. Developing countries have become the epicenter of industrial development and foreign investment. Because of this industrial growth, developing countries are offering many attractive expansion opportunities to the key players in the market. However, constantly altering prices of raw materials and their availability are posing a significant challenge for the global market.
Global Nickel Alloys Market Segmentation Analysis
The Global Nickel Alloys Market has distinct segments based on Type, End-User, And Geography.
Nickel Alloys Market, By Type
Heat-Resistant Nickel Alloys
Corrosion-Resistant Nickel Alloys
Electrical-Resistant Nickel Alloys
Low-Expansion Nickel Alloys
Others
Based on Type, the market is segmented into heat-resistant nickel alloys, corrosion-resistant nickel alloys, electrical-resistant nickel alloys, low-expansion nickel alloys, and others. The heat-resistant nickel alloys segment expressed a leading market share in the Global Nickel Alloys Market. Heat-resistant nickel alloys are extensively used in the aerospace sector for several heat-sensitive components. Heat-resistant alloys are also used in industrial heating products and applications such as furnaces.
Nickel Alloys Market, By End-User
Aerospace
Electrical and Electronics
Oil and Gas
Chemical Processing
Automotive
Others
Based on End-User, the market is segmented into aerospace, electrical and electronics, oil and gas, chemical processing, automotive, and others. The aerospace sector controlled the largest portion of the Global Nickel Alloys Market. The growing acceptance of air travel and increasing use of aircraft for international shipments is driving the growth of the aerospace sector. Technological developments have also created a massive demand for various nickel alloys across several industries.
Nickel Alloys Market, By Geography
North America
Europe
Asia Pacific
Middle East and Africa
Latin America
Okay, so when we look at where nickel alloys are used around the world, we can break it down by geographyNorth America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Right now, the Asia Pacific region is really driving the Global Nickel Alloys Market. This is largely because the aerospace and automotive industries there are booming. Think about itAsia Pacific has a massive automotive industry, and it's getting even bigger fast because more people are moving there and wanting a better quality of life. Plus, as people's incomes rise, they're also traveling more by air.
Key Players
Want to know what's happening in the world of nickel alloys? Our "Global Nickel Alloys Market" report gives you the inside scoop, highlighting the global market trends. We're talking about the big names like Haynes International, Allegheny Technologies Incorporated, Special Metals Corporation, Universal Stainless, Doncasters Group Ltd, CRS Holdings Inc, Aperam Alloys & Specialties, Nippon Yakin Kogyo Co Ltd, Danyang Kaixin Alloy Materials Co Ltd, and VDM Metals. We dig deep into each company, giving you an overview, analyzing their market position and footprint (both regional and industrial), and even using an ACE matrix to break down the competition. Plus, we've got a thorough look at the financial performance of these key players in the nickel alloys market.
Our market analysis also entails a section solely dedicated for such major players wherein our analysts provide an insight to the financial statements of all the major players, along with its product benchmarking and SWOT analysis. The competitive landscape section also includes key development strategies, market share and market ranking analysis of the above-mentioned players globally.
Key Developments
In September 2022, Proterial Ltd, which was formerly as Hitachi Metals, introduced a new product for metal additive manufacturing. Proterial’s ADMUSTER C21P nickel-base alloy powder can offer superior resistance against corrosion.
In April 2022, Sandvik launched a new product as a part of its product lineup of high-performing nickel alloys. The new super alloy named, Sanicro 625 bar (UNS 06625), can withstand temperatures up to 600 degrees Celsius while offering excellent corrosion resistance.
Ace Matrix Analysis
The Ace Matrix provided in the report would help to understand how the major key players involved in this industry are performing as we provide a ranking for these companies based on various factors such as service features & innovations, scalability, innovation of services, industry coverage, industry reach, and growth roadmap. Based on these factors, we rank the companies into four categories as Active, Cutting Edge, Emerging, and Innovators.
Market Attractiveness
The image of market attractiveness provided would further help to get information about the region that is majorly leading in the Global Nickel Alloys Market. We cover the major impacting factors that are responsible for driving the industry growth in the given region.
Porter’s Five Forces
The image provided would further help to get information about Porter’s five forces framework providing a blueprint for understanding the behavior of competitors and a player’s strategic positioning in the respective industry. Porter’s five forces model can be used to assess the competitive landscape in the Global Nickel Alloys Market, gauge the attractiveness of a certain sector, and assess investment possibilities.
Report Scope
REPORT ATTRIBUTES
DETAILS
STUDY PERIOD
2019-2030
BASE YEAR
2022
FORECAST PERIOD
2024-2030
HISTORICAL PERIOD
2019-2021
UNIT
Value (USD Billion)
KEY COMPANIES PROFILED
Haynes International, Allegheny Technologies Incorporated, Special Metals Corporation, Universal Stainless, Doncasters Group Ltd, CRS Holdings Inc, Aperam Alloys & Specialties.
SEGMENTS COVERED
By Type
By End-User
By Geography
CUSTOMIZATION SCOPE
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Reasons to Purchase this Report
We'll dig deep, looking at the market from all angles, using both qual/quant methods to understand what makes different groups tick – not just their wallets, but also their other interests. We'll give you the market value in USD Billion for every slice and dice of the market we can find. You'll discover which region and segment is the rocket ship, expected to grow the fastest and rule the roost. Plus, we'll break down each region, showing you where the product/service is being used the most and what's influencing the market there. We'll also scope out the competition, ranking the big players and highlighting new stuff they're launching, the partnerships they're forming, and how they're growing – all in the last five years. You'll get detailed company profiles, including their story, insights, product benchmarks, and even a SWOT analysis. Think of it as a 360-degree view. We'll give you the lowdown on where the industry stands now and where it's heading, covering new opportunities, what's driving growth, and what's holding things back in both new and established markets. We'll even throw in a Porter's Five Forces analysis to really get under the hood. See how everything connects with our Value Chain analysis! Finally, you'll get a peek at what's next, covering market dynamics and future growth opportunities. Oh, and did we mention 6 months of post-sales support from our analysts?
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