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

Nickel Alloys Market Size And Forecast

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.

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

On the basis of Geography, the Global Nickel Alloys Market is classified into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. The growing demand for nickel alloys by the aerospace and automotive industries in the Asia Pacific region has offered it a leading rank in the Global Nickel Alloys Market. Asia Pacific has the largest automotive industry by volume, which is expanding at an alarming rate due to the rising population and improving quality of lifestyle. The rising income of the population is also contributing to the growing use of airways for travel and tourism.

Key Players

The “Global Nickel Alloys Market” study report will provide valuable insight emphasizing the global market. The major players in the market are 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. This section offers in-depth analysis through a company overview, position analysis, the regional and industrial footprint of the company, and the ACE matrix for insightful competitive analysis. The section also provides an exhaustive analysis of the financial performances of mentioned players in the given 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.

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Reasons to Purchase this Report

• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking, and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support

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