Newark, NJ, July 29, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global nickel alloys market is expected to grow from USD 13.14 billion in 2019 and to reach USD 17.84 billion by 2027, growing at a CAGR of 3.9% during the forecast period 2020-2017.
The nickel alloys market is witnessing significant growth from the past years. This growth is attributed to the increasing use of corrosion-resistant alloys, rising investments, and an increasing number of aircraft deliveries. For instance, China’s defence budget increased by 8% to USD 175 billion in the year 2018. However, increasing expenditure on new product development and R&D activities are the key strategies adopted by various market players.
Alloy, whose principal element is nickel, is known as nickel alloy. Nickel alloys are non-ferrous metals with excellent high strength, corrosion-resistant, toughness, and superior elevated temperature properties. They have a wide variety of applications in nuclear power systems, chemical and petrochemical industries, aircraft gas turbine, steam turbine power plant, and medical applications. Nickel alloys can perform exceptionally well in extreme temperatures and pressures. Nickel alloys have superior corrosion resistance and excellent physical and mechanical properties as compared to other types of metals like stainless steel or iron. However, according to the International Energy Agency, sales of the electric car in 2018 increased by 5.1 million units from the previous year and Europe, China, and the U.S. are the largest market.
The global nickel alloys market is expected to witness significant growth, owing to the rising popularity of electric vehicles, increasing development in aircraft size and increasing performance requirements, and significant growth in the chemical industry. Increase in potential of new oilfield discovery and offshore spending provides growth opportunity to the market. Growing raw material process cost, and an unpredictable oil and gas industry hampers the market growth. Also, reducing greenhouse gas emission challenges the market growth.
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Key players operating in the global nickel alloys market include Aperam S.A., Sandvik Materials Technology AB, Haynes International Inc., Precision Castparts Corporation, Voestalpine AG, Rolled Alloys Inc., VDM Metals, Allegheny Technologies Incorporated, ThyssenKrupp AG, and Carpenter Technology Corporation. VDM Metal is one of the leading manufacturers of the nickel alloys market.
- For instance, in March 2017, new datasheet for VDM Alloy 2120 MoN was released. VDM Alloy 2120 MoN is a nickel-chromium-molybdenum alloy with low carbon content and addition of nitrogen.
- In May 2020, Haynes International Inc. announces a new data alloy for HAYNES HR-224 alloy. The company announced the development of HAYNES HR 224 alloy with excellent oxidation resistance and improved fabricability and weldability compared to other alloys.
The high-performance alloy segment dominated and held the largest market share in the year 2019.
On the basis of function, the global nickel alloys market is classified into high performance, corrosion-resistant, electronic alloys, and heat resistant. The high-performance alloy segment dominated and held the largest market share in the year 2019. This growth was attributed to the properties of nickel alloys that help them in handling extreme corrosive and high pressure.
The aerospace and defence segment dominated and held the largest market share in the year 2019.
On the basis of end-user, the global nickel alloy market is classified into oil and gas, aerospace and defence, energy and power, and chemical. The aerospace and defence segment dominated and held the largest market share in the year 2019. This was attributed to the growing number of passenger for air travel, increasing development in aircraft size, and increasing performance requirements.
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Regional Segment of Nickel Alloys Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
On the basis of geography, the global nickel alloy market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. The Asia-Pacific region accounted for the major market share in the year 2019. This was attributed to the increasing demand for nickel alloys from food processing, oil and gas, and various end-use industries. Emerging economies like India, China, and Indonesia from the Asia-Pacific region propels the market growth. The market in Latin America is anticipated to witness significant growth due to industrialization in Brazil. The rapid growth of the oil and gas sector will dominate the market in the Middle East and Africa region.
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About the report:
The global nickel alloys market is analyzed on the basis of value (USD billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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