Nickel Alloys Market to Reach US$ 12.14 Billion by 2022, Reflecting a CAGR of 3.9%: Coherent Market Insights
The global nickel alloys market is projected to reach a value of US$ 12.14 billion by 2022, with a compound annual growth rate (CAGR) of 3.9% during the forecast period of 2017-2022. Nickel alloys are extensively used in various industries due to their outstanding mechanical properties, temperature resistance, and resistance to corrosion and oxidation. These alloys offer numerous advantages, such as high strength, ductility, and excellent performance in extreme conditions. The increasing demand for nickel alloys is driven by the need for materials that can withstand high temperatures and harsh environments in industries such as aerospace, automotive, oil and gas, and energy. Manufacturers are focusing on developing advanced nickel alloys with improved properties to cater to the growing demand.
Market Key Trends:
One key trend observed in the nickel alloys market is the rising demand for high-performance alloys in the aerospace industry. With the increasing need for lighter and more fuel-efficient aircraft, the demand for nickel alloys that offer superior strength and corrosion resistance is growing. Nickel-based superalloys are extensively used in aircraft gas turbines, combustion chambers, and exhaust systems. These alloys provide excellent performance at elevated temperatures and offer superior creep resistance, making them ideal for aerospace applications. The aerospace industry is expected to continue driving the demand for high-performance nickel alloys, as manufacturers strive to develop more efficient and reliable aircraft in the coming years.
One segment dominating the nickel alloys market is the aerospace and defense industry. Nickel alloys are widely used in the aerospace and defense sector due to their high strength-to-weight ratio, resistance to heat and corrosion, and ability to withstand extreme conditions. They are used in the manufacturing of aircraft engines, gas turbines, rocket motors, and other critical components. Additionally, nickel alloys are used in defense applications such as armor plating, missile components, and naval vessels.
The aerospace and defense industry is dominating the market for several reasons. Firstly, there is a growing demand for aircraft and defense equipment worldwide, driven by increasing air travel, military modernization programs, and geopolitical tensions. This has led to a significant increase in the production of aircraft and defense equipment, thereby driving the demand for nickel alloys. Furthermore, the aerospace and defense industry has strict quality and performance requirements, and nickel alloys provide the necessary characteristics, making them the preferred choice for manufacturers.
The Global Nickel Alloys Market Demand is expected to witness high growth, exhibiting a CAGR of 3.9% over the forecast period (2017-2022). This growth can be attributed to several factors. Firstly, the increasing demand for nickel alloys in the aerospace and defense industry, driven by the growing production of aircraft and defense equipment. Additionally, the expanding energy and power sector, particularly in developing economies, is driving the demand for nickel alloys in the construction of power plants, nuclear reactors, and gas turbines.
Regionally, North America is the fastest-growing and dominating region in the nickel alloys market. The region is a major hub for the aerospace and defense industry, with leading aircraft manufacturers and defense contractors based in the United States. Furthermore, the region has a strong manufacturing base for power generation equipment, driving the demand for nickel alloys.
Key players operating in the nickel alloys market include Allegheny Technologies Incorporated, Ametek Inc., Aperam S.A., Carpenter Technology Corporation, Haynes International Inc., Kennametal Inc., Precision Castparts Corporation, Rolled Alloys Inc., Sandvik Materials Technology, ThyssenKrupp AG, VDM Metals GmbH, and Voestalpine AG. These companies have a strong presence in the market and offer a wide range of nickel alloys products for various industries. They focus on research and development activities to introduce innovative products and expand their customer base.