Nickel Alloys Market Forecasts to 2028 – Global Analysis By Function (High Performance Alloys, Heat Resistant Alloys), Product (Nickel-Aluminium Alloys, Nickel-Chromium Alloys), End User (Oil & Gas, Aerospace & Defense, Energy & Power) Deployment (On Prem

Nickel Alloys Market Forecasts to 2028 – Global Analysis By Function (High Performance Alloys, Heat Resistant Alloys), Product (Nickel-Aluminium Alloys, Nickel-Chromium Alloys), End User (Oil & Gas, Aerospace & Defense, Energy & Power) Deployment (On Premises, Cloud), Solution (Software, Services, hardware) and By Geography

According to Stratistics MRC, the Global Nickel Alloys Market is accounted for $15.56 billion in 2022 and is expected to reach $21.95 billion by 2028 growing at a CAGR of 5.9% during the forecast period. Nickel alloys refer to metals created by the combination of primary metal nickel with other materials, such as copper, molybdenum, iron, or chromium. Nickel alloys are used across such a wide-ranging number of industries, from domestic goods and consumer electronics, through to aerospace, chemical processing and power generation.

China is the world's largest user of nickel alloys, accounting for a significant portion of the worldwide market. One of the primary causes driving up demand for nickel alloys in the country is the growing popularity of electric vehicles. According to the International Trade Administration, China is the world's largest vehicle market, and the Chinese government forecasts automobile manufacturing to reach 30 million units by 2021 and 36 million by 2026. In addition, the India Brand Equity Foundation claims with sales up 8.34% year over year to 4.19 million vehicles in 2019, India became the world's fourth-largest car market. In 2019, it was also the eighth largest commercial vehicle producer. The increase in passenger traffic is expected to drive the growth of the market in the coming years, thus boosting the demand for cars. According to the International Trade Administration, China is the world's largest automobile market, and the Chinese government expects automobile production to reach 30 million units by 2021and 36 million by 2026. In addition, according to the India Brand Equity Foundation In 2019, India became the fourth largest automotive market with sales increasing 8.34 year over year to 4.19 million units. It was also the seventh commercial vehicle manufacturer in 2019.

Market Dynamics:

Driver:

Growing demand from aerospace industry

In engine manufacturing nickel alloy is particularly used, due to its superior property as compared to other materials, such as steel and stainless steel, it is used to produce numerous parts of aircraft engines. Additionally, inconel alloy a type of nickel alloy is mostly used in turbine engines because of its ability to retain its strength and resistance to corrosion in very high-temperature conditions. The use of Inconel alloy in manufacturing aerospace products reduces the total weight of the aircraft and makes it fuel-efficient. With an increase in passenger air travel, the global aerospace industry is growing at a significant pace.

Restraint:

Allergic to nickel

Allergic reaction is the most common health risk caused by nickel. Continued skin contact with nickel can cause an allergic skin reaction which may present as a rash at the site of contact, such as eczema and sometimes dermatitis. Some people develop asthma from inhalation exposure to nickel. Breathing dust, drinking water, consuming food, or smoking tobacco will cause humans to consume small amounts of nickel in their bodies. Nickel particles are irritating to the lungs and can cause pneumonia. Contact with nickel causes serious health risks, such as chronic bronchitis, reduced lung function, and lung and sinus cancer.

Opportunity:

Growing use of nickel nuclear power plant

As it comprises corrosion and heat-resistant alloys play an important role in ensuring the integrity, durability, and long-term performance of nuclear power stations. Nickel alloys are used in both heat transfer and cooling systems inside the reactor vessel. In addition, hastelloy is used to resist molten salts used as a fuel and coolant in the early development of molten salt nuclear reactors for propulsion and power generation. Nickel alloy has been used in numerous cooling water systems that are using seawater as the process water or where corrosion is a big concern which in turn creates an opportunity for the market.

Threat:

Growing cost of raw materials

Fluctuation in the oil and gas user industry and an increase in the cost of raw materials across provinces will act as a threat and creates a further challenge for the growth of the nickel alloy market in the forecast period.

The Oil & Gas segment is expected to be the largest during the forecast period

The Oil & Gas segment is expected to be the largest during the forecast period due to the requirement for corrosion-resistant products. Oil rigs are prone to structural and other damages from corrosion which can have a huge impact on their operations. In such extreme temperatures and pressure conditions, these alloys exhibit excellent performance.

The Heat Resistant Alloys segment is expected to have the highest CAGR during the forecast period

The heat resistant alloys segment is anticipated to witness the highest CAGR growth during the forecast period, due to the increasing product usage in high temperature applications. These range from mineral pyro processing, power plants, to metal processing and more. Heat resistant nickel-based alloys are usually selected in use-cases with cyclical thermal exposure or high strength requirements at high temperatures.

Region with highest share:

North America is projected to hold the largest market share during the forecast period, owing to the rapid increase in industrial activity in marine, chemical, electronics, and aerospace sectors, increase in power plants, and growth of space sectors in countries, etc. are providing substantial growth for the market.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period, owing to the increasing implementation of eCommerce and smart technologies, and several government initiatives, such as smart cities across the APAC countries, including China and India. Inventiveness taken by the government to develop smart cities is expected to take an optimistic influence on the development of clickstream analytics within the Asia Pacific. This is due to the growing population and increasing number of end-use industries such as automotive, oil & gas, and chemical. There is an increasing demand for nickel alloys in emerging countries of the Asia Pacific such as India and China.

Key players in the market

Some of the key players profiled in the Nickel Alloys Market include HAYNES INTERNATIONAL, Voestalpine Ag, Villares Material, Vdm Metal Gmbh, Unifit Metalloys, Inc, Thyssenkrupp Ag, Sanyo Special Steel Co., Ltd, Sandvik Material Technology Ab, Rolled Alloys, Inc, Precision Castparts Corporation, Allegheny Technologies Inc. (ATI), Kennametal, Inc, Jlc Electromet Pvt Ltd, Haynes International Inc, CRS Holdings Inc., Columbia Metal Ltd, Cogne Acciai Speciali S.P.A, Alloys International, Inc.

Key Developments:

In March 2021: Sandvik Additive manufacturing and its subsidiary BEAMIT partnered with leading MENA-based AM solution provider Immensa Additive Manufacturing Group to expand the range of advanced AM-based high-end components. The collaboration will leverage the leading position of Sandvik in materials technology and metal powders including nickel-based super alloys, designed specifically for additive manufacturing.

In Apr 2019: Allegheny Technologies Inc. (ATI) announced that it had extended it purchase agreement with Rolls-Royce through 2029. Under the agreement, ATI will supply rotating disc quality nickel alloys for Rolls-Royce’s Trent engines.

Functions Covered:
• High Performance Alloys
• Heat Resistant Alloys
• Electronic Alloys
• Corrosion Resistant Alloys

Products Covered:
• Nickel-Aluminium Alloys
• Nickel-Chromium Alloys
• Nickel-Titanium Alloys

End Users Covered:
• Oil & Gas
• Aerospace & Defense
• Energy & Power
• Chemical
• Electrical & Electronics
• Automotive
• Medical

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025 and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances