Asia-Pacific Copper-Nickel Alloys Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product Type (Rods & Bars, Wires, Tubes, and Others) and Application (Chemical Processing, Marine, Power Generation, Oil & Gas, Automotive & Aerospace,

Asia-Pacific Copper-Nickel Alloys Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product Type (Rods & Bars, Wires, Tubes, and Others) and Application (Chemical Processing, Marine, Power Generation, Oil & Gas, Automotive & Aerospace, and Others)

The APAC copper-nickel alloys market is expected to grow from US$ 2,148.70 million in 2022 to US$ 3,091.21 million by 2028. It is estimated to grow at a CAGR of 6.2% from 2022 to 2028.

Surge in the Adoption of Copper-Nickel Alloys in Renewable Energy Projects is Driving the APAC Copper Nickel Alloys Market

Governments of various countries are encouraging people to use renewable energy sources to reduce the overall environmental impact. Turbines, paddles, heat exchangers in concentrated solar power (CSP) systems, wind energy turbines, and many components used in renewable energy generation are made of copper-nickel alloys. According to the International Energy Agency (IEA), the use of renewable energy increased by 3% in 2020. The share of power generation through renewable energy sources reached 29% in 2020 from 27% in 2019. Several countries are taking various initiatives to drive investments in the production of clean energy for environment conservation and sustainable economic development. Several government initiatives of different countries are expected to boost the renewable energy sector in the future. The significant rise in renewable energy is projected to fuel the growth of the APAC copper-nickel alloys market in the coming years.

APAC Copper-Nickel Alloys Market Overview

The APAC copper-nickel alloys market is segmented into Australia, China, India, Japan, South Korea, and the Rest of APAC. The region is one of the prominent markets for copper-nickel alloys owing to the surge in demand from end-use industries such as marine, automotive, chemical, and food processing. Developed and developing economies in APAC, such as Japan, China, South Korea, and India, are among the biggest consumer of copper-nickel alloys. To meet the increasing energy demand, various countries in the APAC region are building power plants. For instance, the Government of India planned to build ten nuclear power plants by 2024. Moreover, in 2021, the Asian Development Bank (ADB) approved a new energy policy promoting low-carbon transition in APAC while supporting universal access to inclusive, reliable, and affordable energy services. The continued economic growth and urbanization of the region require developing reliable and affordable energy systems with significant additional electricity-generating capacity. According to the International Energy Agency, the installed electricity-generating capacity of the region is expected to rise by approximately 7% per annum, from 3,386 GW in 2019 to 6,113 GW by 2030. In addition, the amount of investment in renewable energy production across the region is expected to reach US$ 1.3 trillion per annum by 2030. As copper-nickel alloys can be used in steam turbine condensers, oil coolers, auxiliary cooling systems and high-pressure pre-heaters at thermal, nuclear, and fossil fuel power plants. Thus, a surge in investments in renewable energy projects is expected to boost the demand for copper-nickel alloys in APAC.

APAC Copper-Nickel Alloys Market Revenue and Forecast to 2028 (US$ Million)

APAC Copper-Nickel Alloys Market Segmentation

The APAC copper-nickel alloys market is segmented based on product type, application, and country.

Based on product type, the APAC copper-nickel alloys market is segmented into rods & bars, wires, tubes, and others. The rods & bars segment held the largest market share in 2022.

Based on application, the APAC copper-nickel alloys market is segmented into chemical processing, marine, power generation, oil & gas, automotive & aerospace, and others. The marine segment held the largest market share in 2022.

Based on country, the APAC copper-nickel alloys market has been categorized into China, India, Japan, South Korea, Australia, and the Rest of APAC. Our regional analysis states that China dominated the market in 2022.

Aesteiron Steels LLP, American Elements Inc, Corrotherm International Ltd, Fisk Alloy Inc, Hexion Steel Ltd, Kalikund Steel and Engg Co, Lebronze Alloys SAS, and Materion Corp are the leading companies operating in the APAC copper-nickel alloys market.

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