Nickel Alloys Market

Nickel Alloy Market Size (2023-2028)

Nickel Alloy Market is expected to grow from approximately $ 14.24 billion in 2022 to $ 17.39 billion by 2028, with a CAGR of 5.1% from 2023-2028

Nickel alloy is a versatile material that is suitable for a variety of applications, such as aircraft gas turbines, power generation turbines, marine fasteners, electronic components, and aircraft parts and accessories aircraft. Nickel is also known for its ease of adaptation to other metals and exhibits important factors such as heat resistance, high corrosion, high chemical resistance, and good machining abilities that stimulate the growth of the market. The booming growth of the end-use sector is one of the major growth drivers of the nickel alloy market as end-use industries such as aerospace and defense and automotive are growing at a rapid pace, which will stimulate market growth. The wide acceptance of nickel alloy in the manufacture of aircraft components such as blades, engine components, exhaust systems,s, and blades, with increased use in the production of civil and military aircraft, will also enhance the market growth.

Drivers in the Nickel Alloy Market

Heat and corrosion-resistant nickel-containing alloys play an important role in ensuring the integrity, durability, and long-term performance of nuclear power plants. Nickel alloys are used in both heat transfer and cooling systems in the reactor vessel. Additionally, Hastelloy is used to resist molten salts used as fuel and coolant during the early development of molten salt nuclear reactors for propulsion and power generation. Important heat transfer processes are used to generate energy in nuclear and fossil-fired power plants, such as steam engines, heat exchangers, refrigerators, condensers, tanks, pipes, valves, and accessories. Copper-nickel is best suited for these applications. The nickel alloy has been used in various cooling water systems that use seawater as process water or where corrosion is a major concern. Additionally, nickel alloys are commonly used for waste storage containers and glove boxes, as well as heat exchangers and other transportation equipment.

Due to the superior property of nickel alloy over other materials such as steel and stainless steel, nickel alloys are used to produce various aircraft engine parts. In addition, Inconel alloy, a type of nickel alloy, is mainly used in turbine engines due to its ability to maintain strength and corrosion resistance under very high-temperature conditions. The use of Inconel alloy in the manufacture of aerospace products reduces the overall weight of the aircraft and saves fuel. With the increase in air passenger transport, the global aerospace industry is growing at a significant rate. Airlines introduce new planes to expand their business. The number of people using air transport is increasing, increasing the demand for new aircraft. This demand is expected to fuel the growth of companies that supply aerospace components to the aviation industry. According to the International Civil Aviation Organization, the world's leading manufacturers manufactured 1,606 new commercial aircraft in 2019.

Restraints in the Nickel Alloy Market

About 10-20% of the current population is allergic to nickel. Allergic reaction is the most common health risk caused by nickel. Prolonged 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. Exposure to nickel causes serious health risks, such as chronic bronchitis, reduced lung function, and lung and sinus cancer.

NICKEL ALLOY MARKET REPORT COVERAGE:

Market Segmentation

Nickel Alloy Market By Type:

• Wrought Nickel

• Nickel-Iron Alloys

• Nickel-Copper Alloys

• Nickel-Molybdenum Alloys

• Nickel-Chromium Alloys

• Nickel-Chromium-Iron Alloys

• Nickel-Chromium-Molybdenum Alloys

• Nickel-Chromium-Cobalt Alloys

• Nickel-Titanium Alloys 

The nickel-copper alloy segment accounted for the largest share of the nickel alloy market in 2019. Nickel-copper alloys have excellent characteristics such as high strength, good corrosion resistance, flexibility, and coefficient low-temperature electrical resistance which are used in the end industry.

Nickel Alloy Market By Function:

• High-Performance Alloy

• Heat-Resistant

• Corrosion Resistance

• Low-Expansion Alloys

• Electrical-Resistance Alloys

The corrosion resistance segment held the largest share of the nickel alloy market in 2019. The marine industry aims to produce nickel alloy pipes for seawater due to its complete resistance to barnacles. Nickel and copper alloys are highly corrosion-resistant alloys that make seawater desalination, water systems, and fire extinguishing systems very reliable. The use of copper-nickel alloys in various marine products, such as valves, pumps, fittings and ship hull linings, can maintain good corrosion resistance even in harsh environments. The high-performance alloys segment is the main contributor to the high-performance market. High-performance nickel alloys are able to handle extreme pressure and corrosion situations and are therefore widely used in the aerospace and defense industry and for oil and gas exploration activities.

Nickel Alloy Market By Application:

• Aircraft

• Automotive

• Steam Turbine

• Pharmaceuticals

• Nuclear Power

• Chemical & Petrochemical

• Others 

The automotive sector is expected to be one of the largest markets for nickel alloys with a CAGR of 4.2% during the forecast period 2020-2026. Nickel ensures that bodies are strong, and durable, and can help absorb the impact of crashes by wrinkling rather than fracturing. Inconel and Incoloy alloy is a type of nickel alloy that is mainly used in the automotive industry due to its ability to maintain strength and corrosion resistance in a myriad of applications in automotive production. . In addition, the use of nickel alloys for spark plugs, diesel valves, thermostats, turbochargers, plates, and housings for many different automotive parts and products to reduce the overall weight of cars and make them fuel efficient will lead to increased demand for nickel. Alloys market in the forecast period. Increase in the number of passengers for air travel in emerging Asia-Pacific and Middle East countries, which in turn increases the demand for new aircraft and therefore drives the growth of this segment.

Nickel Alloy Market Regional Analysis:

• North America 
• Europe 
• Asia Pacific 
• Latin America 
• The Middle East and Africa 

Asia-Pacific occupied the largest share with 40.7% of the nickel alloy market in 2020. The factors contributing to the increase in demand for nickel alloys in the Asia-Pacific region are the increase of production in the manufacturing sector to meet the demands of transporting superior products and increasing the country's exports. Population growth and increasing consumer preferences for the automotive industry are likely to drive the growth of the nickel alloy market in China and India.

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.

Nickel Alloy Market key players:

1. Kennametal Inc.

2. Carpenter Technology Corporation

3. ThyssenKrupp AG

4. VDM Metals GmbH

5. Allegheny Technologies Incorporated

6. Precision Castparts Corporation

7. Haynes International Inc

8. Columbia Metals Ltd

9. Aperam S.A.

10. Sanyo Special Steel Co., Ltd.

11. Voestalpine AG

12. JLC Electromet Pvt. Ltd

13. Ametek Inc.

14. Neonickel.

COVID–19 Impact on Nickel Alloy Market:

Since the COVID-19 virus outbreak in December 2019, the disease has spread to nearly 120 countries around the world, and the WHO has declared it a public health emergency. The worldwide impacts of the 2019 coronavirus disease are beginning to be experienced and will remarkably influence the nickel alloys market in 2020. COVID-19 can affect the global economy in 3 key ways: directly attacking production and calling, creating market and supply chain disruptions, and their financial impact on businesses and financial markets.