Nickel Alloys Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Nickel Alloys Market Analysis
The nickel alloy market is projected to register a CAGR of more than 4% during the forecast period.
- COVID-19 negatively impacted the market in 2020. However, the market reached pre-pandemic levels in 2022 and is expected to grow steadily in the future.
- The increasing demand from the aerospace industry and expanding oil and gas sector are expected to fuel the market growth during the forecast period. On the other hand, the fluctuating prices of nickel and other alloying elements are expected to limit industry expansion.
- Further, technological advancements are expected to generate significant market growth opportunities. The Asia-Pacific region dominates the global market, with the largest consumption from countries such as China, India, and Japan.
Nickel Alloys Market Trends
This section covers the major market trends shaping the Nickel Alloys Market according to our research experts:
Increasing Demand from Aerospace Sector
- Over the projection period, the aerospace segment is expected to hold considerable market shares for nickel alloys. Nickel alloys are in high demand in the aircraft industry. These alloys are essential in the production of aviation machinery due to their exceptional resistance to high temperatures, pressure, and corrosion.
- The increased demand for nickel alloys in the aerospace industry is anticipated to fuel the market's growth rate. The expanding number of passengers for air travel in emerging countries stimulates the demand for new aircraft, thus, driving market growth.
- According to the Bureau of Transportation Statistics (BTS), in 2021, passenger fare revenue for the US airline industry totaled 86.7 billion dollars, representing an increase of almost 73.7% compared to 2020, supporting the demand for nickel alloys. According to the Federal Aviation Administration (FAA), the general aviation fleet in the United States surged to 204,405 aircraft in 2021, fueling the demand for nickel alloys.
- Hence, owing to all the above-mentioned factors, the market for nickel alloys is expected to increase during the forecast period.
Asia-Pacific to Dominate the Market
- Asia-Pacific is the largest consumer of nickel alloys and accounts for a healthy share of the global market. Increasing demand for electric vehicles is one of the major factors boosting the demand for nickel alloys in the region.
- The majority of the demand for nickel alloys is from the aerospace and automotive manufacturing segment, fueling the growth in the region. China is a leader in the global electric car market, with a significant increase in sales and production of new electric vehicles in the country.
- According to the China Association of Automobile Manufacturing (CAAM), the country's production of new electric vehicles (NEVs) witnessed a year-on-year increase of 96.9% in December 2022. Thus, the expanding electric vehicle market is expected to increase the demand for nickel alloys
- Also, India witnessed a significant increase in the production of passenger vehicles. For instance, according to the latest data published by the Society of Indian Automobile Manufacturers (SIAM), the production of passenger vehicles reached 3,650,698 for 2021-2022, representing an increase of 19% compared to 2020-21, supporting the market growth.
- Hence, due to the above-mentioned reasons, Asia-Pacific is anticipated to dominate the market studied during the forecast period.
Nickel Alloys Industry Overview
The nickel alloy market is consolidated in nature. Some of the major players in the market include Alloys International, Inc., ATI, VDM Metals, Haynes International, and Sandvik AB, among others.
Nickel Alloys Market Leaders
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HAYNES INTERNATIONAL
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Alloys International, Inc.
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Sandvik AB
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ATI
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VDM Metals
*Disclaimer: Major Players sorted in no particular order
Nickel Alloys Market News
- September 2022: Proterial Ltd. (formerly Hitachi Metals, Ltd., Japan) released its ADMUSTER C21P nickel-base alloy powder for metal Additive Manufacturing, enabling the production of complex shapes with high corrosion resistance and high strength. The alloy, one of the powders in Hitachi Metals' ADMUSTER series, is reported to additively manufacture products with 100 times or more corrosion resistance than typical 316L stainless steel.
- April 2022: In another first, Sandvik added super alloy Sanicro 625 bar (UNS 06625) to its growing family of high-performing nickel alloys. The bar will be used to machine advanced components exposed to acids, alkalis, seawater, and other wet, corrosive conditions in both cryogenic environments and temperatures up to 593°C (1100°F).
Nickel Alloys Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
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4.1 Drivers
- 4.1.1 Increasing Demand from Aerospace Sector
- 4.1.2 Rising Popularity of Electric Vehicles
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4.2 Restraints
- 4.2.1 Fluctuating Prices of Nickel and Other Alloying Elements
- 4.2.2 Other Restraints
- 4.3 Industry Value-Chain Analysis
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Suppliers
- 4.4.2 Bargaining Power of Consumers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products and Services
- 4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
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5.1 Type
- 5.1.1 Heat-Resistant Nickel Alloys
- 5.1.2 Corrosion-Resistant Nickel Alloys
- 5.1.3 Electrical-Resistant Nickel Alloys
- 5.1.4 Low-Expansion Nickel Alloys
- 5.1.5 Other Types
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5.2 End-user Industry
- 5.2.1 Aerospace
- 5.2.2 Electrical and Electronics
- 5.2.3 Oil and Gas
- 5.2.4 Chemical Processing
- 5.2.5 Automotive
- 5.2.6 Other End-user Industries
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5.3 Geography
- 5.3.1 Asia-Pacific
- 5.3.1.1 China
- 5.3.1.2 India
- 5.3.1.3 Japan
- 5.3.1.4 South Korea
- 5.3.1.5 Rest of Asia-Pacific
- 5.3.2 North America
- 5.3.2.1 United States
- 5.3.2.2 Canada
- 5.3.2.3 Mexico
- 5.3.2.4 Rest of North America
- 5.3.3 Europe
- 5.3.3.1 Germany
- 5.3.3.2 United Kingdom
- 5.3.3.3 Italy
- 5.3.3.4 France
- 5.3.3.5 Rest of Europe
- 5.3.4 South America
- 5.3.4.1 Brazil
- 5.3.4.2 Argentina
- 5.3.4.3 Rest of South America
- 5.3.5 Middle-East and Africa
- 5.3.5.1 Saudi Arabia
- 5.3.5.2 South Africa
- 5.3.5.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Market Share (%)**/Ranking Analysis
- 6.3 Strategies Adopted by Leading Players
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6.4 Company Profiles
- 6.4.1 Alloys International, Inc.
- 6.4.2 Berkshire Hathaway Inc.
- 6.4.3 HAYNES INTERNATIONAL
- 6.4.4 Kennametal Inc.
- 6.4.5 NeoNickel
- 6.4.6 Sandvik AB
- 6.4.7 SANYO SPECIAL STEEL Co., Ltd.
- 6.4.8 thyssenkrupp Materials NA, Inc.
- 6.4.9 voestalpine Specialty Metals
- 6.4.10 ATI
- 6.4.11 VDM Metals
- 6.4.12 Proterial, Ltd.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
- 7.1 Technological Advancements Are Expected To Generate Significant Market Growth Opportunities
Nickel Alloys Industry Segmentation
Nickel alloys are steel compounds that contain nickel as the primary constituent. Nickel-based alloys are used in steam turbines in power plants, aircraft gas turbines, and other high-performance applications due to advantageous characteristics such as superior corrosion, heat resistance, and high flexibility.
The global nickel alloy market is segmented by type, end-user, and geography. By type, the market is segmented into heat-resistant nickel alloys, corrosion-resistant nickel alloys, electrical-resistant nickel alloys, low-expansion nickel alloys, and other types. By end-user, the market is segmented into aerospace, electrical and electronics, oil and gas, chemical processing, automotive, and other end-user industries. The report also covers the market size and forecasts for nickel alloys in 15 countries across major regions.
For each segment, the market sizing and forecasts have been done based on revenue (USD million).
| Type | Heat-Resistant Nickel Alloys | |
| Corrosion-Resistant Nickel Alloys | ||
| Electrical-Resistant Nickel Alloys | ||
| Low-Expansion Nickel Alloys | ||
| Other Types | ||
| End-user Industry | Aerospace | |
| Electrical and Electronics | ||
| Oil and Gas | ||
| Chemical Processing | ||
| Automotive | ||
| Other End-user Industries | ||
| Geography | Asia-Pacific | China |
| India | ||
| Japan | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Rest of North America | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| Italy | ||
| France | ||
| Rest of Europe | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America | ||
| Geography | Middle-East and Africa | Saudi Arabia |
| South Africa | ||
| Rest of Middle-East and Africa |
Nickel Alloys Market Research FAQs
What is the current Nickel Alloys Market size?
The Nickel Alloys Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Nickel Alloys Market?
HAYNES INTERNATIONAL, Alloys International, Inc., Sandvik AB, ATI and VDM Metals are the major companies operating in the Nickel Alloys Market.
Which is the fastest growing region in Nickel Alloys Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Nickel Alloys Market?
In 2024, the Asia-Pacific accounts for the largest market share in Nickel Alloys Market.
What years does this Nickel Alloys Market cover?
The report covers the Nickel Alloys Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Nickel Alloys Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Nickel Alloys Industry Report
Statistics for the 2024 Nickel Alloys market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Nickel Alloys analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
