Nickel Alloys Market Size (2024 - 2029)

The nickel alloys market is anticipated to experience steady growth, driven by increasing demand from the aerospace and oil and gas sectors. Despite the challenges posed by fluctuating nickel prices, technological advancements are expected to offer substantial opportunities for market expansion. The Asia-Pacific region leads in market consumption, with significant contributions from countries like China, India, and Japan.

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Market Size of Nickel Alloys Industry

Nickel Alloys Market Summary
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

Nickel Alloys Market 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 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
North America
United States
Canada
Mexico
Rest of North America
Europe
Germany
United Kingdom
Italy
France
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Middle-East and Africa
Saudi Arabia
South Africa
Rest of Middle-East and Africa
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Nickel Alloys Market Size Summary

The nickel alloy market is poised for steady growth, driven by increasing demand from the aerospace and expanding oil and gas sectors. Despite the initial setback due to the COVID-19 pandemic, the market rebounded to pre-pandemic levels and is expected to continue its upward trajectory. The aerospace industry, in particular, is a significant contributor to market expansion, as nickel alloys are crucial for manufacturing aviation machinery due to their resistance to high temperatures, pressure, and corrosion. However, the market faces challenges from fluctuating nickel prices and other alloying elements, which could hinder growth. Technological advancements are anticipated to offer substantial opportunities for further market development, with the Asia-Pacific region leading in consumption, particularly in countries like China, India, and Japan.

The Asia-Pacific region is the largest consumer of nickel alloys, with the demand significantly bolstered by the automotive and aerospace manufacturing sectors. The region's burgeoning electric vehicle market, especially in China, is a key factor driving the demand for nickel alloys. The increase in electric vehicle production and sales, along with the rise in passenger vehicle production in India, supports the market's growth in this region. The nickel alloy market is consolidated, with major players such as Alloys International, Inc., ATI, VDM Metals, Haynes International, and Sandvik AB. Recent innovations, such as Proterial Ltd.'s ADMUSTER C21P nickel-base alloy powder and Sandvik's Sanicro 625 bar, highlight the ongoing advancements in the industry, further supporting the market's expansion during the forecast period.

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Nickel Alloys Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Demand from Aerospace Sector

      2. 1.1.2 Rising Popularity of Electric Vehicles

    2. 1.2 Restraints

      1. 1.2.1 Fluctuating Prices of Nickel and Other Alloying Elements

      2. 1.2.2 Other Restraints

    3. 1.3 Industry Value-Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Consumers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Type

      1. 2.1.1 Heat-Resistant Nickel Alloys

      2. 2.1.2 Corrosion-Resistant Nickel Alloys

      3. 2.1.3 Electrical-Resistant Nickel Alloys

      4. 2.1.4 Low-Expansion Nickel Alloys

      5. 2.1.5 Other Types

    2. 2.2 End-user Industry

      1. 2.2.1 Aerospace

      2. 2.2.2 Electrical and Electronics

      3. 2.2.3 Oil and Gas

      4. 2.2.4 Chemical Processing

      5. 2.2.5 Automotive

      6. 2.2.6 Other End-user Industries

    3. 2.3 Geography

      1. 2.3.1 Asia-Pacific

        1. 2.3.1.1 China

        2. 2.3.1.2 India

        3. 2.3.1.3 Japan

        4. 2.3.1.4 South Korea

        5. 2.3.1.5 Rest of Asia-Pacific

      2. 2.3.2 North America

        1. 2.3.2.1 United States

        2. 2.3.2.2 Canada

        3. 2.3.2.3 Mexico

        4. 2.3.2.4 Rest of North America

      3. 2.3.3 Europe

        1. 2.3.3.1 Germany

        2. 2.3.3.2 United Kingdom

        3. 2.3.3.3 Italy

        4. 2.3.3.4 France

        5. 2.3.3.5 Rest of Europe

      4. 2.3.4 South America

        1. 2.3.4.1 Brazil

        2. 2.3.4.2 Argentina

        3. 2.3.4.3 Rest of South America

      5. 2.3.5 Middle-East and Africa

        1. 2.3.5.1 Saudi Arabia

        2. 2.3.5.2 South Africa

        3. 2.3.5.3 Rest of Middle-East and Africa

Nickel Alloys Market Size FAQs

The Nickel Alloys Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)

HAYNES INTERNATIONAL, Alloys International, Inc., Sandvik AB, ATI and VDM Metals are the major companies operating in the Nickel Alloys Market.

Nickel Alloys Market Report Snapshots

Nickel Alloys Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)