Nickel Alloys Market | Allegheny Technologies Incorporated, Ametek Inc., Aperam S.A., Carpenter Technology Corporation

Nickel alloys are the mixture of nickel and other metals or elements. Nickel alloys with iron, copper, chromium, lead, aluminum, silver, gold, cobalt, and other elements are used to produce cast iron, stainless steel, Incoloy, Inconel, Monel, and other alloys. Nickel alloys have several properties such as heat resistance, electric resistance, toughness, strength at low and high temperature, corrosion resistance, and special electronic and magnetic properties. Due to these properties, they are used in batteries, coatings, mobile phones, kitchenware, mobile phones, jewelry, medical equipment, buildings, transport, and power generation.

They are used in automotive industry for motors, generators, heating elements, turbochargers, gears, exhaust valve, brake fluid lines, cylinder liners, pistons, wiper, mufflers, catalyst, and clamps. They are widely used in aircraft for manufacturing exhaust systems, blades, hydraulic pumps, and other components. Nickel alloys are also used in power generation turbines, marine fasteners, and electronics. Therefore, Mentioned uses of nickel alloys in various industries are the drivers for the growth of nickel alloy market. The increasing cost of raw materials is the major restraint for nickel alloy market.

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Nickel Alloys Market Taxonomy

Based on function, the nickel alloys market is segmented into:

Corrosion-resistant alloys
Electronic alloys
Heat resistance alloys
High-performance alloys
Others

Based on the end user, the nickel alloys market is segmented into:

Aerospace & Defense
Aircraft Engines
Defense Equipment

Automotive
Exhaust Valves
Turbocharger
Others

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Asia Pacific is the largest market for nickel alloys, owing to the lucrative aerospace, automotive, defense, energy, and power sector. The increase in manufacturing and export sector has augmented the nickel alloys market. The significant contributors to nickel alloy market in Asia Pacific are India, China, South Korea, and Japan. India Brand Equity Foundation (IBEF), a trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India estimated that the automotive market will reach US$ 16.5 billion by 2021 and generate annual revenue up to US$ 300 billion by 2026. Growing automotive sector in India is expected to augment the nickel alloy market.
North America has a significant demand for nickel alloys due to steady growth in automobiles, electronics, aviation, and defense industry. Growing chemical industry in the USA is fuelling the growth of nickel alloy market.

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