Press release
Nickel Alloys Market Size to Worth Around 20.44 billion by 2031 | Aperam S.A., Carpenter Technology Corporation
Nickel Alloys Market
Nickel alloys are corrosion-resistant metals used in applications where resistance to acids, sea water and other corrosive environments is required. They are used in jet engines, gas turbines and steam turbines in the aerospace and power generation industries.
Market Dynamics:
Nickel alloys find major application in the aerospace industry where they are used in jet engines, gas turbines and steam turbines due to their high strength, corrosion resistance and heat resistant properties. The increasing demand for new aircrafts from commercial and military sectors is expected to drive the growth of the nickel alloys market during the forecast period. Additionally, the growing power generation sector especially in developing countries is also expected to support the market growth as nickel alloys are used in steam turbines and other critical components in power plants. The stringent emission standards on the automotive industry have led to increasing usage of nickel alloys in exhaust manifolds to withstand high temperatures thereby accelerating the market growth.
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Major Driver 1: Growing Demand from the Aerospace Industry
The aerospace industry has been a major consumer of nickel alloys due to their excellent resistance to corrosion and heat. Nickel alloys are primarily used in jet engine turbines, hydraulic systems, and other critical components that have to withstand extreme temperatures and pressures during flight. With increasingglobal air passenger traffic and demand for new commercial and military aircraft, the requirement for nickel alloy components is expected to rise substantially in the coming years. Several aircraft manufacturers have ramped up production rates to meet the growing order backlog. This is anticipated to drive the consumption of nickel alloys.
Major Opportunity: growing Electrification trend
The growing electrification trend across various industries is opening new growth prospects for nickel alloys. They are increasingly used in electric vehicles (EVs), energy storage solutions, and other electronics. In EVs, nickel alloys provide high strength, heat resistance, and corrosion protection as components in batteries and charging infrastructure. The push for renewable energy adoption is also bolstering the demand for efficient energy storage like lithium-ion batteries where nickel alloys play a critical role. Additionally, 5G network development and advancement of other next-gen technologies will fuel new consumption in the electrical & electronics space. As electrification gathers further momentum globally, it can drive significant nickel alloys consumption over the long run.
Major Trend: Development of High-Performance Grades
Material developers are continuously working on new alloy compositions and microstructures to achieve enhanced properties for specific applications. Advanced engineering is expanding the scope of nickel alloys. Ongoing R&D is focused on developing grades with added benefits like increased strength, toughness, weldability, and resistance to localized corrosion. Specialty alloys optimized for 3D printing and additive manufacturing are also gaining attention. The introduction of advanced grades supporting critical industries can further expand the addressable market for nickel alloys over the forecast period.
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Top Companies Featured in This Report:
★ Aperam S.A.
★ Carpenter Technology Corporation
★ Haynes International Inc.
★ Kennametal Inc.
★ Precision Castparts Corporation
★ Rolled Alloys Inc.
★ Sandvik Materials Technology
★ ThyssenKrupp AG
★ VDM Metals GmbH
★ Voestalpine AG.
Market Segmentation:
By Product Type:
★ Corrosion-resistant alloys
★ Electronic alloys
★ Heat resistance alloys
★ High-performance alloys
★ Aerospace & Defense
★ Aircraft Engines
★ Defense Equipment
★ Automotive
★ Exhaust Valves
★ Turbocharger
★ Others
★ Chemical
★ Chemical Reactors
★ Heat Exchangers
★ Pressure Vessels
★ Others
★ Electrical & Electronics
★ Precision Measurement Instruments
★ Electrical & Electronic Device and Components
★ Energy & Power
★ Nuclear Power Plant Components
★ Power Plants Components
★ Oil & Gas
★ Pipeline
★ Separators
★ Scrubbers
★ Pumps
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Insights from the Global Nickel Alloys Market Analysis:
Market Size Evaluation: Assessing the value and sales volume of the Nickel Alloys market spanning from 2024 to 2031.
Market Trends and Dynamics: Analyzing the drivers, opportunities, challenges, and risks influencing the Nickel Alloys market.
Macro-economic and Regional Impacts: Exploring how global inflation and geopolitical events affect the Nickel Alloys market.
Segment Analysis: Examining the market value and sales volume of Nickel Alloys by type and application from 2024 to 2031.
Regional Market Overview: Assessing the current situations and future prospects of the Nickel Alloys market in different regions.
Country-level Studies: Providing insights into revenue and sales volume for major countries within each region.
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Nickel Alloys sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Alice Mutum is a seasoned senior content editor at Coherent Market Insights, leveraging extensive expertise gained from her previous role as a content writer. With seven years in content development, Alice masterfully employs SEO best practices and cutting-edge digital marketing strategies to craft high-ranking, impactful content. As an editor, she meticulously ensures flawless grammar and punctuation, precise data accuracy, and perfect alignment with audience needs in every research report. Alice's dedication to excellence and her strategic approach to content make her an invaluable asset in the world of market insights.
(LinkedIn: https://www.linkedin.com/in/alice-mutum-3b247b137 )
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