Press release
Nickel Alloys Market Insights and Long-Term Strategic Outlook 2024 - 2031 | Aperam S.A., Carpenter Technology Corporation
Nickel Alloys Market
Nickel alloys are corrosion-resistant materials commonly used in heat exchangers, chemical processing equipment, and other applications that require high temperature stability. Key products made from nickel alloys include pipes, tubes, valves, furnace components, and heat exchangers used across various industries like oil & gas, aerospace, chemicals, and power generation.
Market Dynamics:
The growth of the global nickel alloys market is majorly driven by rising demand from the aerospace industry. Nickel alloys provide strength and corrosion resistance at high temperatures, making them suitable for applications like jet engines. With increasing commercial and military aircraft production worldwide, demand for nickel alloys from the aerospace sector is expected to rise markedly over the forecast period. Secondly, growth in the global power generation industry is also driving the need for heat exchangers, boilers, and other equipment made from nickel alloys due to their efficiency at high temperatures. This is expected to significantly contribute to market growth between 2024 and 2031.
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Increased demand from consumer appliances industry:
Nickel alloys have excellent corrosion resistance and high temperature strength properties which makes them suitable for various consumer appliances like refrigerators, washing machines etc. There is rising demand for consumer appliances like refrigerators, washing machines from the developing economies like India, China and other South East Asian countries due to increasing disposable incomes and changing lifestyles. This is driving the demand for nickel alloys which are used in making various components of these appliances due to their corrosion resistance properties. According to a report by Global Market Insights, the refrigerator market is expected to surpass USD 130 billion by 2026 due to rising demand from developing regions of Asia Pacific and Latin America. The rising demand for consumer appliances is expected to drive the demand for nickel alloys in the coming years.
Growth opportunities in the electric vehicles industry:
Nickel alloys find increasing usage in lithium-ion batteries which power the modern electric vehicles. Properties like high density, corrosion resistance and excellent cyclability of various nickel alloys make them ideal materials for lithium-ion battery components. The electric vehicles industry is witnessing robust growth driven by supportive government policies and regulations especially in regions like Europe and China aiming to curb vehicular emissions. Major automakers are launching new electric vehicle models across different segments. This rising demand for electric vehicles presents a major growth opportunity for the nickel alloys market in the coming years as more nickel alloys will be required for lithium-ion batteries powering these electric vehicles. The electric vehicles market is projected to have a CAGR of over 20% during 2020-2030, driving significant demand for nickel alloys.
Rising prominence of superalloys:
Superalloys, which contain high amounts of nickel, cobalt and other alloying elements have excellent mechanical strength even at very high temperatures exceeding 1000°C. They find increasing usage in critical applications like turbine blades, combustion chambers in aero-engines and gas turbine power generators. The aerospace as well as power generation industries are demanding more fuel efficient and high-performance engines. This is driving research and development of advanced superalloys to withstand higher operating temperatures. Superalloys containing nickel and other refractory elements allow design of engines with higher thermal efficiencies. The rising prominence of superalloys in aerospace and power generation presents a major market trend that is expected to drive growth of nickel alloys market in the coming years.
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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
★ Others
★ Others
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)
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Report Highlights:
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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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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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