Press release
Nickel Alloy Welding Consumables Market : Revenue Predicted to Grow by 2025
The global nickel alloy welding consumables market is foreseen to embrace healthy growth prospects with increasing applications in different end-use industries such as shipbuilding, liquefied natural gas (LNG), aerospace, and renewable energy. Resistance to thermal corrosion and expansion and high-temperature strength are some of the excellent properties that nickel and its alloys are boasted of. These could be extremely essential for the proper execution of welding operations.
The global nickel alloy welding consumables market could be segmented as per product, technology, type of alloy, application, and region. Oil and gas is envisaged to be a leading application segment of the market.
The report presented here on the global nickel alloy welding consumables market is prepared with the help of extensive primary and secondary research to provide readers with a full account of vital growth factors, competitive landscape, segmentation, and other important aspects.
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Global Nickel Alloy Welding Consumables Market: Trends and Opportunities
The world nickel alloy welding consumables market is foreseen to gain a whole lot of significance in the coming years because of the rising consumption of nickel and its various alloys on the global platform. This could be due to the awareness about the broad range of benefits associated with the usage of the metal in a range of important applications across different industries. The increase in the demand for the metal has assured its improved availability and also that of its multitude of alloys. Moreover, it has given a leg up to enhance the production capacities of the metal.
The world nickel alloy welding consumables market is also expected to gain a strong impetus owing to the fast development of South Africa, India, China, and other economies falling under the same categories. Rising infrastructure development activities in these countries are foretold to substantially escalate the demand for raw materials. In the welding sector, the demand for nickel alloys could increase on the back of aggressive industrialization across the aforementioned economies.
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Global Nickel Alloy Welding Consumables Market: Geographical Analysis
With regard to untapped potential, mature regions such as Europe and North America are predicted to offer a limited scope of business opportunities in the near future. However, the international nickel alloy welding consumables market could ride on considerable growth opportunities created across Germany and Canada in the recent years due to the strong growth of the power and manufacturing industries. In 2016, both the regions accounted for nearly half of the total market revenue.
On the basis of volume, Asia Pacific secured a dominant share in the international nickel alloy welding consumables market and is prognosticated to be one of the most attractive regions for years to come. By volume, the region bagged an over 37.0% share in 2016. The attractiveness of the regional market could be attributed to noteworthy advancements observed in several end-use industries and spiked population rates, giving way for heavy trade activities and investments in the industrial sector.
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Global Nickel Alloy Welding Consumables Market: Companies Mentioned
Players operating in the worldwide nickel alloy welding consumables market are prophesied to explore a vast array of untapped prospects while looking to expand their sales, marketing, and manufacturing channels. The market not only features global players holding a dominating position but also a significant count of regional companies ruling over prominent shares. Some of the important players in the market are voestalpine Böhler Welding GmbH, Chevron Phillips Chemical Company LLC, and Illinois Tool Works Inc.
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