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Nickel Alloys Market by Function, and End User - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2017-25
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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
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
High resistance alloys are projected to be the largest segment in the nickel alloys market in 2017. This is due to their applications in various industries such as oil and gas, aerospace, chemical, energy, and power. Nickel alloys have major applications in defense and aerospace, owing to their superior physical and mechanical properties.
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Nickel Alloys -Market Outlook
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.
The use of nickel alloys in high-performance technologies, owing to its advantages such as heat resistance, durability, and strength is fuelling the growth of nickel alloy market. According to the European Union, nickel-based alloy operations and production are concentrated in Germany, Italy, United Kingdom, France, and Sweden. Growing automotive and oil and gas sector in the Middle East is fueling the growth of nickel alloys market.
The steady economic growth in Latin America and the Middle East is fueling the growth of automobile, aviation, electronics, and chemical sector, in turn augmenting the nickel alloy market.
The companies are adopting various organic and inorganic growth strategies to retain their market position. key players operating the nickel alloys market include Allegheny Technologies Incorporated, Ametek Inc., 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, and Voestalpine AG
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