May 18, 2024

Opportunities In The Nickel Alloys Market Expected To Be Fueled By Growing Demand For High-Performance Materials

The global nickel alloys market is a diversified industry comprised of metals and engineering materials utilized across industries such as oil & gas, aerospace & defense, chemical & petrochemical, power generation, and automotive. Nickel alloys are characterized by their unmatched corrosion resistance, mechanical strength, and heat resistance. Some common types of nickel alloys include nickel-chromium, nickel-copper, and nickel-iron alloy. They are employed in the manufacture of valves, pumps, heat exchangers, turbines, and other critical components operating in harsh production environments.

The global Nickel Alloys Market is estimated to be valued at US$ 17.57 Billion in 2024 and is expected to exhibit a CAGR Of 19% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Growing Demand for High-Performance Materials: Nickel alloys offer higher strength, corrosion resistance and heat tolerance relative to other common metals such as steel and aluminum. This makes them uniquely suitable for applications in corrosive processing facilities, high-temperature turbines and jet engines. The rapid expansion of process industries and aerospace sector worldwide has fueled the demand for high-performance nickel alloys over the past few years. Additionally, stringent quality and safety regulations have prompted industry players to replace conventional materials with advanced alloys such as nickel superalloys.

Expanding Manufacturing Capabilities in Emerging Economies: Countries such as China, India and South East Asian nations have witnessed strong manufacturing growth over the past decade on back of supportive economic policies, availability of skilled labor and proximity to key export markets. This has increased local demands for technologically advanced industrial materials including nickel alloys. Meanwhile, political stability, tax incentives and low production costs have attracted many foreign players to set up nickel alloy manufacturing facilities in these regions.

 

Segment Analysis

Write one sentence mentioning one dominating segment of Nickel Alloys market and the reason for its dominance. The Aerospace & Defense segment currently dominates the nickel alloys market due to rising aircraft deliveries and high corrosion resistance needs of nickel alloys in this segment.

PEST Analysis

Political: Multiple governments are supporting investments and R&D activities in the aerospace & defense industries, driving demand for nickel alloys.

Economic: The rising GDP and increasing disposable incomes in developing nations is boosting manufacturing activity and demand for nickel alloys across end-use industries.

Social: Growing passenger traffic is necessitating production of more commercial aircrafts, fueling consumption of nickel alloys known for their high strength & corrosion resistance properties essential for aircraft manufacturing.

Technological: Advancements in additive manufacturing technologies are enabling greater design flexibility and lower production costs for complex nickel alloy parts.

Key Takeaways

The Global Nickel Alloys Market Demand is expected to be valued at US$ 17.57 Bn in 2024.

 

Regional analysis:

 

North America dominates currently due to high defense spending and a sizable aerospace industry in the region. Key players: Key players operating in the nickel alloys market are 3D Systems Corporation, Exone Company, Formlabs Inc., General Electric (GE Additive), Materialise NV, Organovo Holdings, Inc., Oxford Performance Materials Inc., Proto Labs, Inc., Stratasys Ltd., SLM Solutions Group AG, and among others.

Key players operating in the nickel alloys market are 3D Systems Corporation, Exone Company, Formlabs Inc., General Electric (GE Additive), Materialise NV, Organovo Holdings, Inc., Oxford Performance Materials Inc., Proto Labs, Inc., Stratasys Ltd., SLM Solutions Group AG.

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it