Global Nickel Alloys Market - Segmented by Type, End-user Industry, and Geography - Growth, Trends and Forecasts (2018 - 2023)
The market for nickel alloys is expected to register a significant growth during the forecast period of 2018-2023. Rising demand for corrosion resistant alloys from the oil & gas industry is expected to drive the market through the forecast period.
Rising Demand for Corrosion Resistant Alloys in Oil & Gas Industry
The share of total oil and gas production from offshore areas has augmented in recent years, and the rapid growth of ultra-deepwater production is anticipated in the future. Lately, oil and gas production has become more challenging as the site conditions have become increasingly severe, with higher temperatures, higher pressures, and sour fields (high H2S content) with high CO2 levels. All these challenges require advanced technologies, improved equipment, and high-performance materials to ensure the smooth extraction of oil and gas. This creates a huge scope for the corrosion resistant alloys (CRAs) to penetrate into the oil & gas market, as they are better suited to meet increasingly demanding requirements in exploration and production. Thus, the demand for special alloy steels, stainless steels, and nickel alloys for upstream oil and gas applications has grown substantially, and this trend is projected to continue in the upcoming years.
Aerospace End-user Segment to Dominate the Market
Aerospace industry accounts for over half of the global super alloy demand. Nickel alloys, due to their high strength, resistivity, and increased reliability, are used to manufacture various aircraft models. The nickel demand from aerospace industry is growing even faster than the increase in aircraft deliveries, due to increased aircraft size and performance requirements. Superior features of nickel alloys, coupled with the growing aerospace industry is expected to increase the consumption of nickel alloys in the aerospace industry.
Asia-Pacific to Dominate the Market
The Asia-Pacific region is expected to dominate the global nickel alloys market over the forecast period due to the growing demand from the end-user industries such as automotive, aerospace and defense, and energy & power. China, Japan, India, and South Korea are the major contributors in the region. Asia-Pacific is followed by Europe and North America. Things containing nickel alloys are used in our regular life includes food preparation equipment, mobile phones, medical equipment, transport, buildings, power generation, etc., all of which are expected to drive the market.
Key Developments in the Market
February 2018: Sandvik decided to invest about SEK 200 million in a new plant for manufacturing of nickel metal powders.
January 2018: ATI and Tsingshan announced the formation of a joint venture.
Major players include ATI, VDM Metals, Sandvik Materials Technology AB, ThyssenKrupp AG, and Carpenter Technology Corporation, amongst others.
Reasons to Purchase the Report
Identify the current trends in the global nickel alloys market in the developed and emerging markets.
Analyze various perspectives of the market with the help of Porter’s Five Forces Analysis.
Information about the segment that is expected to dominate the market.
Identify the regions that are expected to witness the fastest growth during the forecast period.
Identify the latest developments, market shares, and strategies employed by the major market players.
3-month analyst support along with the Market Estimate sheet (in Excel).
Please note: This publisher does offer titles that are created upon receipt of order. If you are purchasing a PDF Email Delivery option above, the report will take approximately 2 business days to prepare and deliver.