New York, NY, Sept. 18, 2019 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Nickel Alloy Market By Function (Heat Resistant, Corrosion Resistant, High Performance, and Electronic) and By End-User (Aerospace & Defense, Oil & Gas, Electrical & Electronics, Energy & Power, Chemical, Automotive, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, the global nickel alloy market was USD 12.65 billion in 2018 and is expected to reach around USD 16.54 billion by 2025, at a CAGR of 3.9% between 2019 and 2025.
Nickel alloys have versatile properties like heat resistance, corrosion resistance, chemical resistance, and electronic resistance. They are also used in turbines in power generation, aircraft gas turbines, aircraft parts, marine fasteners, etc. Nickel alloy is a flexible material that is used across different industries, such as electronics, energy and power, pulp and paper, oil and gas, defense, and automotive.
Browse through 71 Tables & 26 Figures spread over 110 Pages and in-depth TOC on “Global Nickel Alloy Market: By Types, Functions, Industry Size, Share, Segments, Demand, Analysis and Forecast, 2018–2025”.
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The global nickel alloy market is expected to grow rapidly, owing to the rising demand for high-performance nickel alloy from various end-user industries, mainly from oil and gas and aerospace and defense industries. Nickel alloys are majorly used in the aerospace industry for engine production. The aerospace and defense sector is expected to hold the largest share in this market over the forecast timeframe, due to the growing number of aircraft deliveries. However, the volatility in raw material prices may hamper this market’s growth. Furthermore, the sudden rise in automotive sales, particularly in the emerging economies, is expected to offer additional growth opportunities for the nickel alloy market in the years ahead.
The global market for nickel alloy is fragmented based on function and end-user. By function, the nickel alloy market includes heat resistant, electronic, high performance, and corrosion resistant alloys. The high-performance alloys are estimated to lead the nickel alloy market in the future, owing to the rising demand for nickel alloys, mainly from oil and gas, aerospace and defense, and chemical industries. High-performance alloys are heat-resistant alloys, made from nickel and iron, which perform exceptionally well at extreme temperatures and pressures. Based on end-user, the market is classified into oil and gas, chemical, aerospace and defense, energy and power, automotive, electrical and electronics, and others. There has been a huge demand for nickel alloys for manufacturing aircraft components like blades, exhaust systems, and engine components, which is fuelling the aerospace and defense segment. Increasing civil and military aircraft production is expected to further supplement this segment’s growth in the upcoming years.
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The Asia Pacific dominated the nickel alloy market globally in 2018 and is expected to grow at the fastest rate in the future. This can be attributed to the region’s flourishing automotive, aerospace and defense, and energy and power, chemical, and petrochemical, sectors. India, South Korea, China, and Japan are the major contributors in the nickel alloy market, owing to the increasing production of their manufacturing sectors and rising exports. The rising demand for nickel alloy for manufacturing aircraft components, such as engine turbines, blades, exhaust system, etc., is also expected to spur this regional market along with the surging regional demand for high-performance nickel alloys.
The North American nickel alloy market is projected to grow significantly in the years ahead, owing to the increasing demand for aircraft deliveries in the aerospace and defense industry and the rising applications of nickel alloys in electronic products.
Browse the full “Nickel Alloy Market By Function (Heat Resistant, Corrosion Resistant, High Performance, and Electronic) and By End-User (Aerospace & Defense, Oil & Gas, Electrical & Electronics, Energy & Power, Chemical, Automotive, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025” Report at https://www.zionmarketresearch.com/report/nickel-alloy-market
The European nickel alloy market is anticipated to grow substantially, owing to the rising demand for nickel alloy in the aerospace industry. The UK, France, and Germany are expected to have a positive impact on the region’s aerospace and defense sector, which is expected to further augment the region’s nickel alloy market in the future. Additionally, the surging applications of nickel alloys in the automotive industry are also projected to fuel the nickel alloy market growth in the region.
Latin America is expected to witness lucrative market growth over the forecast time period, owing to rapid industrialization in Brazil. The country dominated the nickel alloy market in the region, owing to its flourishing automotive industry and the increasing use of high-performance nickel alloy in the automotive sector.
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The Middle Eastern and African nickel alloy market is predicted to grow moderately, owing to the rapidly growing oil and gas sector and the increasing use of nickel alloy in various industrial applications. Moreover, the growing number of automotive manufacturers in the Middle East is another key factor driving the region’s nickel alloy market.
Some key manufacturers operating in the nickel alloy market are ThyssenKrupp, Sandvik Material Technology, Haynes International, Precision Castparts, Allegheny Technologies, Aperam, Carpenter Technology, VDM Metals, Ametek, Rolled Alloys, Kennametal, and Columbia Metals.
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This report segments the global nickel alloy market into:
Global Nickel Alloy Market: Function Analysis
- Corrosion Resistant
- Heat Resistant
- High Performance
- Electronic
Global Nickel Alloy Market: End-User Analysis
- Aerospace and Defense
- Oil and Gas
- Electrical and Electronics
- Energy and Power
- Chemical
- Automotive
- Others
Global Nickel Alloy Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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