New York, Nov. 22, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on Copper-Nickel Alloys Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Rods & Bars, Wires, Tubes, and Others) and Application (Chemical Processing, Marine, Power Generation, Oil & Gas, Automotive & Aerospace, and Others). The market growth is attributed to the increasing adoption of copper-nickel alloys in the marine, chemical processing, power generation, and oil & gas industries.
In 2021, Asia Pacific held the largest share of the global market. Asia Pacific is one of the world’s largest manufacturing hubs. The region is home to leading companies in the metallurgy industry. Various large-scale and small-scale companies offering copper-nickel alloys are operating actively in the region. All these factors are contributing to the copper-nickel alloys market growth in Asia Pacific.
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Global Copper-Nickel Alloys Market Report Scope, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | US$ 4.28 Billion in 2022 |
| Market Size Value by | US$ 5.99 Billion by 2028 |
| Growth rate | CAGR of 5.7 % from 2022 to 2028. |
| Forecast Period | 2022- 2028 |
| Base Year | 2020 |
| No. of Pages | 177 |
| No. Tables | 87 |
| Historical data available | Yes |
| No. of chart and figures | 105 |
| Segments covered | Fuel type, Power Output |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Key Research Capabilities | Global Market Assessment, Business Development Strategies, Competitive Landscape, Opportunity Analysis, Regional and Country Level Market Analysis, Market Entry Strategies, Market Dynamics, Risk and Return Assessments, Pricing Analysis, Market Size and Forecasting, Company Profiling, Value Chain Analysis, Expansion Strategies, SWOT Analysis, New Product Development |
| Purchase Options | Request customized purchase options to meet your research needs. |
Copper-Nickel Alloys Market: Competitive Landscape
Corrotherm International Ltd, Fisk Alloy Inc, Lebronze Alloys SAS, Materion Corp, Aesteiron Steels LLP, Columbia Metals Ltd, American Elements Inc, Hexion Steel Ltd, Aviva Metals Inc, and Kalikund Steel and Engg Co are among the major players operating in the global copper-nickel alloys market. Players operating in the global market continuously focus on strategies such as investments in research and development activities and new product launches.
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Ships, cargos, and other seagoing vessels use large volumes of seawater in fire water systems, cooling systems, ballast systems, and sprinkler systems, which reduces the lifespan of vessels. Copper-nickel alloys have a high resistance to seawater corrosion and biofouling due to the formation of a protective oxide film on the metal surface. Therefore, the alloys are used for shipbuilding and seawater system fabrication. In addition, copper-nickel alloys have excellent ductility and toughness. They are also resistant to stress-corrosion cracking. Therefore, copper-nickel alloys—especially Cu-Ni (90-10) and Cu-Ni (70-30)—are extensively used in the marine industry. Moreover, the pipes and valves are generally made of copper-nickel alloys with high seawater corrosion resistance. Further, the alloys are also used in bilge and ballast systems. These systems are used to fill empty bilges and to empty or fill ballast spaces with seawater within the ship. Thus, the widespread applications of copper-nickel alloys in the marine industry bolster the growth of the copper-nickel alloys market.
Based on product type, the copper-nickel alloys market is segmented into rods & bars, wires, tubes, and others. The rods & bars segment held the largest share of the market in 2021. Copper-nickel round bars and rods are used in power steering, brake lines, distiller tubes, condenser plates, and pressure vessels. Owing to their unique properties such as resistance to macro fouling, good tensile strength, and corrosion resistance, the round bars are specified for shipbuilding and repair, desalination plants, offshore oil and gas structures, power generation, and other marine engineering applications.
Based on application, the copper-nickel alloys market is segmented into chemical processing, marine, power generation, oil & gas, automotive & aerospace, and others. The marine segment held the largest share of the market in 2021. The use of copper-nickel tubes has been extended to hydraulic and instrumentation systems, which have become crucial in the operations of ship and offshore platform control and monitoring systems. The copper-nickel alloys offer excellent resistance to saltwater corrosion, ensuring a highly reliable system. Costly repairs during the installation life, significant revenue losses, and safety hazards associated with system breakdowns can be eliminated which is likely to fuel the market for the marine segment.
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The copper-nickel alloys market is witnessing consistent growth due to the increase in demand from the marine, oil & gas, automotive, and aerospace industries, among other end-use industries. This alloy is utilized in the production of cargo tank heating coils and feed lines at desalination plants. Corrosion resistivity and good fabricability are the prime attributes of copper-nickel alloys. Therefore, it is utilized in heat exchangers or condenser tubes that are employed in different marine applications. Copper-nickel pipes and other components are utilized in steam turbine condensers, oil coolers, auxiliary cooling systems, and high-pressure pre-heaters that are used in nuclear power plants. Moreover, copper-nickel alloys are utilized in coinage due to their antimicrobial properties. Furthermore, their high strength, good ductility, and corrosion resistance make them the material of choice in aircraft engineering and aerospace component manufacturing.
In 2021, Asia Pacific held the largest share of the global copper-nickel alloys market. The market growth in this region is attributed to the high demand for copper-nickel alloys in different industrial applications due to the flourishing industrial sector. Furthermore, developed and developing economies in Asia Pacific, such as Japan, China, South Korea, and India, are among the largest consumers of copper-nickel alloys. According to the International Energy Agency, the installed electricity-generating capacity of the region is expected to rise by ~7% per annum, to reach 6,113 GW by 2030 from 3,386 GW in 2019. In addition, the amount of investment in renewable energy production across the region is expected to reach US$ 1.3 trillion per annum by 2030. Copper-nickel alloys can be used in steam turbine condensers, oil coolers, auxiliary cooling systems, and high-pressure preheaters that are deployed in thermal, nuclear, and fossil fuel power plants. Thus, a surge in investments in renewable energy projects is expected to boost the demand for copper-nickel alloys in Asia Pacific in the coming years.
The size of the overall copper-nickel alloys market has been derived using both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights into the topic. The participants of this process include VPs, business development managers, market intelligence managers, national sales managers, and external consultants—such as valuation experts, research analysts, and key opinion leaders—specializing in the copper-nickel alloys market.
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In the automotive industry, copper-nickel alloys are used to design brakes, hydraulic suspension systems, and cooling systems, as these alloys do not require surface protection. In the power generation industry, copper-nickel alloys are utilized for steam condensers and steam inlet zones, which require strong corrosion resistance. Further, in paper mills and the textile industry, vessels, pipe fittings, castings, and forgings are usually made of copper-nickel alloys to prevent resistance from paper pulp, inks and dyes, and other chemicals. In the food & beverage industry, multi-stage evaporators, feedwater heaters, agitators, filtration systems, sieves, mixers, and pipelines are made of copper-nickel alloys to withstand the corrosion caused by acidic food and beverages. Further, copper-nickel alloys are used in medical equipment due to their strong antimicrobial properties, which reduce the risk of cross-contamination and infections. Therefore, the widespread applications of copper-nickel alloys in different end-use industries fuel the growth of the copper-nickel alloys market.
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