Nickel Base Alloy Market Overview:
Nickel is a versatile element that can be combined with most metals. A wide range of solubility between iron, chromium and nickel allows many combinations of alloys to be developed. Nickel-based alloys resist the impacts of corrosion, pressure and high-temperature environments. Therefore, it is preferred in a range of applications such as gas turbines for airplanes, steam turbine power plants, medical applications, nuclear power systems and chemical and petrochemical industries. In addition, these alloys are essential in the hottest parts of gas turbines, both for power generation and for aircraft.
Nickel Base Alloy Market Size and Growth Rate:
According to the research report, the Nickel Base Alloy Market size was valued USD XX Million in 2017, it is projected to reach USD XX Million by the end of 2025, with growing at a CAGR of XX% during the forecast period 2018-2025.
Nickel Base Alloy Market Growth Drivers:
The major factors that are contributing to the growth of the nickel alloys market include the rising demand from the aerospace & defense industry. Nickel alloys, due to their high strength, resistivity, and increased reliability, are also used to manufacture various aircraft models. The nickel demand from the aerospace industry is rising even faster than the increase in aircraft deliveries, due to augmented aircraft size and performance requirements. Superior features of nickel alloys together with the growing aerospace industry is likely to increase the consumption of nickel alloys in the aerospace industry.
The robust growth of the end-use sectors is one of the crucial factors determining the growth of the nickel base alloy market. These alloys have wide acceptance in many aircraft components manufacturing such as blades, exhaust systems, engine components, blades, etc. Increasing civil and military aircraft production will complement the growth of the market.
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. Nickel alloy holds diverse applications such as turbines in power generation, aircraft gas turbines, aircrafts parts & accessories, marine fasteners, electronics, etc and has its application in industries such as electronics, energy & power, pulp & paper, oil & gas, defense and automotive.
Nickel Base Alloy Market – Regional Presence:
Geographically, it is analyzed in North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
The Asia Pacific region is anticipated 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. The Asia Pacific is closely followed by Europe and North America. Europe is expected to be the next promising market, in terms of demand for nickel alloy, following next is North America.
North America is projected to hold a prominent position in the market, a major share of the demand is anticipated to be accounted by the U.S. Middle East on the other hand, will have a noteworthy demand for nickel alloys from oil & gas sector. Further investments in offshore exploration could create significant growth opportunities for the market over the forecast period 2017–2027 in the Middle East.
Some of the Promising Companies leading the Nickel Base Alloy Market:
- ThyssenKrupp VDM
- Imphy Alloys
- Hitachi Metals
- Nippon Yakin
- Bao Steel
Nickel Base Alloy Market – Detailed Segmentation:
Nickel Base Alloy Market – By Product Type:
Nickel Base Alloy Market – By Application:
- Power Generation
- Oil & Gas
Nickel Base Alloy Market – By Geographical Segmentation:
- North America
- United Kingdom
- South Korea
- Latin America
- Middle-East & Africa
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