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  • Nickel Alloys Market Growth Analysis | 2023-2028

    Nickel Alloys Market Growth Analysis | 2023-2028

    Nickel Alloys Market Growth Analysis | 2023-2028
    Report code - SR2517 Published On : Apr,2023 No. of Pages: 180
    Nickel Alloys Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis - 2023 See more...

    Market Insights

    The nickel alloys market is expected to grow at a CAGR of 4.4% during the forecast period to reach USD 18.5 billion in 2028.

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    What are nickel alloys?

    Nickel alloys are non-ferrous metals with high strength and toughness, excellent corrosion resistance, and superior elevated temperature properties. Nickel Copper, Nickel-Chromium-Iron, Nickel-Chromium-Molybdenum, and Nickel-Molybdenum form most of the nickel alloys market. Globally, manufacturers sell nickel alloys in the form of plates, strips, semis, bars, seamless, and wires. These alloys find their applications in the aerospace, power, and energy, automotive, process, and other niche markets.

    COVID-19 Impact

    During the COVID-19 pandemic, the demand for nickel alloys declined drastically in the wake of the lockdown and low industrial activities. The impact of the pandemic varied from industry to industry; however, the aerospace industry is proved to be the major victim of the pandemic. Most of the major markets are already started registering excellent rebound after the pandemic. For instance, aerospace, the biggest market for nickel alloys, is likely to witness a double-digit growth rate in a couple of years.

    Nickel Alloys Market Report Highlights

    Market Size in 2028

    USD 18.5 billion

    Market Growth (2023-2028)

    4.4% CAGR

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Market Dynamics

    Increasing the use of nickel alloys in the automotive industry for reducing weight and improving engine performance is one of the key drivers of the market. Similarly, an excellent rebound in the aerospace industry is likely to rejuvenate the demand for nickel alloys in the industry. The main challenge for the market is high volatility in the price of raw materials and the highly unstable oil & gas business which may impact the market's growth during the forecast period of 2023-28.

    Recent Product Developments: New product development remains one of the focal points of the industry stakeholders. For instance, in Dec. 2020, VDM Metals GmbH launched two nickel-chromium alloys suitable for use in chemical processes and oil & gas industries. Concurrently, in Sept. 2022, Hitachi Metals released a novel ADMUSTER® C21P nickel-base alloy powder for metal additive manufacturing.

    Recent Market Collaborations, JVs, and Acquisitions: Healthy growth and rapid change in the market dynamics in the wake of geopolitical changes are driving several activities related to mergers and acquisitions. Some of these are the following.

    • In Feb 2022, Eramet signed a deal with Airbus, Safran, and Tikehau Ace Capital to acquire Aubert & Duval (a company based in France).
    • In March 2020, Acerinox acquired VDM Metals GmbH (global manufacturer of specialty alloys) from Lindsay Goldberg Vogel (a holding company) for a deal of €532 million.
    • In April 2019, Allegheny Technologies Incorporated signed a long-term purchase agreement with Rolls-Royce, which includes providing disk-quality nickel alloys for their new-generation engines for aircraft.

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    Segment Analysis

    By Product Type

    The nickel alloys market is bifurcated into bars, flat products, tubes, and others. Among these products, flat products remain the leading product as well as the fastest-growing product type in the years to come. They are used in multiple applications ranging from aerospace to marine to power generation.

    By End-Use Industry Type

    The market is segmented into aerospace, power & energy, process industry, electrical & electronics, automotive, and others. Aerospace is estimated to remain the dominant as well as the fastest-growing end-use industry in the years to come, favored by growing demand for high-temperature and corrosion-resistance materials, making it extremely useful for the construction of aircraft exhaust valves and turbine rotors. During the last few years, the industry has witnessed a significant increase in air traffic which has fuelled the production of aircraft and high-strength nickel alloys.

    Regional Insights

    North America is expected to remain the largest market for nickel alloys over the forecast period. The region is the go-getter to most industries. Furthermore, all the leading players prefer to have a manufacturing plant in the region in order to remain close to their customers and work along with them in their emergent needs. Recovery of Boeing (resumption of B787) is likely to help the region quickly regain its huge demand for specialty alloys including nickel alloys.

    Asia-Pacific is expected to be the fastest-growing market for nickel alloys over the forecast period. There has been a gradual shift in the manufacturing base of most of the end-use industries. For instance, the electrical and electronic industry has been moving to Asia, particularly China, which is creating bigger opportunities for market stakeholders of nickel alloys in the coming years.  Furthermore, a high focus on the development of several products indigenously is giving additional impetus to the demand for nickel alloys in the region in the coming years.

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    Critical Questions Answered in the Report

    • What are the key trends in the global market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in the next five years?
    • What is the impact of COVID-19 on the global market?
    • What are the key strategies adopted by the major vendors to lead in the market?
    • What is the market share of the top vendors?

    Market Segmentation

    This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.

    The nickel alloys market is segmented into the following categories.

    By Product Type

    • Bars
    • Flat Products
    • Tubes
    • Others

    By End-Use Industry Type

    • Aerospace
    • Power & Energy
    • Process Equipment
    • Electrical & Electronics
    • Automotive
    • Others

    By Region

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, The UK, Russia, and The Rest of Europe)
    • Asia-Pacific (Country Analysis: Japan, China, India, and the Rest of Asia-Pacific)
    • Rest of the World (Country Analysis: Brazil, Argentina, and Others)

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    Key Players

    The market is fairly consolidated with the presence of several regional and global players. Most of the major players compete in some of the governing factors including price, product offerings, regional presence, etc. The following are the key players in the nickel alloys market. Most of the major players are providing nickel alloys for the aerospace industry.

    • Allegheny Technologies Incorporated
    • VDM Metals GmbH
    • Carpenter Technology Corporation
    • Aperam S.A.
    • Haynes International, Inc.
    • Nippon Yakin Kogyo Co., Limited
    • Jiangsu Toland Alloy Co., Limited
    • Aubert & Duval S.A.
    • Mishra Dhatu Nigam Limited
    • Materion Corporation

    Research Methodology

    This strategic assessment report, from Stratview Research, provides a comprehensive analysis that reflects today’s nickel alloys market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.

    The vital data/information provided in the report can play a crucial role for the market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate the growth strategies to expedite their growth process.

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.

    We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth Analysis of the Nickel Alloys Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional, and country-level historical data and forecasts

    Which are the most attractive market segments?

    Market Segment Analysis and Forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirements?

    10% free customization

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com.

    Frequently Asked Questions (FAQ)

    Nickel alloys are non-ferrous metals with high strength and toughness, excellent corrosion resistance, and superior elevated temperature properties. Nickel Copper, Nickel-Chromium-Iron, Nickel-Chromium-Molybdenum, and Nickel-Molybdenum form most of the nickel alloys market. Globally, manufacturers sell nickel alloys in the form of plates, strips, semis, bars, seamless, and wires. These alloys find their applications in the aerospace, power, and energy, automotive, process, and other niche markets.

    The nickel alloys market is likely to reach USD 18.5 billion in 2028.

    The nickel alloys market is estimated to grow at a healthy CAGR of 4.4% over the next five years.

    Allegheny Technologies Incorporated, VDM Metals GmbH, Carpenter Technology Corporation, Aperam S.A., Haynes International, Inc., Nippon Yakin Kogyo Co., Limited, Jiangsu Toland Alloy Co., Limited, Aubert & Duval S.A., Mishra Dhatu Nigam Limited, and Materion Corporation are the leading players in the market.

    North America is expected to remain the largest market for nickel alloys over the forecast period. The region is the manufacturing capital of several industries with aerospace being the major one. Almost all the major OEMs and tier players are present in the region.

    Asia-Pacific is expected to be the fastest-growing market for nickel alloys over the forecast period. China, India, and Japan are the major growth propellors of the region. These economies are the powerhouses of almost all the major nickel-consuming industries. Furthermore, a rapid shift towards electric vehicles in Asian economies, particularly in China, assures a healthy demand for nickel alloys in the region.

    Aerospace is likely to remain the dominant as well as the fastest-growing end-use market for nickel alloys in the years to come. The aerospace industry is likely to register an extraordinary growth in the next two years, supported by rising air passenger traffic. This, in turn, is likely to positively impact across value chain including the demand for nickel alloys in the hot-zone areas.