Nickel alloys are the mixture of nickel and other metals or elements. Nickel alloys with iron, copper, chromium, lead, aluminum, silver, gold, cobalt, and other elements are used to produce cast iron, stainless steel, Incoloy, Inconel, Monel, and other alloys. Nickel alloys have several properties such as heat resistance, electric resistance, toughness, strength at low and high temperature, corrosion resistance, and special electronic and magnetic properties. Due to these properties, they are used in batteries, coatings, mobile phones, kitchenware, mobile phones, jewelry, medical equipment, buildings, transport, and power generation. They are used in automotive industry for motors, generators, heating elements, turbochargers, gears, exhaust valve, brake fluid lines, cylinder liners, pistons, wiper, mufflers, catalyst, and clamps. They are widely used in aircraft for manufacturing exhaust systems, blades, hydraulic pumps, and other components. Nickel alloys are also used in power generation turbines, marine fasteners, and electronics. Therefore, Mentioned uses of nickel alloys in various industries are the drivers for the growth of nickel alloy market. The increasing cost of raw materials is the major restraint for nickel alloy market.
Nickel Alloys Market Taxonomy
Based on function, the nickel alloys market is segmented into:
- Corrosion-resistant alloys
- Electronic alloys
- Heat resistance alloys
- High-performance alloys
Based on the end user, the nickel alloys market is segmented into:
- Aerospace & Defense
- Aircraft Engines
- Defense Equipment
- Exhaust Valves
- Chemical Reactors
- Heat Exchangers
- Pressure Vessels
- Electrical & Electronics
- Precision Measurement Instruments
- Electrical & Electronic Device and Components
- Energy & Power
- Nuclear Power Plant Components
- Power Plants Components
- Oil & Gas
High resistance alloys are projected to be the largest segment in the nickel alloys market in 2017. This is due to their applications in various industries such as oil and gas, aerospace, chemical, energy, and power. Nickel alloys have major applications in defense and aerospace, owing to their superior physical and mechanical properties.
Nickel Alloys -Market Outlook
- Asia Pacific is the largest market for nickel alloys, owing to the lucrative aerospace, automotive, defense, energy, and power sector. The increase in manufacturing and export sector has augmented the nickel alloys market. The significant contributors to nickel alloy market in Asia Pacific are India, China, South Korea, and Japan. India Brand Equity Foundation (IBEF), a trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India estimated that the automotive market will reach US$ 16.5 billion by 2021 and generate annual revenue up to US$ 300 billion by 2026. Growing automotive sector in India is expected to augment the nickel alloy market.
- North America has a significant demand for nickel alloys due to steady growth in automobiles, electronics, aviation, and defense industry. Growing chemical industry in the USA is fuelling the growth of nickel alloy market.
- The use of nickel alloys in high-performance technologies, owing to its advantages such as heat resistance, durability, and strength is fuelling the growth of nickel alloy market. According to the European Union, nickel-based alloy operations and production are concentrated in Germany, Italy, United Kingdom, France, and Sweden. Growing automotive and oil and gas sector in the Middle East is fueling the growth of nickel alloys market.
- The steady economic growth in Latin America and the Middle East is fueling the growth of automobile, aviation, electronics, and chemical sector, in turn augmenting the nickel alloy market.
The companies are adopting various organic and inorganic growth strategies to retain their market position. key players operating the nickel alloys market include Allegheny Technologies Incorporated, Ametek Inc., Aperam S.A., Carpenter Technology Corporation, Haynes International Inc., Kennametal Inc., Precision Castparts Corporation, Rolled Alloys Inc., Sandvik Materials Technology, ThyssenKrupp AG, VDM Metals GmbH, and Voestalpine AG.
Nickel Alloys Market: Key Developments
- In June 2019, Carpenter technology agreed to provide advanced soft magnetic expertise and ultra-efficient electrical components using the premium specialty alloys to the OEM’s for the electric aircraft aspirants. This would be used in R&D and demonstrator motors and engines, leading to construction of lighter-weight, longer-lasting electric propulsion systems.
- In Jan 2019, AMETEK SMP Developed New Titanium Strip Products for Ground-Breaking Medical Applications. Two new grades were introduced by the company named grade 9 and 23 and were added to their product portfolio for the medical applications.
- In July 2017, Allegheny Technologies Incorporated announced that it was selected for the supply of nickel-based alloy products for a large oil pipeline repair project. The estimated revenue project would contribute $30 million to the ATI Flat Rolled Products segment. The customer selected the innovative products which was enabled by the capabilities of hot rolling and processing facility, which featured the shortest production cycle time for the nickel-based alloy flat-rolled products.