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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
  • Others

Based on the end user, the nickel alloys market is segmented into:

  • Aerospace & Defense 
    • Aircraft Engines
    • Defense Equipment
  • Automotive 
    • Exhaust Valves
    • Turbocharger
    • Others
  • Chemical 
    • Chemical Reactors
    • Heat Exchangers
    • Pressure Vessels
    • Others
  • Electrical & Electronics 
    • Precision Measurement Instruments
    • Electrical & Electronic Device and Components
  • Energy & Power 
    • Nuclear Power Plant Components
    • Power Plants Components
  • Oil & Gas 
    • Pipeline
    • Separators
    • Scrubbers
    • Pumps
    • Others
  • Others

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.

Research Methodology

Coherent Market Insights followsa comprehensive research methodology focused on providing the most precise market analysis. The company leverages a data triangulation model which helps company to gauge the market dynamics and provide accurate estimates. Key components of the research methodologies followed for all our market reports include:

  • Primary Research (Trade Surveys and Experts Interviews)
  • Desk Research
  • Proprietor Data Analytics Model

In addition to this, Coherent Market Insights has access to a wide range of the regional and global reputed paid data bases, which helps the company to figure out the regional and global market trends and dynamics. The company analyses the industry from the 360 Degree Perspective i.e. from the Supply Side and Demand Side which enables us to provide granular details of the entire ecosystem for each study. Finally, a Top-Down approach and Bottom-Up approach is followed to arrive at ultimate research findings.

Data Triangulation Methodology | Coherent Market Insights

Coherent Market Insights desk research is based on a principle set of research techniques:

  • National level desk research: It Includes research analysis of regional players, regional regulatory bodies, regional trade associations, and regional organization.
  • Multinational level desk research: The research team keeps a track of multinational players, global regulatory bodies, global trade associations, and global organization.

Coherent Market Insights has a large amount of in-house repository of industry database. This is leveraged as a burner for initiating a new research study. Key secondary sources include:

  • Governmental bodies, National and international social welfare institutions, and organizations creating economic policies among others.
  • Trade association, National and international media and trade press.
  • Company Annual reports, SEC filings, Corporate Presentations, press release, news, and specification sheet of manufacturers, system integrators, brick and mortar - distributors and retailers, and third party online commerce players.
  • Scientific journals, and other technical magazines and whitepapers.

Market Analysis | Coherent Market Insights

Preliminary Data Mining

The raw data is obtained through the secondary findings, in house repositories, and trade surveys. It is then filtered to ensure that the relevant information including industry dynamics, trends, and outlook is retained for further research process.

Data Standardization

Holistic approach is used to ensure that the granular and uncommon parameters are taken into consideration to ensure accurate results. The information from the paid databases are further combined to the raw data in order to standardize it.

Coherent Statistical model

We arrive at our final research findings through simulation models. Coherent Data Analytics Model is a statistical tool that helps company to forecast market estimates. Few of the parameters considered as a part of the statistical model include:

  • Micro-economic indicators
  • Macro-economic indicators
  • Environmental indicators
  • Socio-political indicators
  • Technology indicators

Data Processing

Once the findings are derived from the statistical model, large volume of data is process to confirm accurate research results. Data analytics and processing tools are adopted to process large chunk of collected informative data. In case, a client customizes the study during the process, the research finding till then are benchmarked, and the process for new research requirement is initiated again.

Data Validation

This is the most crucial stage of the research process. Primary Interviews are conducted to validate the data and analysis. This helps in achieving the following purposes:

  • It provides first-hand information on the market dynamics, outlook, and growth parameters.
  • Industry experts validates the estimates which helps the company to cement the on-going research study.
  • Primary research includes online surveys, face-to face interviews, and telephonic interviews.

The primary research is conducted with the ecosystem players including, but not limited to:

  • Raw Material Suppliers
  • Manufacturers
  • System Integrators
  • Distributors
  • End-users

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