Growing demand for nickel alloys from oil & gas, aerospace, power generation, electronics, and others are driving the market growth. Nickel alloys possess’ superior chemical resistance, corrosion resistance, diamagnetic properties, and ability to withstand elevated temperature and pressure conditions, which are expanding their demand in the end-use industries. Moreover, the upsurging demand for stainless steel, copper-nickel alloys, and nickel-chromium alloys especially from the oil & gas industry is contributing majorly to the market growth.
The latest report by Value Market Research expects the Global Nickel Alloy Market to reach USD 15.29 billion by 2022. It was valued at USD 22.08 billion in 2030. The report foresees a 4.7 % CAGR from 2023 to 2030.
Stainless steel dominated the product segment
In 2022, stainless steel led the product segment by accounting major market share. The growing demand for medical tools, equipment parts, defense tools, petrochemical parts, and other components is driving the demand for stainless steel. Stainless steel is tough, sustainable, and corrosion-resistant material hence is used for a range of applications. This is further boosting segment growth.
Aviation led the application segment
By application, aviation emerged as the leading application segment owing to the growing application of nickel alloys in gears, jet engines, turbine seals, lock wire, exhaust liners, and other components. Nickel alloys impart hardness, strength, corrosion resistance, density, malleability, and other properties boosting its usage in the aerospace industry.
Asia Pacific dominated the regional market
Geographically, Asia Pacific led the market and accounted for the highest market share in 2022. Soaring demand for nickel and nickel alloys from automotive, aerospace, healthcare, and manufacturing industries from emerging economies such as China, India, and South Korea is contributing immensely to regional market growth.
Key players in the market
The market is predominately ruled by companies such as Alloy Wire International, Ametek, ATI, Carpenter Technology Corporation, Designed Alloy Products, Inc, Haynes International, Inc., J&J Alloys, Kennametal Stellite, MetalTek, Sandvik, Special Metals, VDM Metals, and Wall Colmonoy Corporation.