Nickel Alloys Are Estimated To Witness High Growth Owing To Increasing Adoption In Aerospace Industry
Nickel alloys are corrosion-resistant alloys with nickel as the primary metal constituent. They are predominantly used in applications requiring high strength, toughness, and corrosion resistance at elevated temperatures, especially in the aerospace, hydrocarbon processing, chemical processing, and marine industries. Nickel alloys find wide usage as valve trim materials, process piping, heat exchanger tubing, reactor vessels, furnace walls, pump casings, and other equipment handling corrosive media at high temperatures.
The global Nickel Alloys Market is estimated to be valued at Us$ 17.57 Bn in 2024 and is expected to exhibit a CAGR Of 19.% over the forecast period 2024 To 2031, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics
Increasing adoption in aerospace industry (One driver from heading): Nickel alloys find extensive application in aircraft engines owing to their ability to withstand high pressures and temperatures without deterioration. The components fabricated using nickel alloys exhibit high strength and creep resistance even at extreme operating conditions prevalent in aircraft engines and turbines. Moreover, aging fleet size and growing passenger traffic are driving the demand for new commercial aircrafts, which in turn is augmenting the consumption of nickel alloys in aerospace industry. According to Coherent Market Insights analysis, around 39,000 new commercial aircrafts are projected to be delivered globally between 2019 and 2038. This massive demand from aerospace industry is expected to propel the growth of global nickel alloys market over the forecast period.
The rising need for corrosion resistance and high strength materials across various end-use industries is another key factor influencing the market dynamics positively. Nickel alloys provide excellent resistance against corrosion caused by chemicals, sea water as well as thermal and mechanical stresses. They withstand acids, alkalis and wet chlorine environments better than any other metal. The prominent end-use industries requiring such features include oil & gas, chemical processing and power generation. Growing process plant infrastructure across these industries will augment the consumption of nickel alloys during the forecast period.
SWOT Analysis
Strength: Nickel alloys have high corrosion resistance, high strength and temperature tolerance making them suitable for applications in aerospace, oil & gas and power generation industries. Their ability to withstand high temperatures gives them an advantage over other commonly used materials. The aerospace industry's increased adoption of nickel alloys for manufacturing critical components that withstand high temperatures enhances the market growth.
Weakness: Nickel alloys are expensive compared to commonly used materials like steel and aluminum. Their complex production processes that involve high temperatures make them costlier. The volatile prices of raw materials like nickel often increase production costs for manufacturers.
Opportunity: Growing demand for durable and high-performance materials from industries like aerospace, chemical processing, marine propulsion is driving the need for nickel alloys. Investments in research to develop advanced nickel alloys with enhanced properties will open new application areas and markets. Expanding applications in 3D printing technologies present an opportunity for nickel alloy manufacturers.
Threats: Stringent environmental regulations around nickel mining and processing pose challenges. Substitute materials like titanium and specialty steels threaten nickel alloys in price-sensitive applications. Economic slowdowns can reduce demand from end-use industries like oil & gas.
Key Takeaways
The Global Nickel Alloys Market Demand is expected to witness high growth over the forecast period driven by increasing aerospace manufacturing and expansion of oil & gas and chemical industries. The aerospace industry will remain the major consumer of nickel alloys due to their critical need in manufacturing components exposed to high temperatures and corrosive conditions. Boeing and Airbus' new aircraft programs and planned production rate increases will fuel additional demand.
Regional analysis –
North America region currently dominates the global nickel alloys market owing to robust growth in aerospace, oil & gas, and power generation industries in the US and Canada. Asia Pacific region is expected to grow at the fastest pace during the forecast period led by China, Japan, and India. Expanding manufacturing sectors, rising income levels, and infrastructure investments in Asia Pacific countries will propel the adoption of nickel alloys.
Key players operating in the nickel alloys market are 3D Systems Corporation, Exone Company, Formlabs Inc., General Electric (GE Additive), Materialise NV, Oxford Performance Materials Inc., Proto Labs, Inc., Stratasys Ltd., SLM Solutions Group AG. Key players are investing in R&D to develop new nickel alloys with optimized composition for different application requirements. Collaborations with end-use industries help players gain insights into evolving material needs.
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