Nickel Alloys Market is Forecast to Reach US$ 18.5 Billion in 2028, Says Stratview Research

The Nickel Alloys Market is likely to grow at a significant CAGR of 4.4% during 2023-2028, to reach US$ 18.5 Billion in 2028, states Stratview Research.

DETROIT, Dec. 13, 2023 /PRNewswire/ -- Stratview Research a global market research firm has launched a report on the nickel alloys market which provides a comprehensive analysis of the global and regional industry forecast, current & emerging trends, segment analysis, and competitive landscape.

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Report Highlights

Segment Insights on the Nickel Alloys Market

The nickel alloys market is segmented based on product type, end-use industry type, and region.

Based on 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.

Based on 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 so are high-strength nickel alloys.

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Which Region Offers the Best Opportunity and Growth?

The report suggests that North America is expected to remain the largest market for nickel alloys over the forecast period.

This growth is majorly attributed to the following –

• 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.

Nickel Alloys Market Drivers

Some of the key drivers listed in the report are given below.

• Increasing the use of nickel alloys in the automotive industry for reducing weight and improving engine performance.
• An excellent rebound in the aerospace industry.

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Top 10 Companies in the Nickel Alloys Market?

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

What Deliverables Will You Get in this Report?

Related reports which might be useful:

• Titanium Alloys Market
• Specialty Alloys Market

About us –

Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.

It launches a limited number of reports annually on the above-mentioned specializations. The reliability and insightfulness of the reports enable the readers to take convincing business decisions.

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