The global nickel alloys market is widely used in aerospace, automobiles, power generation and oil & gas industries due to its high strength, corrosion and heat resistant properties. Nickel alloys are suitable for manufacturing jet and rocket engine components, gas turbines, valves and pipes that can withstand high pressures and 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 key trends:
The growing aerospace and defense sector is propelling the demand for nickel alloys as they possess excellent properties well-suited for applications in aircraft engines and space vehicles. Nickel alloys have high strength even at elevated temperatures, high resistance to corrosion, and are light in weight. These properties enable aircraft engines and jet engines to withstand extreme heat and pressure. With increasing defense budgets and air passenger traffic worldwide, the production of aircrafts and jet engines is expected to rise significantly thereby driving the demand for nickel alloys over the forecast period.
SWOT Analysis
Strength: Nickel alloys have excellent corrosion resistance properties against sea water, acids and alkalis. They offer high strength and creep resistance at elevated temperatures.
Weakness: Nickel alloys have relatively high raw material costs compared to other alternatives. Their machinability is also poor compared to stainless steels.
Opportunity: Growing demand from end use industries such as aerospace, oil & gas and chemical processing is expected to drive the demand for nickel alloys. Their excellent heat and corrosion resistance make them suitable for applications in these industries.
Threats: Volatility in raw material prices can squeeze profit margins for manufacturers. Stringent environmental regulations pertaining to nickel mining can also negatively impact supply.
Key Takeaways
The Global Nickel Alloys Market Demand is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis indicates that Asia Pacific currently dominates the market and is expected to continue its lead through 2031 backed by rapid infrastructure development and growth of end use industries in the region.
Key players operating in the nickel alloys market are 3D Systems Corporation, Exone Company, Formlabs Inc., General Electric (GE Additive), Materialise NV, Organovo Holdings, Inc., Oxford Performance Materials Inc., Proto Labs, Inc., Stratasys Ltd., SLM Solutions Group AG, and others. They are focusing on new product development and capacity expansion to cater to the increasing demand from aerospace, chemical processing and oil & gas industries where corrosion resistance and high strength are key requirements.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it