Nickel Alloy Market Size, Share and Global Trend By Composition (Nickel-Copper, Nickel-Molybdenum & Nickel-Chromium-Molybdenum, Nickel-Silicon, Nickel-Chromium, Nickel-Chromium-Iron, Nickel-Chromium-Cobalt, Others), By End-Use Industry (Aerospace & Defence, Marine, Power, Chemical, Oil and Gas, Automotive, Electronics, Others) and Regional Forecast, 2024-2032

Pure and traditional metal elements have few drawbacks. Alloys are used instead of pure metal to overcome the disadvantage of pure metal and enhance the properties of components. The features of pure metals can be modified and enhanced by alloying it with some other metal or non-metal, according to the need. Use of nickel alloys is increasing in modern-day applications.

Based on the type of composition, nickel alloy market is segmented into nickel-copper (Monel), nickel-molybdenum ( Hastelloy) & nickel-chromium-molybdenum (Illium), nickel-silicon, nickel-chromium (Inconel), nickel-chromium-iron (Incoloy), nickel-chromium-cobalt, etc.

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Nickel has several superalloys, electrical resistance alloys, thermocouple alloys, low-expansion alloys, high-expansion alloys, constant-modulus alloys, and magnetic materials. Based on end-use industry, nickel alloys market is segmented into aerospace & defense, marine, power, chemical, oil & gas, automotive, electronics, and others.

The primary market driver for global nickel alloy market is the increase in demand for nickel alloys in several industrial verticals. Nickel alloys have superior properties as compared to pure metals. Use of nickel alloys increases the working life of a component and reduces the maintenance downtime. Key market restraint for the global nickel alloy market is the fluctuating prices of nickel and other alloying elements. The global trade barriers and tariffs have adversely affected the prices of nickel alloys.

Key Players Covered

Some of the notable companies in the global nickel alloy market are JLC Electromet Pvt. Ltd., Wanlutong Metal Group, VDM Metals Group, ATI (Allegheny Technologies Incorporated), Sandvik, Nippon Steel Corporation, Sumitomo Corporation, Beall Industry Group Co. Limited, ThyssenKrupp Materials NA, Rolled Alloys, Inc., Haynes International, Aperam, Voestalpine AG, Precision Castparts Corp, EB Alloy, HY Industry, and ArcelorMittal.

SEGMENTATION

Regional Analysis

The global nickel alloy market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia-Pacific is set to dominate the nickel alloy market. The rapid increase in industrial activity in marine, chemical, electronics, and aerospace sectors, increase in power plants and growth of space sectors in countries like India, China, Vietnam, Japan, Bangladesh, etc. are providing substantial growth to the nickel alloys market. The Middle-East, North America and Europe will upgrade its oil and gas industry using modern materials and technology. Nickel alloys will play an essential role in the modernization of the oil and gas industry. Airplane and marine vessel manufacturers use nickel-based superalloys for enhanced performance. North America and Europe are expected to boost nickel alloy market on account of aerospace and marine industry. Extensive research activity on nickel-based superalloys is being conducted in North America and Europe.

Key Industry Developments

• In Jun 2019, A team of University of North Texas College of Engineering students have created an energy-efficient system for controlling solar panels on CubeSats using a nickel-titanium shape memory alloy. Their design beat out teams from nine other universities to take first place at the CASMART 3rd Student Design Challenge in Germany.


• In May 2019, The ExOne Company, a global provider of three-dimensional (“3D”) printing machines, 3D printed products, and services to industrial customers and Sandvik Additive Manufacturing, a division in the high-tech global engineering Sandvik Group has announced a material collaboration. The material collaboration will focus on qualifying and optimizing Sandvik’s OspreyTM metal powders with ExOne’s binder jetting machines. The collaboration will include studying powder and binder interactions, developing 3D machine process settings, and creating post-processing heat treatments for various materials, initially including stainless steels, tool steels, and nickel alloys.


• In Apr 2019, Pittsburgh-based Allegheny Technologies Inc. (ATI) has extended its long-term purchase agreement with Rolls-Royce through 2029. Under the agreement, ATI will supply rotating disc quality nickel alloys for Rolls-Royce’s Trent engines.