According to a recently published report by Research Nester on “Nickel Alloy Market: Global Demand Analysis & Opportunity Outlook 2027” delivers detailed overview of the Nickel Alloy Market in terms of market segmentation by product type, by function, by end user and by region.
The nickel alloy market is segmented by product type, function, end user and regions. Based on product type, the market is segmented into nickel- aluminum alloys, nickel-titanium alloys and nickel-chromium alloys. On the basis of function, the market is segmented into heat resistant nickel alloys, corrosion resistant nickel alloys, high performance nickel alloys and electronic alloys. Further, on the basis of end users, the market is segmented into aerospace, automotive, chemical, electrical & electronics, energy & power, oil & gas and others.
Asia- Pacific is expected to lead the market on the back of lucrative aerospace, automotive, defense, energy and power sector. Europe is expected to grow at a significant rate on the back of use of nickel alloy in high performance technologies. North America is expected to grow at a significant growth rate on the back of steady growth in automobile, electronics, aviation and defense industry and growing chemical industry. Besides this, Latin America is expected to grow at a significant rate on the back of the fueling growth of automobile, aviation, electronics and chemical sector. Middle East is expected to grow significantly at the back of its increasing demand in the oil & gas sector.
Increase in aircraft component manufacturing industry
In aircrafts, nickel alloy is used to manufacture exhaust systems, blades, hydraulic pumps and various other components. The military and civil aircraft production industry is growing rapidly, which is expected to boost the growth of the market.
Rising demand of corrosion resistant alloys in Oil & Gas industry
Oil and gas production has become more challenging as the site conditions are becoming increasingly severe, with higher temperatures, higher pressures and sour fields with high CO2 levels. All these challenges require advanced technologies, improved equipment, and high-performance materials to ensure the smooth extraction of oil and gas which increases the scope of nickel alloys in the oil & gas industry thus, projected to foster the growth of nickel alloy market.
However, increasing prices of raw materials in the market is expected to operate as a key restraint towards the growth of nickel alloy market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the Nickel Alloy Market which includes company profiling of Sandvik Materials Technology AB, Precision Castparts Corporation, Allegheny Technologies Incorporated and VDM Metals. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Nickel Alloy Market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.