Nickel Alloys Market size is forecast to reach $15.66 billion by 2025, after growing at a CAGR of 3.8% during 2020-2025.Nickel alloys provides immense strength at extremely high temperatures; owing to its properties these are mostly preferred in aerospace industry. Aerospace and automotive is the fastest-growing market due to the mass production of parts using nickel alloys due to the properties offered by nickel alloys in terms of corrosion resistance, strength, durability, metallurgical reliability, textile capability and weld ability which will enhance the demand of Nickel Alloys Industry over the forecast period.
Nickel Alloy Type- Segment Analysis
Nickel Copper Alloy segment held the largest share in the Nickel Alloys Market in 2019. Nickel Copper Alloys have excellent characteristics such as high strength, good corrosion resistance, flexibility, and low temperature co-efficient of electrical resistance which are used in the end – use industry. Increasing use of Nickel Copper Alloy in the manufacture of cooling circuits, ammunition, sea water corrosion-resistant assemblies and condenser tubes would fuel market demand over the predicted era.
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Function – Segment Analysis
Corrosion Resistance segment held the largest share in the Nickel Alloys Market in 2019. The marine industry aims at producing seawater Nickel Alloy piping due to its complete resistance to barnacles. Nickel Copper Alloys are highly corrosion resistant alloy which makes seawater desalination, water systems and firefighting systems very reliable. Using Copper Nickel Alloys in various marine products such as valves, pumps, fittings, and sheathing for ship hulls, can maintain good corrosion resistance even in harsh environments.
Application – Segment Analysis
Automotive sector is expected to be one of the largest markets for nickel alloys growing with a CAGR of 4.1% during the forecast period 2020-2025. Nickel alloys are commonly used in the automotive sector for their corrosion resistance as well as for their visual appearance when polished for instance, car trims. Nickel ensures that automotive bodies are strong, durable and can help absorb impact of collisions by crumpling rather than fracturing. Inconel and Incoloy alloy is a type of Nickel Alloy mostly used in automotives because of its ability to retain its strength and resistance to corrosion in myriad applications within the production of motor vehicles. Also, use of nickel alloys for spark plugs, diesel valves, thermostats, turbochargers, plates, and casings for many different automotive parts and products to reduce the total weight of the cars and make it fuel-efficient will lead to increase in demand of Nickel Alloys Market in the forecast period.
Geography- Segment Analysis
Asia Pacific held the largest share with 39.6% in the Nickel Alloys Market in 2019. Factors contributing to increased demand for nickel alloys in the Asia Pacific region are increasing production in the manufacturing sector to satisfy transportation requirements for superior quality goods and growing exports from the country. The rising population and growing consumer preferences for automotive will likely fuel nickel alloys market growth in China and India. Increased passenger traffic is anticipated to boost market growth in the coming years, thus boosting demand for automotive. According to International Trade Administration, China is the largest vehicle market in the world, with the Chinese government expecting car production to reach 30 million units by 2020, and 35 million by 2025. Also, according to India Brand Equity Foundation in 2018, India became the fourth largest auto market with sales increasing 8.3% year-on-year to 3.99 million units. It was also the seventh largest manufacturer of commercial vehicles in 2018.
Drivers –Nickel Alloys Market
Increasing use of Nickel Alloy in Nuclear Power Plant
Nickel containing corrosion and heat-resistant alloys play an important role in ensuring the integrity, durability and long-term performance of nuclear power stations. Nickel alloys are used in both heat transfer and cooling systems inside the reactor vessel. In addition, hastelloy is used to resist molten salts used as a fuel and coolant in the early development of molten salt nuclear reactors for propulsion and power generation. Significant heat transfer processes are used in producing energy at both nuclear and fossil-fired power plants such as steam engines, heat exchangers, coolers, condensers, reservoirs, pipe work, valves and fittings. Copper-nickel is best suited for these applications. Nickel alloy has been used in several cooling water systems that are using seawater as the process water or where corrosion is a big concern. Also, Nickel alloys are commonly used for waste storage containers and glove boxes as well as heat exchangers and other transport equipment.
Increasing demand from aerospace industry
Nickel alloys are commonly used in the aerospace industry, particularly in engine manufacturing. Owing to the superior property of Nickel Alloy compared to other materials, such as steel and stainless steel, nickel alloys are used to produce various parts of aircraft engines. In addition, inconel alloy a type of nickel alloy is mostly used in turbine engines because of its ability to retain its strength and resistance to corrosion in very high temperature conditions. Use of Inconel alloy in manufacturing aerospace products reduces the total weight of the aircraft and makes it fuel-efficient. With an increase in the passenger air travel, the global aerospace industry is growing at a significant pace. New aircrafts is introduced by the airline companies in order to expand its businesses. The number of people using air transport is growing, which in turn is increasing demand for new aircraft. This demand is expected to drive the growth of the companies supplying the aviation manufacturing industry with aerospace components. According to the International Civil Aviation Organization, 1606 new commercial aircraft were manufactured by the major world manufacturers in 2018.
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Challenges –Nickel Alloys Market
Health Risks of Nickel Consumption
About 10-20% population today is allergic to nickel. Allergic reaction is the most common health hazard caused by nickel. Prolonged contact of nickel with the skin may lead to allergic skin reaction that may present as a skin rash at the site of contact, such as eczema and sometimes dermatitis. Asthma is developed by some people due to the exposure of nickel via inhalation. Breathing dust, drinking water, consuming food or smoking tobacco, will lead humans to consume small amount nickel into their body. Nickel particles are irritants to the lungs and can induce pneumonitis. Nickel exposure causes serious health hazards such as chronic bronchitis, reduced lung function, and cancer of lung and nasal sinus.
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Nickel Alloys market. Major players in the Nickel Alloys Market are Allegheny Technology Incorporated, Aperam S A, Thyssenkrupp AG, VDM Metals GmbH, Carpenter Technology Corporation, Cogne Acciai Speciali S.P.A, Columbia Metal Ltd, Haynes International Inc, JLC Electromet Pvt. Ltd., Kennametal, Inc, Neonickel, Sandvik Material Technology among others.
In February 2018, Sandvik Material Technology invested about SEK 200 million in a new plant for manufacturing of nickel metal powders.
Nickel alloy has a combination of unique properties such as ductility, malleability, corrosion resistance and superior strength and also a conductor of heat and electricity, which makes them suitable for specialized applications in various end-use industries.
Nickel alloy contains about72-83% of highest strong magnetic properties and are mainly used in transformers, inductors, electrical amplifiers, and electrical shielding and memory storage systems.
Nickel explosives leads to oxidative damage which affects the kidney and liver causing health hazards such as lung and nasal sinus cancers which acts as one of the main challenge for Nickel Alloys Market.
The COVID-19 pandemic has quickly and severely affected the globally integrated automotive industry. Symptoms include a disruption of shipments of Chinese products, large-scale production interruptions throughout Europe, and the closure of assembly plants in the US. This puts heavy pressure on an industry that is already facing a slowdown in global demand and is expected to increase merger & acquisition activity.
Related Reports :
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B. Shape Memory Alloy Market
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