(Aviation-NewsWire.Com, November 30, 2021 ) The report "Nickel Alloys Market by Function (Corrosion Resistant, Heat Resistant, High Performance, Electronic Alloys), End-Use Industry (Aerospace & Defense, Oil & Gas, Chemical, Energy & Power), and Region - Global Forecast to 2022", The nickel alloys market is projected to grow from an estimated USD 12.14 Billion in 2017 to USD 14.68 Billion by 2022, at a CAGR of 3.9% from 2017 to 2022. The growing demand for nickel alloys from various end-use industries, including the growing aerospace and oil & gas industries, are factors driving the nickel alloys market, globally.
Based on function, the high performance alloy segment is projected to lead the nickel alloys market during the forecast period
Based on function, the high performance nickel alloys segment is estimated to lead the nickel alloys market in 2017, which can be attributed to the rising demand for nickel alloys, mainly from the aerospace & defense, oil & gas, and chemical & petrochemical industries. Nickel is a versatile metal that can alloy with various other metals, which possess various chemical, physical, and mechanical properties. Nickel alloys possess extreme corrosion resistant properties, due to which these alloys can be used in extremely harsh environments in the oil & gas, chemical, aerospace, energy & power, and various other industries. Besides corrosion resistance properties, nickel alloys also possess high heat and temperature resistance properties.
Nickel alloys are widely used in the aerospace & defense industry
Based on end-use industry, the aerospace & defense industry segment are estimated to have led the nickel alloys market in 2017. Over the past few decades, nickel alloys are widely used in the aerospace industry mainly in the engine manufacturing sector. They provide excellent mechanical and physical properties and are highly suitable for engine turbine, blades, exhausts systems, and others. The growing investments in the aerospace industry and an increasing number of aircraft deliveries are driving the aerospace industry, which in turn is driving the demand for high performance alloys.
Asia Pacific is the largest market for nickel alloys
The Asia Pacific is a highly potential market for nickel alloys and is projected to continue this trend during the coming years as well. Increasing production in the manufacturing sector to cater domestic requirements for superior quality products and rising exports from the region are factors leading to an increased demand for nickel alloys in the region. Moreover, increasing population and a growing number of end-use industries in the Asia Pacific region have also led to innovations and developments in the field of nickel alloys, thereby fueling the growth of the Asia Pacific nickel alloys market.
The key players in the nickel alloys market are VDM Metals (Germany), Aperam S.A. (Luxembourg), Sandvik Materials Technology AB (Sweden), Allegheny Technologies Incorporated (US), Carpenter Technology Corporation (US), ThyssenKrupp AG (Germany), Haynes International Inc. (US), Precision Castparts Corporation (US), Voestalpine AG (Austria), and Rolled Alloys Inc. (US), among others.
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