Nickel alloys find widespread applications in industries such as aerospace, oil & gas, chemical, and power generation due to their excellent corrosion and heat resistance. Nickel alloys are used to manufacture components and parts that require high strength even at elevated temperatures. Some common applications of nickel alloys include jet engines, turbines, heat exchangers and piping systems. The aerospace industry has been a major consumer of nickel alloys due to increasing demand for fuel-efficient aircrafts. The growing production of commercial aircrafts along with rising investments in the defense sector have propelled the adoption of nickel alloys. On the other hand, nickel alloys help improve equipment life and reduce maintenance cost of machines used in oil & gas industry.

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 increasing shift towards lightweight materials from conventional alloys is a major trend in the market. Nickel alloys offer higher strength to weight ratio compared to steel and other alloys. Hence, they are increasingly replacing conventional alloys in applications where weight reduction is critical such as aircraft components. Stringent emission regulations in the transport sector have further augmented the replacement of heavier alloys with advanced lightweight nickel alloys. Furthermore, the growing electric vehicle market is also contributing to the demand for nickel alloys as they find application in manufacturing batteries and battery components of EVs. The superior corrosion resistance, conductivity and energy density of nickel alloys make them suitable for EV batteries. The rising concerns regarding environmental pollution are expected to boost adoption of EVs, thereby driving sales of nickel alloys over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is low due to high capital investment required to set up manufacturing facilities.

Bargaining power of buyers: The bargaining power of buyers is moderate due to the presence of many established players offering similar products.

Bargaining power of suppliers: The bargaining power of suppliers is low as raw materials required are commodities available from many suppliers.

Threat of new substitutes: The threat of new substitutes is low as nickel alloys have strong properties that are difficult to substitute.

Competitive rivalry: The competitive rivalry is high due to many global players competing on the basis of product quality, pricing and innovation.

Key Takeaways

The Global Nickel Alloys Market Demand is expected to witness high growth.

Regional analysis:

The Asia Pacific region dominates the nickel alloys market and is expected to be the fastest growing region during the forecast period due to growing end-use industries in countries like China and India.)

Key players :

Key players related content (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.)

Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it