Nickel Alloy Market growth drivers in 2019 & Challenges by 2025

Asia Pacific shall be the fastest growing region in nickel alloy market. This can be attributed to the substantial growth in regional power & energy and electrical & electronics industries. Emerging economies such as China, India, and Indonesia are creating high energy demand, and this will positively influence the power & energy industry growth in the region with a highest CAGR globally.

Moreover, increasing digitization in region is boosting the electronics & electrical market growth, which is attributed to the surge in disposable income of the people in the region. Europe will be the next promising region in global nickel alloy market owing to the presence of automobile manufacturing industry.

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Nickel Alloy Market size is likely to grow with a prominent CAGR during the forecast timespan. Significant growth in various end-use industries such as aerospace & defense, automotive, etc. due to surge in personnel income level coupled with increasing demand for automobiles will complement industry growth. Automobile sales has grown from 66 million in 2013 to 97 million in 2017 and is projected to continue to grow at a same pace during the forecast timespan. This will positively influence the entire nickel alloy market by 2024.

Nickel alloy in the automobile are used to manufacture diesel valves, spark plugs, thermostats, turbochargers wheels, casings and other equipment. In aircraft component manufacturing, nickel alloys have a wide acceptance for the designing the exhaust system, blades, engine components, and others. Growth in the aerospace & defense sector in emerging economies shall positively influence the nickel alloy market in coming years.

For instance, the global airline passenger traffic was 4.25 revenue passenger kilometers (RPKs) billion in 2006 and surpassed 5.89 RPKs billion in 2014. In addition, the global RPKs is forecast to reach 15.53 billion by 2033, with an annual growth of 5% from 2015 to 2033.

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Nickel alloys are used for their outstanding corrosion and high temperature resistance characteristics. These alloys are used to resist extremely corrosive conditions in the chemical, energy & power and petrochemical industries. Exponential size and significant growth in the chemical industry shall propel the product demand in near future. In power generation industry nickel alloys are used to manufacture the turbines.

World is moving to the sustainable energy solutions, countries are spending more on the renewable energy resources, this increase in the government spending is projected to boost the product demand over the forecast period. However, the unpredictable oil & gas industry might hamper the nickel alloy market growth over the forecast timespan. Another factor, which is likely to restrain the product demand is growing prices of the raw material.

The product is useful in corrosion resistant, heat resistant, high performance and electronic alloy. Owing to these properties product usage and applications in the end-use industries are likely to increase. Moreover, product manufacturers are increasing their spending on the R&D activities to enlarge the entire product portfolio and minimalize the cost. In many industries, the nickel alloy is used as a stainless steel substitute, increasing product usage as a stainless-steel substitute is likely to fuel the global nickel alloy market growth in future.

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There are many multinational giants and medium scale manufacturers operating in the nickel alloy market. Some major product manufacturers include, VDM metals GmBH, Sandvik AB, Aperam S.A., Allegheny Technologies Incorporated, ThyssenKrupp AG, CRS Holdings Inc., Haynes International, Precision Castparts Corporation, Rolled Alloys, Inc., Voestalpine AG and Ametek Inc.

The companies operating in the value chain are increasing their production capacity to meet customer needs and reduce the product cost. For instance, Sandvik is investing approximately USD 25 million in a new plant for the manufacturing of titanium and nickel fine metal powders. This new production facility will enhance the entire product landscape of the company.

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