Nickel Alloys Market Size & Share, by Function (Corrosions Resistant Alloys, High Performance Alloys, Electronic Alloys, Heat Resistant Alloys); End use Industry (Aerospace & Defense, Electrical & Electronics, Chemical, Oil & Gas, Energy & Power, Automotive, Others) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2025-2037

North America Market Analysis

North America nickel alloys market is anticipated to garner a valuation of USD 2.4 billion in 2024 and surpass USD 4.7 billion in 2037 driven by growing applications in the aerospace, defense, and infrastructure segments. The use of nickel alloys in construction and manufacturing is increased by the region’s emphasis on critical infrastructure like airports and renewable energy projects. The market for nickel alloys is steadily growing due to the strength, corrosion resistance, and heat resistance of the alloys used for high-performance applications. 

In the U.S., rising demand for nickel alloy in airport infrastructure and defense programs is a key driver. As per Airports Council International, U.S. airports need to spend USD 151 billion over the next five years to upgrade and expand infrastructure, which can increase demand for corrosive-resistant materials such as nickel alloys. Also, airports produce USD 1.7 trillion a year in economic output, proving their economic importance to the national economy. The demand for nickel alloys is projected to surge as the U.S. aerospace sector continues to expand and developers find new solutions to clean energy.

As Canada continues to focus on mining, mining infrastructure, and renewable energy, the country’s nickel alloys market is rising at a steady pace. With increased government funding of electric vehicle production and renewable energy projects, demand for nickel alloys in batteries, pipelines and structural applications is on the rise. Nickel mining plays a vital role in Canada resource sector, and advancements in processing technologies are positioning the country as a significant supplier of high-quality nickel alloys. This growth represents progress toward sustainable development and industrial modernization.

Asia Pacific Market Statistics

Asia Pacific Excluding Japan nickel alloys market is projected to showcase growth rate of around 5.7% between 2025 and 2037, rising from USD 8.2 billion in 2024 to USD 17.2 billion by 2037. This growth is being fueled by rapid industrialization, urbanization, and infrastructure development across the region. The nickel alloys market is being driven by the rapid growth of the energy, automotive, and petrochemical industries in countries such as China and India. A PEJ is also supporting the demand for nickel alloys due to the increasing shift towards renewable energy and electric vehicles.

India nickel alloys market is growing at a steady pace due to investments in infrastructure projects, defense initiatives, and automotive sector expansion. The demand for nickel alloys has surged as the government launched various initiatives to boost domestic steel and alloy production and promote electric vehicle manufacturing. For example, the Make in India initiative by the government of India suggests how the country is increasingly producing high-performance alloys to curb imports and meet soaring industrial needs. 

Although there are a significant number of other players in the nickel alloys market for APEJ, China continues to remain a lucrative country for manufacturers. This is attributed to the large share it has in the global production and consumption of this product. Strong infrastructure development, automotive growth, and leadership in renewable energy projects have continued to fuel demand. In February, Houston-based recycling company Allied Alloys LP was added to the buy list for Stainless Steel Midwest, strengthening China’s grip on the global nickel recycling market. China is reinforcing its dominance in the region by acquiring the use of critical materials for securing a more sustainable nickel alloy supply chain in the country.