Nickel Alloy Market Segmentation By Product Type (Nickel-Aluminum Alloys, Nickel- Titanium Alloys & Nickel- Chromium Alloys); By Function (Heat Resistant Nickel Alloys, Corrosion Resistant Nickel Alloys, High Performance Nickel Alloys and Electronic Alloys); By End User( Aerospace, Automotive, Chemical, Electrical & Electronics, Energy & Power, Oil & Gas and Others) - Global Demand Analysis & Opportunity Outlook 2027

Nickel Alloy Market Overview

With technological advancements, the material demand in various sectors has evolved significantly such as automotive, aerospace, marine, electronic components, oil & gas machinery and others. All these sectors are focused towards utilizing materials in manufacturing that have capabilities such as corrosion resistance, high temperature resistance, chemical resistance, light weight and others. Nickel alloys are the mixture of nickel with other metals or elements such as iron, cobalt, copper, chromium, lead, aluminum, silver, gold etc.

Nickel alloy is a versatile material which has diverse applications such as turbines in power generation, aircraft gas turbines, aircraft parts & accessories, marine fasteners, electronics and others. Due to its properties, nickel alloy is used in batteries, coatings, mobile phones, kitchenware, jewelry, medical equipment, buildings, transport and power generation. In automotive industry, they are used for motors, generators, heating elements, turbochargers, gears, pistons, wipers, clamps etc. They are used in aircraft for manufacturing exhaust systems, blades, hydraulic pumps and various other components. Utilization of such alloys in different industries to fortify the worldwide nickel alloy market growth.

Market Size and Forecast

In aircrafts, nickel alloy is used to manufacture exhaust systems, blades, hydraulic pumps and various other components which is expected to boost the growth of the market. The military and civil aircraft production industry is growing rapidly which is expected to boost the growth of the nickel alloy market. Oil and gas production have become more challenging as the site conditions are becoming increasingly severe, with higher temperatures, higher pressures and sour fields with high CO2 levels. All these challenges require advanced technologies, improved equipment, and high-performance materials to ensure the smooth extraction of oil and gas which increases the scope of nickel alloys in the oil& gas industry which is expected to boost the market growth.

The nickel alloy market is anticipated to record a CAGR of around 3.8% during the forecast period i.e. 2019-2027. The market is segmented by product type, function & end user. By end-user, the aerospace segment is anticipated to have significant growth. 

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Growth Drivers

Increase in aircraft component manufacturing

In aircrafts, nickel alloy is used to manufacture exhaust systems, blades, hydraulic pumps and various other components. With increase in aircraft component manufacturing, it is expected that it will boost the growth of the nickel alloy market.

Growth in military and civil aircraft production

The military and civil aircraft production industry is growing rapidly which is expected to boost the growth of the market.  

Rising demand for corrosion resistant alloys in Oil & Gas industry

Oil and gas production have become more challenging as the site conditions are becoming increasingly severe, with higher temperatures, higher pressures and sour fields with high CO2 levels. All these challenges require advanced technologies, improved equipment, and high-performance materials to ensure the smooth extraction of oil and gas. This creates a huge scope for the corrosion resistant alloys (CRAs) to penetrate the oil & gas market which is expected to boost the nickel alloy market.

Increasing automotive sales

Nickel alloy is used to manufacture motors, generators, heating elements, turbochargers, gears, pistons, wipers, clamps etc. in the automotive industry. Increasing automotive sales is expected to boost the growth of the market.

Restraints

Increasing cost of raw materials

Cost of raw material is increasing at a significant rate in the market which is expected to hamper the growth of the nickel alloy market.

Market Segmentation

Our in-depth analysis of nickel alloy market includes the following segments:

By Product Type

• Nickel- Aluminum Alloys
• Nickel- Titanium Alloys
• Nickel- Chromium Alloys

By Function

• Heat Resistant Nickel Alloys
• Corrosion Resistant Nickel Alloys
• High Performance Nickel Alloys
• Electronic Alloys

By End User

• Aerospace
• Automotive
• Chemical
• Electrical & Electronics
• Energy & Power
• Oil & Gas
• Others

By Region

On the basis of regional analysis, the nickel alloy market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.

Asia- Pacific is expected to lead the market on the back of lucrative aerospace, automotive, defense, energy and power sector and increasing manufacturing and export sector. Europe is expected to grow at a significant rate on the back of use of nickel alloy in high performance technologies. North America is expected to grow at a significant growth rate on the back of steady growth in automobile, electronics, aviation and defense industry and growing chemical industry.  Latin America is expected to grow at a significant rate on the back of fueling growth of automobile, aviation, electronics and chemical sector. Middle East is expected to grow significantly at the back of its increasing demand in the oil & gas sector.

The nickel alloy market is further classified based on region as follows:

• North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
• Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
• Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
• Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis.
• Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Top Featured Companies Dominating the Market

• Sandvik Materials Technology AB
  • Company Overview
  • Business Strategy
  • Key Product Offerings
  • Financial Performance
  • Key Performance Indicators
  • Risk Analysis
  • Recent Development
  • Regional Presence
  • SWOT Analysis
• Precision Castparts Corporation
• Allegheny Technologies Incorporated
• Thyssenkrupp AG
• VDM Metals
• Rolled Alloys Incorporated
• Aperam S.A.
• Carpenter Technology Corporation
• Voestalpine AG
• Ametek Incorporated