Superalloys Market Size, Industry Analysis, and Growth Forecast 2024-2031

Market SizeThe Global Super Alloys Market reached USD 6.5 billion in 2022 and is expected to reach USD 11.3 billion by 2031, growing with...
HomeTechnology NewsNickel Alloys Market Size, Share, Industry, Forecast and outlook (2024-2031)

Nickel Alloys Market Size, Share, Industry, Forecast and outlook (2024-2031)

Market Size

The Global Nickel Alloys Market reached USD 14.6 billion in 2022 and is expected to reach USD 19.1 billion by 2031, growing with a CAGR of 3.5% during the forecast period 2024–2031.

The global nickel alloys market has experienced significantly positive trends in recent years, propelled by the expansion of the aerospace and power generation industries and a growing demand from high-performance end-users.

Nickel alloys are capable of operating under extreme conditions of temperature, pressure, and mechanical stress. These alloys demonstrate outstanding mechanical strength, creep resistance, corrosion resistance, and thermal stability, making them well-suited for critical applications in the aerospace, power generation, and automotive sectors. Moreover, advancements in metallurgy and manufacturing techniques are expected to create substantial market opportunities for nickel alloys.

Asia-Pacific stands out as the largest region in the Global Nickel Alloys Market, holding almost one-third of the market share, driven by its high mineral reserves and the continuous growth of end-user verticals such as the automotive and aerospace industries.

The region has seen a surge in market opportunities and increased participation in nickel alloys, attributed to rising power requirements and expansion in power generation. Furthermore, within the nickel alloys segment, electroplating dominates the end-user category, claiming nearly two-thirds of the market share. This dominance is primarily due to its extensive utilization in the automotive and aerospace sectors.

 

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Market Dynamics

Growing Aerospace Industry Driving the Global Nickel Alloys Market:

Significance of the Aerospace Industry:

Key Driver: The aerospace industry serves as a significant driver for the Global Nickel Alloys Market.

Demand for High-Performance Materials: The aerospace sector’s increasing need for lightweight and high-strength materials has led to the extensive use of nickel alloys in critical components.

Applications: Nickel alloys find applications in crucial aerospace components, including jet engines, turbines, and exhaust systems.

Demand Surge Due to Increased Air Travel:

Global Passenger Traffic Growth (2010-2019):

According to data from the International Civil Aviation Organization (ICAO), global passenger traffic witnessed a substantial growth of 51.7% from 2010 to 2019.

Implications: The surge in air travel creates a heightened demand for aircraft, contributing to the increased use of nickel alloys in aerospace manufacturing.

Drivers for Nickel Alloys in Aerospace:

Fuel Efficiency and Safety: The aerospace industry’s emphasis on fuel efficiency and improved safety standards has propelled the demand for advanced materials like nickel alloys.

Performance Requirements: Nickel alloys meet the stringent performance requirements of aerospace applications, ensuring durability, resistance to high temperatures, and enhanced mechanical strength.

 

Major Global Players:

The global nickel alloys market is significantly influenced by key players who play pivotal roles in shaping the industry. Some of the major global players include:

  • Anglo American Plc
  • BHP Billiton
  • Eramet SA
  • Glencore
  • Jinchuan Group
  • Norilsk Nickel
  • Minara Resources
  • PT Antam
  • Sherritt International Corp.

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