Nickel alloys have excellent corrosion resistance and heat resistance properties which make them suitable for a variety of applications in industries such as oil & gas, chemical & petrochemical, marine, and power generation. Nickel alloys are used in manufacturing heat exchangers, valves, piping systems, and reactors in these industries.
The global Nickel Alloys Market is estimated to be valued at Us$ 17.57 Billion 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:
One of the key drivers for the growth of the nickel alloys market is the increasing usage of nickel alloys in oil & gas industry. Nickel alloys play a vital role in manufacturing oil & gas equipments as they provide excellent resistance against corrosion from hydrocarbons. The demand for oil & gas has been increasing significantly owing to rising energy needs which is expected to drive the consumption of nickel alloys in this industry. The oil & gas industry requires components and equipments that can withstand high temperatures and pressures during extraction, refining and transportation of oil & gas. Nickel alloys fulfill these requirements which is contributing to their increasing adoption. This rising usage of nickel alloys in oil & gas industry is expected to accelerate the growth of global nickel alloys market over the forecast period.
Segment Analysis
The global nickel alloys market is dominated by high-performance alloys sub-segment. This segment accounted for more than 50% share of the global market in 2023. The high demand for high-performance alloys can be attributed to their excellent heat and corrosion resistance properties along with high strength. Nickel-based alloys find widespread application as structural materials across various industries including aerospace, oil & gas, chemical processing, and marine due to these exceptional properties.
Key Takeaways
The Global Nickel Alloys Market Demand is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis:
The Asia Pacific region currently dominates the nickel alloys market, with China being the largest producer and consumer. Robust growth of the manufacturing sector, especially aerospace, energy, and automotive industries is boosting the demand for nickel alloys in the region.
Key players operating in the nickel alloys market are 3D Systems Corporation, Exone Company, Formlabs Inc., General Electric (GE Additive), Materialise NV, Oxford Performance Materials Inc., Proto Labs, Inc., Stratasys Ltd., SLM Solutions Group AG, and others.
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