Robust growth of the end use sectors is one of the crucial factor determining the growth of the Nickel Alloy Market. With evolving technologies the material demand in various sectors has evolved significantly, be it automotive, aerospace, marine, electronic components, oil & gas machinery etc. All these sectors are focused towards utilizing materials in manufacturing that have capabilities such as corrosion resistance, high temperature resistance, chemical resistance, light weight etc. such demands brought ‘alloys’ in the pictures, and now these alloys are under phase of transformation in accordance with the changing demands from end use sectors.
One such important material in this infinite list is nickel alloy. Nickel alloy is a versatile material which find its application in diverse application such as turbines in power generation, aircraft gas turbines, aircrafts parts & accessories, marine fasteners, electronics, etc. Apart from these nickel alloys find its application in industries such as electronics, energy & power, pulp & paper, oil & gas, defense and automotive. Nickel is a material that can easily form alloy with other metals; another major factors behind popularity of nickel alloy is its high corrosion and heat resistance, good machining capabilities, high chemical resistance etc.
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Global Nickel Alloy Market: Market Dynamics
Robust growth of the end use sectors is one of the crucial factor determining the growth of the nickel alloy market. End use sectors such as automotive and aerospace & defense has been growing at a stable pace, this in turn will act as a growth driver for nickel alloy market. Nickel alloys has a wide acceptance in aircraft component manufacturing such as blades, exhaust system, engine components, blades etc. Increasing civil and military aircraft production will supplement growth of the market.
Furthermore, automotive sales has witnessed upward trend particularly in developing markets, this in turn will create opportunities for the market growth in the region. On the other hand, the fluctuating oil & gas end user industry is also anticipated to impact market growth, however the intensity is anticipated to remain moderate. Further, the increase in raw material prices across regions is anticipated to negatively hamper the growth of nickel alloy market over the forecast period.
Global Nickel Alloy Market: Region-wise Outlook
With the robust growth of automotive, aerospace & defense and energy & power sector in the region Asia Pacific is anticipated to dominate the demand for nickel alloy over the forecast period. China, Japan, India and South Korea are anticipated to remain major contributor to the growth of the market. Europe is anticipated to be the next promising market, in terms of demand for nickel alloy, following next is North America. North America is anticipated to hold a prominent position in the market, a major share of the demand is anticipated to be accounted by the U.S.
Middle East on the other hand will have a significant demand for nickel alloys from oil & gas sector. Further investments in offshore exploration could create significant growth opportunity for the market over the forecast period 2017–2027
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Global Nickel Alloy Market: Market Segmentation
The global Nickel Alloy market can be categorically divided into product type and end use industry
On the basis of product type segment, the global Nickel Alloy market can be segmented into:
- Heat Resistant Nickel Alloys
- Corrosion Resistant Nickel Alloys
- High Performance Nickel Alloys
- Electronic Alloys
On the basis of end use application segment, the global Nickel Alloy market can be segmented into
- Automotive
- Electronics
- Oil & Gas
- Chemicals
- Energy & Power
- Aerospace & Defense
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