(MENAFN- America News Hour) Global Nickel Alloy Market Outlook: Industry Insights & Opportunity Assessment 2019–2027 delivers detailed overview of the global nickel alloy market in terms of market segmentation by product type, by function, by end user and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
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 into the oil & gas industry. Expanding demand for nickel alloy in oil and gas field is likely to accelerate the growth of the global nickel alloy market projected to observe a
CAGR of 3.8%
over the period 2019-2027.
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The global nickel alloy market is segmented by product type, function & end user. Amongst the end user, the aerospace segment is anticipated to have significant growth attributing to rising production. The product type segment is divided into nickel- aluminum alloys, nickel- titanium alloys and nickel- chromium alloys. The function segment is divided into heat resistant nickel alloys, corrosion resistant nickel alloys, high performance nickel alloys and electronic alloys. Further, end user segment is divided into aerospace, automotive, chemical, electrical & electronics, energy & power, oil & gas and others.
Increase in Aircraft Component Manufacturing to Boost the Demand for Nickel Alloy in the Future
The global nickel alloy market is thriving on the back of increase in aircraft component manufacturing. In aircrafts, nickel alloy is used to manufacture exhaust systems, blades, hydraulic pumps and various other components.
In aircrafts, nickel alloy is used to manufacture exhaust systems, blades, hydraulic pumps and various other components.
Increasing automotive sales- Nickel alloy is used to manufacture motors, generators, heating elements, turbochargers, gears, pistons, wipers, clamps etc. in the automotive industry which is anticipated to propel the growth of the global nickel alloy market.
Major players include in the global Nickel Alloy market:
Sandvik Materials Technology AB, Precision Castparts Corporation, Thyssenkrupp AG, Rolled Alloys, Allegheny Technologies Incorporated VDM Metals.
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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 is expected to augment the growth of the market. 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 the 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.
Cost of raw materials used for manufacturing nickel alloy is increasing which is anticipated to inhibit the growth of the global nickel alloy market.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global nickel alloy market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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