The global nickel alloys market size surpassed USD 15.02 billion in 2023 and is estimated to increase from USD 15.79 billion in 2024 to approximately USD 25.99 billion by 2034. It is projected to grow at a CAGR of 5.11% from 2024 to 2034.
The global nickel alloys market size is projected to be worth around USD 25.99 billion by 2034 from USD 15.02 billion in 2024, at a CAGR of 5.11% from 2024 to 2034. The global nickel alloys market is expanding with the increasing demand from the aerospace, automotive, and defense sectors.
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The Asia Pacific nickel alloys market size was exhibited at USD 6.46 billion in 2023 and is projected to be worth around USD 11.31 billion by 2034, poised to grow at a CAGR of 5.22% from 2024 to 2034.
Asia Pacific dominated the global nickel alloys market in 2023. The growth of the market in the region can be attributed to the rise in demand for nickel alloys in developing economies such as India and China. Furthermore, population growth in the region, along with the growing consumer preferences for the aerospace industry, are likely to contribute to the market expansion through the forecast period.
North America is expected to show the fastest growth in the nickel alloys market during the projected period. The regional growth can be credited to the emergence of advanced engineering and manufacturing facilities along with the great demand for nickel alloys from industries like aerospace, automotive, and chemical processing. Moreover, the region's focus on high-performance and quality materials can further help the region's market growth.
Top 10 crude steel production countries (million metric tonnes)
Rank | Country | 2023 |
1. | China | 1,019.1 |
2. | India | 140.2 |
3. | Japan | 87.0 |
4. | United States | 80.7 |
5. | Russia | 75.8 |
6. | South Korea | 66.7 |
7. | Turkey | 33.7 |
8. | Germany | 35.4 |
9. | Brazil | 31.9 |
10 | Iran | 31.1 |
Nickel alloys have greater strength, structural integrity, and lightweight nature. Hence, they are particularly used for heavy-duty manufacturing, such as turbines used in aircraft engines, turbines used in steam engines and furnaces, automotive engines, etc. Developing economies have become the hub of industrial development and global investment. Due to this growth, these Countries are providing many attractive growth opportunities to the market players, which can be beneficial for the nickel alloys market growth.
How AI is Changing the Nickel Alloys Market
AI can help to launch of new products in the nickel alloys market faster with accompanying environmental benefits. AI-based Alloy Development Support Software calculates the suitable chemical composition and microstructure along with the proper manufacturing process to get the desired properties needed for nickel-containing and other alloys. Furthermore, the software detects the patterns between multiple properties and structures, which allows the enhancement of the alloy’s properties. AI can support and fuel the work of experienced developers in Japan and the U.S.
Report Coverage | Details |
Market Size by 2034 | USD 25.99 Billion |
Market Size in 2023 | USD 15.02 Billion |
Market Size in 2024 | USD 15.79 Billion |
Market Growth Rate from 2024 to 2034 | CAGR of 5.11% |
Largest Market | Asia Pacific |
Base Year | 2023 |
Forecast Period | 2024 to 2034 |
Segments Covered | Type, Function, Application, and Regions |
Regions Covered | North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa |
Driver
Applications in oil and gas exploration
Nickel Alloys exhibit remarkable resistance properties to high temperatures, mechanical stress, and corrosion. The oil and gas industry is a key industry driving the demand for nickel alloys, specifically in production and exploration activities. Additionally, nickel alloys are utilized in drilling and extraction instruments that work under high temperatures and high-pressure conditions. Therefore, this crucial property of the nickel alloys market products can increase its applications in oil and gas exploration.
Restraint
Intense competition and pressure among manufacturers
The market competition is fierce, with various manufacturers competing for the nickel alloys market share. This high-intensity competition can lead to price wars. The low-cost manufacturers often provide nickel alloy products at lower prices. Which ultimately puts pressure on manufacturers in higher-cost areas. Which creates a dissonance state among players and affects the overall growth of the market.
Opportunity
Growing demand for electric vehicles (EVs)
As the world shifts towards electric vehicles (EVs), there is a substantial opportunity for the nickel alloys market. Nickel is the main component in lithium-ion batteries utilized in EVs, especially in the cathode material. The growing demand for EVs fuelled by consumer preference and government initiatives for cleaner transportation boosts the demand for nickel alloys used in battery production, which is anticipated to increase significantly during the studied period.
The nickel-copper alloys segment dominated the nickel alloys market in 2023. This is because nickel-copper alloy has brilliant properties like good corrosion resistance, high strength, and flexibility, which can directly be leveraged by end-use industry heat resistance characteristics of the nickel-copper alloy and can contribute to the segment expansion in the market further.
The nickel-iron alloys segment is expected to grow at the fastest rate in the nickel alloys market over the forecast period. Nickel-iron alloys are a subgroup of nickel alloys that are utilized in many fields and environments. It has exceptional corrosion resistance properties, particularly to seawater, and hence is used in marine applications. The growth of the segment is attributed to the use of this alloy in naval as well as in commercial shipping.
The corrosion resistant segment led the global nickel alloys market in 2023. The dominance and growth of the segment can be linked to the increasing utilization of corrosion resistance alloys in different marine products such as pumps, valves, and fittings, which can maintain high corrosion resistance in harsh climates.
The automotive segment dominated the global nickel alloys market in 2023. The automotive segment has many applications for nickel alloys, which include electronics and electrical, energy and power, aerospace and defense, and oil and gas. Moreover, the use of nickel alloys for diesel valves, spark plugs, plates, and thermostats can increase the demand for nickel alloy in the automotive sector, which in turn drives this segment growth in the market.
The chemical & petrochemical segment is expected to witness significant growth in the nickel alloys market during the projected period. Electroplated nickel alloys offer greater corrosion resistance, which makes them convenient for numerous chemical processing and petrochemical applications. Additionally, rising demand for safety, durability, and efficient performance from the market players is expected to propel the growth of the segments soon.
Segments Covered in the Report
By Type
By Function
By Application
By Geography
Chapter 1. Introduction
1.1. Research Objective
1.2. Scope of the Study
1.3. Definition
Chapter 2. Research Methodology
2.1. Research Approach
2.2. Data Sources
2.3. Assumptions & Limitations
Chapter 3. Executive Summary
3.1. Market Snapshot
Chapter 4. Market Variables and Scope
4.1. Introduction
4.2. Market Classification and Scope
4.3. Industry Value Chain Analysis
4.3.1. Raw Material Procurement Analysis
4.3.2. Sales and Distribution Channel Analysis
4.3.3. Downstream Buyer Analysis
Chapter 5. COVID 19 Impact on Nickel Alloys Market
5.1. COVID-19 Landscape: Nickel Alloys Industry Impact
5.2. COVID 19 - Impact Assessment for the Industry
5.3. COVID 19 Impact: Global Major Government Policy
5.4. Market Trends and Opportunities in the COVID-19 Landscape
Chapter 6. Market Dynamics Analysis and Trends
6.1. Market Dynamics
6.1.1. Market Drivers
6.1.2. Market Restraints
6.1.3. Market Opportunities
6.2. Porter’s Five Forces Analysis
6.2.1. Bargaining power of suppliers
6.2.2. Bargaining power of buyers
6.2.3. Threat of substitute
6.2.4. Threat of new entrants
6.2.5. Degree of competition
Chapter 7. Competitive Landscape
7.1.1. Company Market Share/Positioning Analysis
7.1.2. Key Strategies Adopted by Players
7.1.3. Vendor Landscape
7.1.3.1. List of Suppliers
7.1.3.2. List of Buyers
Chapter 8. Global Nickel Alloys Market, By Type
8.1. Nickel Alloys Market Revenue and Volume, by Type, 2024-2034
8.1.1 Nickel-chromium-Iron Alloys
8.1.1.1. Market Revenue and Volume Forecast (2021-2034)
8.1.2. Nickel-chromium Alloys
8.1.2.1. Market Revenue and Volume Forecast (2021-2034)
8.1.3. Nickel-chromium-Molybdenum Alloys
8.1.3.1. Market Revenue and Volume Forecast (2021-2034)
8.1.4. Wrought Nickel
8.1.4.1. Market Revenue and Volume Forecast (2021-2034)
8.1.5. Nickel-chromium-Cobalt Alloys
8.1.5.1. Market Revenue and Volume Forecast (2021-2034)
8.1.6. Nickel-copper Alloys
8.1.6.1. Market Revenue and Volume Forecast (2021-2034)
8.1.7. Nickel-iron Alloys
8.1.7.1. Market Revenue and Volume Forecast (2021-2034)
8.1.8. Nickel-molybdenum Alloys
8.1.8.1. Market Revenue and Volume Forecast (2021-2034)
8.1.9. Nickel-titanium Alloys
8.1.9.1. Market Revenue and Volume Forecast (2021-2034)
Chapter 9. Global Nickel Alloys Market, By Function
9.1. Nickel Alloys Market Revenue and Volume, by Function, 2024-2034
9.1.1. High Performance & Electronics Grade
9.1.1.1. Market Revenue and Volume Forecast (2021-2034)
9.1.2. Heat Resistant
9.1.2.1. Market Revenue and Volume Forecast (2021-2034)
9.1.3. Corrosion Resistant
9.1.3.1. Market Revenue and Volume Forecast (2021-2034)
Chapter 10. Global Nickel Alloys Market, By Function
10.1. Nickel Alloys Market Revenue and Volume, by Function, 2024-2034
10.1.1. Electrical & Electronics
10.1.1.1. Market Revenue and Volume Forecast (2021-2034)
10.1.2. Automotive
10.1.2.1. Market Revenue and Volume Forecast (2021-2034)
10.1.3. Energy & Power
10.1.3.1. Market Revenue and Volume Forecast (2021-2034)
10.1.4. Oil & Gas
10.1.4.1. Market Revenue and Volume Forecast (2021-2034)
10.1.5. Chemical & Petrochemical
10.1.5.1. Market Revenue and Volume Forecast (2021-2034)
10.1.5. Aerospace & Defense
10.1.5.1. Market Revenue and Volume Forecast (2021-2034)
10.1.6. Others
10.1.6.1. Market Revenue and Volume Forecast (2021-2034)
Chapter 11. Global Nickel Alloys Market, Regional Estimates and Trend Forecast
11.1. North America
11.1.1. Market Revenue and Volume Forecast, by Type (2021-2034)
11.1.2. Market Revenue and Volume Forecast, by Function (2021-2034)
11.1.3. Market Revenue and Volume Forecast, by Function (2021-2034)
11.1.4. U.S.
11.1.4.1. Market Revenue and Volume Forecast, by Type (2021-2034)
11.1.4.2. Market Revenue and Volume Forecast, by Function (2021-2034)
11.1.4.3. Market Revenue and Volume Forecast, by Function (2021-2034)
11.1.5. Rest of North America
11.1.5.1. Market Revenue and Volume Forecast, by Type (2021-2034)
11.1.5.2. Market Revenue and Volume Forecast, by Function (2021-2034)
11.1.5.3. Market Revenue and Volume Forecast, by Function (2021-2034)
11.2. Europe
11.2.1. Market Revenue and Volume Forecast, by Type (2021-2034)
11.2.2. Market Revenue and Volume Forecast, by Function (2021-2034)
11.2.3. Market Revenue and Volume Forecast, by Function (2021-2034)
11.2.4. UK
11.2.4.1. Market Revenue and Volume Forecast, by Type (2021-2034)
11.2.4.2. Market Revenue and Volume Forecast, by Function (2021-2034)
11.2.4.3. Market Revenue and Volume Forecast, by Function (2021-2034)
11.2.5. Germany
11.2.5.1. Market Revenue and Volume Forecast, by Type (2021-2034)
11.2.5.2. Market Revenue and Volume Forecast, by Function (2021-2034)
11.2.5.3. Market Revenue and Volume Forecast, by Function (2021-2034)
11.2.6. France
11.2.6.1. Market Revenue and Volume Forecast, by Type (2021-2034)
11.2.6.2. Market Revenue and Volume Forecast, by Function (2021-2034)
11.2.6.3. Market Revenue and Volume Forecast, by Function (2021-2034)
11.2.7. Rest of Europe
11.2.7.1. Market Revenue and Volume Forecast, by Type (2021-2034)
11.2.7.2. Market Revenue and Volume Forecast, by Function (2021-2034)
11.2.7.3. Market Revenue and Volume Forecast, by Function (2021-2034)
11.3. APAC
11.3.1. Market Revenue and Volume Forecast, by Type (2021-2034)
11.3.2. Market Revenue and Volume Forecast, by Function (2021-2034)
11.3.3. Market Revenue and Volume Forecast, by Function (2021-2034)
11.3.4. India
11.3.4.1. Market Revenue and Volume Forecast, by Type (2021-2034)
11.3.4.2. Market Revenue and Volume Forecast, by Function (2021-2034)
11.3.4.3. Market Revenue and Volume Forecast, by Function (2021-2034)
11.3.5. China
11.3.5.1. Market Revenue and Volume Forecast, by Type (2021-2034)
11.3.5.2. Market Revenue and Volume Forecast, by Function (2021-2034)
11.3.5.3. Market Revenue and Volume Forecast, by Function (2021-2034)
11.3.6. Japan
11.3.6.1. Market Revenue and Volume Forecast, by Type (2021-2034)
11.3.6.2. Market Revenue and Volume Forecast, by Function (2021-2034)
11.3.6.3. Market Revenue and Volume Forecast, by Function (2021-2034)
11.3.7. Rest of APAC
11.3.7.1. Market Revenue and Volume Forecast, by Type (2021-2034)
11.3.7.2. Market Revenue and Volume Forecast, by Function (2021-2034)
11.3.7.3. Market Revenue and Volume Forecast, by Function (2021-2034)
11.4. MEA
11.4.1. Market Revenue and Volume Forecast, by Type (2021-2034)
11.4.2. Market Revenue and Volume Forecast, by Function (2021-2034)
11.4.3. Market Revenue and Volume Forecast, by Function (2021-2034)
11.4.4. GCC
11.4.4.1. Market Revenue and Volume Forecast, by Type (2021-2034)
11.4.4.2. Market Revenue and Volume Forecast, by Function (2021-2034)
11.4.4.3. Market Revenue and Volume Forecast, by Function (2021-2034)
11.4.5. North Africa
11.4.5.1. Market Revenue and Volume Forecast, by Type (2021-2034)
11.4.5.2. Market Revenue and Volume Forecast, by Function (2021-2034)
11.4.5.3. Market Revenue and Volume Forecast, by Function (2021-2034)
11.4.6. South Africa
11.4.6.1. Market Revenue and Volume Forecast, by Type (2021-2034)
11.4.6.2. Market Revenue and Volume Forecast, by Function (2021-2034)
11.4.6.3. Market Revenue and Volume Forecast, by Function (2021-2034)
11.4.7. Rest of MEA
11.4.7.1. Market Revenue and Volume Forecast, by Type (2021-2034)
11.4.7.2. Market Revenue and Volume Forecast, by Function (2021-2034)
11.4.7.3. Market Revenue and Volume Forecast, by Function (2021-2034)
11.5. Latin America
11.5.1. Market Revenue and Volume Forecast, by Type (2021-2034)
11.5.2. Market Revenue and Volume Forecast, by Function (2021-2034)
11.5.3. Market Revenue and Volume Forecast, by Function (2021-2034)
11.5.4. Brazil
11.5.4.1. Market Revenue and Volume Forecast, by Type (2021-2034)
11.5.4.2. Market Revenue and Volume Forecast, by Function (2021-2034)
11.5.4.3. Market Revenue and Volume Forecast, by Function (2021-2034)
11.5.5. Rest of LATAM
11.5.5.1. Market Revenue and Volume Forecast, by Type (2021-2034)
11.5.5.2. Market Revenue and Volume Forecast, by Function (2021-2034)
11.5.5.3. Market Revenue and Volume Forecast, by Function (2021-2034)
Chapter 12. Company Profiles
12.1. AMETEK, Inc.
12.1.1. Company Overview
12.1.2. Product Offerings
12.1.3. Financial Performance
12.1.4. Recent Initiatives
12.2. Polymet (U.S.),
12.2.1. Company Overview
12.2.2. Product Offerings
12.2.3. Financial Performance
12.2.4. Recent Initiatives
12.3. Ulbrich Stainless Steels and Special Metals Inc
12.3.1. Company Overview
12.3.2. Product Offerings
12.3.3. Financial Performance
12.3.4. Recent Initiatives
12.4. NIPPON STEEL CORPORATION.
12.4.1. Company Overview
12.4.2. Product Offerings
12.4.3. Financial Performance
12.4.4. Recent Initiatives
12.5. NIPPON STEEL CORPORATION
12.5.1. Company Overview
12.5.2. Product Offerings
12.5.3. Financial Performance
12.5.4. Recent Initiatives
12.6. Rolled Alloys Inc.
12.6.1. Company Overview
12.6.2. Product Offerings
12.6.3. Financial Performance
12.6.4. Recent Initiatives
12.7. JLC Electromet Pvt. Ltd.
12.7.1. Company Overview
12.7.2. Product Offerings
12.7.3. Financial Performance
12.7.4. Recent Initiatives
12.8. HAYNES INTERNATIONAL
12.8.1. Company Overview
12.8.2. Product Offerings
12.8.3. Financial Performance
12.8.4. Recent Initiatives
12.9. HAYNES INTERNATIONAL
12.9.1. Company Overview
12.9.2. Product Offerings
12.9.3. Financial Performance
12.9.4. Recent Initiatives
12.10. voestalpine AG,
12.10.1. Company Overview
12.10.2. Product Offerings
12.10.3. Financial Performance
12.10.4. Recent Initiatives
Chapter 13. Research Methodology
13.1. Primary Research
13.2. Secondary Research
13.3. Assumptions
Chapter 14. Appendix
14.1. About Us
14.2. Glossary of Terms
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