Market Report Nickel alloys market to reach total volume of $ 18.03 billion by 2028
USA — Technological advancements and rising demand for high tensile and corrosion resistance material for enhanced durability are encouraging the growth of the nickel alloys market, says Reports and Data.
The Nickel Alloys Market is forecast to reach $ 18.03 billion by 2028, according to a new report by Reports and Data. Nickel alloys are used in various applications in different parts of the world. Industry players are involved in improving the metalworking and machining features of several nickel alloys. These efforts will bring in new opportunities in the coming years.
Nickel alloys have achieved application in a broad variety for high-performance purposes in consumer markets and various industries globally. The demand for these alloys is due to the unique chemical and physical characteristics they possess. The major drawback of the market is the growing cost of raw materials used to manufacture nickel alloys.
Some of the traits that make nickel alloys more useful in applications are increased resistivity, high strength, and incredible tensile strength. Some of the most well-known nickel alloys in industrial applications are nickel-aluminum alloys, nickel-titanium alloys, and nickel-chromium alloys, among others.
The Asia Pacific region accounts for the largest share of 31.3 percent of the market in 2020. The Asia Pacific region accounted for the largest market share due to the growing population and increasing number of end-use industries such as automotive, oil & gas, and chemical. There is an increasing demand for nickel alloys in developing countries of the Asia Pacific such as India and China.
Top Companies include Sandvik Materials Technology, Kennametal, Carpenter Technology Corporation, Thyssenkrupp, VDM Metals, Allegheny Technologies, Precision Castparts, Haynes International, Columbia Metals, Aperam, Sanyo Special Steel, Voestalpine, JLC Electromet, Ametek and Neonickel.
The emergence of Covid-19 pandemic has highlighted the importance of incorporating advanced technologies in manufacturing and production processes and increased investments in developing robust technological solutions. Companies operating in the market ramped up the value chain and global supply chain to cater to the growing global demand for disinfectants, sanitizers, and other chemicals, thereby accelerating revenue growth of the market. Capitalising on the emerging trends such as sustainable packaging, rising demand for consumer personal care products, increasing need for packaged drinking water, and a paradigm shift to regional and local value chain have significantly contributed to the market revenue growth and are expected to be prevalent over the coming years.
Materials and chemicals industry has observed large-scale mergers and acquisition activities and other strategic initiatives such as collaborations, partnerships, joint ventures, brand promotions, agreements, and government and corporate deals, among others. Development of a robust product pipeline and increasing investment to accelerate research and development activities are some other key factors expected to drive market growth over the forecast period