Market report Nickel Alloys Market To Reach Total Volume Of $ 18.03 Billion By 2028
Source: Press release
United States – Technological advancements and growing demand for materials with high tensile strength and corrosion resistance for increased durability are encouraging the growth of the nickel alloy market, according to Reports and Data.
The nickel alloy market is expected to reach $ 18.03 billion by 2028, according to a new report from 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 characteristics of several nickel alloys. These efforts will bring new opportunities in the years to come.
Nickel alloys have found application in a wide 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 disadvantage of the market is the increasing cost of raw materials used to manufacture nickel alloys.
Some of the characteristics 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% of the market in 2020. The Asia-Pacific region has the largest market share due to population growth and increasing number of end-use industries such as as automotive, oil and gas, and chemical. There is a growing demand for nickel alloys in developing Asia-Pacific countries such as India and China.
Major 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 the Covid-19 pandemic has highlighted the importance of integrating cutting-edge technologies into manufacturing and production processes and increasing investments in the development of robust technological solutions. Companies operating in the market have accelerated the value chain and global supply chain to meet the growing global demand for disinfectants, sanitizers and other chemicals, thereby accelerating the market revenue growth. Capitalizing on emerging trends such as sustainable packaging, growing demand for personal care products, growing need for conditioned drinking water and a paradigm shift towards regional and local value chain have significantly contributed to the revenue growth of the market and should prevail for years to come.
The materials and chemicals industry has observed large-scale mergers and acquisitions and other strategic initiatives such as collaborations, partnerships, joint ventures, brand promotions, deals and deals with government and business, among others. Developing a strong product portfolio and increasing investments to accelerate research and development activities are other key factors that are expected to drive the market growth during the forecast period.