Nickel Alloys Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Key Highlights

• COVID-19 negatively impacted the market in 2020. However, the market reached pre-pandemic levels in 2022 and is expected to grow steadily in the future.
• The increasing demand from the aerospace industry and expanding oil and gas sector are expected to fuel the market growth during the forecast period. On the other hand, the fluctuating prices of nickel and other alloying elements are expected to limit industry expansion.
• Further, technological advancements are expected to generate significant market growth opportunities. The Asia-Pacific region dominates the global market, with the largest consumption from countries such as China, India, and Japan.

Nickel Alloys Market Trends

Increasing Demand from Aerospace Sector

• Over the projection period, the aerospace segment is expected to hold considerable market shares for nickel alloys. Nickel alloys are in high demand in the aircraft industry. These alloys are essential in the production of aviation machinery due to their exceptional resistance to high temperatures, pressure, and corrosion.
• The increased demand for nickel alloys in the aerospace industry is anticipated to fuel the market's growth rate. The expanding number of passengers for air travel in emerging countries stimulates the demand for new aircraft, thus, driving market growth.
• According to the Bureau of Transportation Statistics (BTS), in 2021, passenger fare revenue for the US airline industry totaled 86.7 billion dollars, representing an increase of almost 73.7% compared to 2020, supporting the demand for nickel alloys. According to the Federal Aviation Administration (FAA), the general aviation fleet in the United States surged to 204,405 aircraft in 2021, fueling the demand for nickel alloys.
• Hence, owing to all the above-mentioned factors, the market for nickel alloys is expected to increase during the forecast period.

Asia-Pacific to Dominate the Market

• Asia-Pacific is the largest consumer of nickel alloys and accounts for a healthy share of the global market. Increasing demand for electric vehicles is one of the major factors boosting the demand for nickel alloys in the region.
• The majority of the demand for nickel alloys is from the aerospace and automotive manufacturing segment, fueling the growth in the region. China is a leader in the global electric car market, with a significant increase in sales and production of new electric vehicles in the country.
• According to the China Association of Automobile Manufacturing (CAAM), the country's production of new electric vehicles (NEVs) witnessed a year-on-year increase of 96.9% in December 2022. Thus, the expanding electric vehicle market is expected to increase the demand for nickel alloys
• Also, India witnessed a significant increase in the production of passenger vehicles. For instance, according to the latest data published by the Society of Indian Automobile Manufacturers (SIAM), the production of passenger vehicles reached 3,650,698 for 2021-2022, representing an increase of 19% compared to 2020-21, supporting the market growth.
• Hence, due to the above-mentioned reasons, Asia-Pacific is anticipated to dominate the market studied during the forecast period.

Nickel Alloys Industry Overview

Additional Benefits:

• The market estimate (ME) sheet in Excel format
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