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(I-AutoNewsWire.com, December 24, 2019 ) Market Overview
• The market valuation of global Nickel Alloys market stood at USD xx million in 2018. The forecasted valuation in 2026 is USD xx million.
• The expected CAGR is xx% during the forecasting period (2018-2026).
• In 2018, it is estimated that nickel consumption would be approx. 2.2 million metric tons as Nickel has a major metal that is used in making nonferrous alloys, steels, and electroplating.
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Drivers and Restraints
• The market is driven by several factors such as increasing demand from the oil & gas, aerospace & defence industries and higher corrosion resistance properties.
• However, increasing cost of raw materials used in the production of nickel alloys is retraining the growth of the market.
• High-performance nickel alloys segment by a function is dominating the nickel alloys market. This is due to the increasing demand from end-user industries such as oil & gas, chemical, and aerospace.
• Nickel being a versatile metal is corrosion resistant, high-temperature resistance and an alloy with other metals.
• All these properties of Nickel are making it the pick of the metals. Among these alloys, Aluminium High-Performance alloys are getting popular due to their resistance to high temperature.
• The market is segmented into different categories based on the following criteria.
Based on Function
• Corrosion Resistant
• Electronic alloys
• Heat resistant Alloys
• High performance alloys
Based on Application
• Aerospace & Defence (Aircraft engines, Defence equipment)
• Automotive ( Exhaust valves, turbocharger, other parts, and components )
• Chemical (Chemical Reactors, Heat Exchangers, Pressure Vessels, Others)
• Energy & Power (Nuclear Power Plant Components, Power Plants Components),
• Electrical & Electronics (Precision Measurement Instruments, Electrical & Electronic Device and Components),
• Oil & Gas(Pipeline, Separators, Scrubbers, Pumps, Others),
Based on Geography
• North America
• South America
• Asia- Pacific
The graph shows a forecast of the volume of nickel consumption globally from 2015 to 2020. By 2020, it is predicted that nickel consumption will reach nearly 2.4 million metric tons worldwide. Nickel is most commonly used for making steels, nonferrous alloys, and electroplating. It is also common in both industrial and commercial products.
• Globally, Asia-Pacific is the largest growing market for nickel alloys with more expected growth in the forecasting period (2018-2023).
• This is due to increasing demand for good quality products for construction, growing applications in end-user industries in the Asia Pacific region.
• Companies are coming up with new innovations in nickel alloys leading the growth of the market is this region.
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