Nickel Base Alloy Market - Forecast(2024 - 2030)

Report Code: CMR 48183 Report Format: PDF + Excel

Nickel Base Alloy Market Overview

Nickel base alloy market size is forecast to reach $5,114.6 million by 2026, after growing at a CAGR of 2.6% during 2021-2026, owing to the increasing usage of nickel base alloy in various end-use industries such as automotive, aerospace, oil & gas, power plants, electronics, and more. Nickel base alloys have excellent characteristics such as corrosion resistant, strength, toughness, metallurgical stability, high-temperature strength, fabricability, weldability, and these properties are expected to increase the market demand for electronic alloys. 

The rapid growth of the oil & gas industry has increased the demand for nickel base superalloy, nickel base corrosion-resistant alloy, and nickel base shape memory alloy; thereby, fueling the market growth. Furthermore, the flourishing aerospace & defense industry is also expected to drive the nickel base alloy industry substantially during the forecast period.

COVID-19 Impact

Due to the Covid-19 outbreak, the nickel base alloy end-use industries are facing issues such as delays in receiving nickel base alloy from the manufacturers due to the restriction on import and export of materials. Owing to the non-availability of vessels and blank sailing, shipping orders are also heavily impacted. Also, the pandemic of COVID-19 is having a major effect on the aviation industry. 

Aircraft production has been disruptively halted, leading to a substantial loss in the overall aerospace market. For instance, according to the International Air Transport Association (IATA), worldwide domestic flights have dropped by 70% and the loss of passenger revenue is reaching $314 billion. With the decrease in aircraft production, the demand for nickel base superalloy, nickel base corrosion-resistant alloy, and nickel base shape memory alloy for manufacturing various parts has significantly fallen, which is having a major impact on the nickel base alloy market growth.

Report Coverage

The report: “Nickel Base Alloy Market – Forecast (2021-2026)”, by IndustryARC, covers an in-depth analysis of the following segments of the nickel base alloy Industry.
By Type: Wrought Nickel, Nickel-Iron, Nickel-Copper, Nickel-Chromium, Nickel-Molybdenum, Nickel-Titanium, and Others.
By Application: Corrosion Resistant, Heat Resistant, Low-Expansion, Electrical Resistance, Soft Magnetic, and Others.
By End-Use Industry: Aerospace & Defense (Commercial, Military, and Others), Electrical & Electronics (Batteries, Computers, Smart Phones, and Others), Chemical, Oil & Gas (Pipelines, Splash Zone Sheathing, FPSO Vessels, and Others), Energy & Power (Wind Energy, Nuclear Energy, Solar Energy, Power Plants, and Others), Automotive (Passenger Vehicles, and Commercial Vehicles), Healthcare (Dentistry, Medical Devices, Surgical Tools, and Others), and Others.
By Geography: North America (U.S., Canada, and Mexico), Europe (U.K, Germany, France, Italy, Netherland, Spain, Russia, Belgium, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia, and Rest of APAC), South America (Brazil, Argentina, Colombia, Chile, and Rest of South America), Rest of the World (Middle East, and Africa).

Key Takeaways

  • North America dominates the nickel base alloy market, owing to the flourishing aerospace industry in the region. According to Boeing's commercial market outlook 2019-2038, in North America, there will be an increase of 45% in the total fleet during the next 20 years.
  • The batteries sector is also one of the key consuming sectors of nickel alloys (electronic alloys) owing to their conduction and resistance properties. Lithium-ion batteries require nickel due to their excellent power density in electric vehicle applications over long distances.
  • In the power industry, for nickel base superalloy, nickel base corrosion-resistant alloy, and nickel base shape memory alloy are extensively used in boiler applications because of their creep strength and hot corrosion resistance in elevated temperature environments, which will eventually boost the market growth.

Figure: North America Nickel Base Alloy Market Revenue, 2020-2026 (US$ Million)

Nickel Base Alloy Market
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Nickel Base Alloy Market Segment Analysis – By Type

The nickel-copper segment held the largest share in the nickel base alloy market in 2020 and is growing at a CAGR of 5.8% during 2021-2026. Often known as models, Ni-Cu alloys typically have 67 percent nickel and minimal proportions of other metals. They are used in thermal exchangers, marine engineering, shafts, pumps, fasteners, fittings, propeller shafts, valves, and more due to their excellent corrosion resistance and high strength. 

These nickel-copper alloys are used in comparison to pure nickel where higher strength is needed. Nickel copper alloys are widely used in oil refining and marine applications where long life without corrosion is needed. Nickel copper alloys are also used for heat exchangers because of their strong thermal conductivity, where seawater is one of the fluids concerned. All these extensive characteristics of nickel-copper are the key factors anticipated to boost the demand for nickel-copper based alloys during the forecast period.

Nickel Base Alloy Market Segment Analysis – By Application

The high-performance segment held the largest share in the nickel base alloy market in 2020, because of their outstanding mechanical and physical properties, they are highly suitable for applications such as engine turbines, blades, exhaust systems, and more. Nickel base superalloy, nickel base corrosion-resistant alloy, and nickel base shape memory alloy are highly engineered to have superior properties to work in the most technically challenging applications in the world. 

These properties may include heat resistance, corrosion resistance, strength, fabricability, electrical resistance, controlled thermal expansion, or magnetic characteristics, which is the major driving factor for the high-performance nickel base alloys market during the forecast period.

Nickel Base Alloy Market Segment Analysis – By End-Use Industry

The aerospace & defense segment held the largest share in the nickel base alloy market in 2020 and is growing at a CAGR of 5.8% during 2021-2026. A significant market for nickel alloys in the aerospace & defense industry, are used primarily for high-temperature applications. Due to its properties such as excellent mechanical strength, and creep resistance at high temperatures; surface stability; and corrosion and oxidation resistance, demand for alloys grew in the aircraft construction industry. 

In the aerospace industry, nickel alloys are commonly used to produce turbine blades, discs, and other essential jet engine components, because they have excellent adhesion, corrosion safety, resistance to hardness, wear, and erosion, and, are ideal for applications where stress needs to be minimized. According to Boeing's current business forecast, the Middle East would need 2,520 new aircraft by 2030. The aerospace industry is credited with growing air traffic in emerging economies and demand for new-generation fuel-efficient aircraft. The aerospace industry's expansion is expected to boost demand for nickel alloys and drive the global economy.

Nickel Base Alloy Market Segment Analysis – By Geography

North America region held the largest share in the nickel base alloy market in 2020 up to 36%, owing to increasing demand for aircraft in the region. In 2018, U.S. aerospace exports to Germany amounted to $8.92 billion, according to the International Trade Administration (ITA), and the trade surplus was USD 6.36 billion, reflecting a 67 percent rise compared to 2016 (USD 3.8 billion). And in 2017, Canada was the fourth-largest international aerospace export market in the United States, estimated at approximately US$9.2 billion, a rise of ten percent over 2016. Airline passenger flows recorded in Mexico show annual average growth of nearly 10 percent from 2015-2017, according to the Federal Civil Aviation Agency (AFAC). Mexico's national and international passenger volume rose by 5.5 percent in 2018, from 90.5 million in 2017 to 97.3 million in 2018, suggesting that the country's demand for aircraft is rising. According to Boeing commercial market outlook 2020-2039, North America will require 8,995 new aircrafts delivery in the region by 2039. And since nickel base alloys are widely used in the aerospace industry to make turbine blades, discs, and other critical jet engine parts, it is anticipated that with the increasing aerospace sector in the region, the demand for nickel base alloys will also substantially increase, which will then drive the nickel base alloy market growth in North America during the forecast period.

Nickel Base Alloy Market Drivers

Growing Consumer Electronics Market

Nickel base shape memory alloys wire and strips have been extensively used in consumer electronic devices because of their high strength at high and low temperatures, toughness, corrosion resistance, controlled thermal expansion, workability, and excellent spring properties. The electronic & electrical industry requires electronic alloys that can be utilized at elevated operating temperatures. In the United States, overall exports of electronic goods rose by $7.9 billion (3 percent) to $268 billion in 2017, according to the United States International Trade Commission. According to Invest India, India's consumer electronics and appliances market will rise to become the world's fifth-largest by 2025. By 2025, India's digital economy could be worth $800 billion to $1 trillion, and it could account for 18 to 23 percent of overall economic activity. According to the International Trade Administration (ITA), Colombia’s total imports of IT equipment in 2018 amounted to USD 106 billion, a 7.5 percent increase compared to 2017. And since the consumer electronic products require nickel base alloy for their production, the growing consumer electronics sector acts as a driver for the nickel base alloy market during the forecast period.

Increasing Oil & Gas Sector

In the oil and gas industry, corrosion resistant control is a major problem. Thus, oil & gas companies are using nickel base superalloy, nickel base corrosion-resistant alloy, and nickel base shape memory alloy based equipment and components, owing to their high corrosion resistance and superior mechanical and physical properties. Nickel base superalloys and nickel base corrosion-resistant alloys are used in process piping systems, separators, scrubbers, pumps, manifolds, Christmas tree components, flowlines, and pipelines transporting corrosive oils. According to the BP Statistical Review of World Energy 2020, the production of oil increased from 361.0 million tonnes in 2018 to 361.8 million tonnes in 2019, an increase of 0.2% in the Asia Pacific. While the production of oil increased from 1042.2 million tonnes in 2018 to 1116.5 million tonnes in 2019, an increase of 7.1% in North America. Furthermore, new projects are under construction to sustain the increasing demand for oil and gas. For instance, In 2021, Eni S.p.A. expects to start extracting natural gas from its Merakes offshore project in Indonesia. Tangguh Train 3 is nearing completion, with Indonesia's BP-operated LNG export facility adding 3.8 MTPA to the current facility's capacity, increasing the plant's total capacity to 11.4 MTPA. Thus, with the flourishing oil and gas sector, the demand for nickel base alloy will also increase, which will drive the market.

Nickel Base Alloy Market Challenges

Volatility in Price of Nickel and Nickel Base Alloy

There is often volatility in the price of nickel and nickel base alloy. According to United States Geological Survey (USGS), the price of nickel (dollars per pound) was 6.30 in 2019 and 4.719 in 2017, when compared with 5.367 in 2015. And according to the U.S. Bureau of Labor Statistics (BLS), the producer price index (PPI) of nickel and nickel-base alloy mill shapes in 2020 was 151.3 in June, 148.6 in September, and 151.7 in October. Thus, the fluctuations in supplies in few regions are affecting the global consumption pattern, driving frequent changes in nickel and nickel base alloy prices, which may hinder the nickel base alloy market growth during the forecast period

Nickel Base Alloy Market Landscape

Technology launches, acquisitions, and R&D activities are key strategies adopted by players in the nickel base alloy market. Major players in the nickel base alloy market are VDM Metals, Aperam S.A., Sandvik Materials Technology AB, Allegheny Technologies Incorporated, Carpenter Technology Corporation, ThyssenKrupp AG, Haynes International Inc., Precision Castparts Corporation, Voestalpine AG, and Rolled Alloys Inc.

Acquisitions/Technology Launches

  • In December 2019, Sandvik acquired privately-owned Summerill Tube Corporation.
  • In November 2019, Aperam S.A., Luxembourg, and Tekna, a subsidiary of Arendals Fossekompani ASA, have approved the framework of a global joint venture which will combine their expertise to create nickel and specialty alloy spherical powders through newly-established company ImphyTek PowdersTM SAS. 

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1. Nickel Base Alloy Market- Market Overview
    1.1 Definitions and Scope
2. Nickel Base Alloy Market- Executive Summary
    2.1 Market Revenue, Market Size and Key Trends by Company
    2.2 Key Trends by Type
    2.3 Key Trends by Application
    2.4 Key Trends by End-Use Industry
    2.5 Key Trends by Geography
3. Nickel Base Alloy Market – Comparative analysis
    3.1 Market Share Analysis- Major Companies
    3.2 Product Benchmarking- Major Companies
    3.3 Top 5 Financials Analysis
    3.4 Patent Analysis- Major Companies
    3.5 Pricing Analysis (ASPs will be provided)
4. Nickel Base Alloy Market - Startup companies Scenario Premium Premium
    4.1 Major startup company analysis:
        4.1.1 Investment
        4.1.2 Revenue
        4.1.3 Product portfolio
        4.1.4 Venture Capital and Funding Scenario
5. Nickel Base Alloy Market – Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing Business Index
    5.3 Successful Venture Profiles
    5.4 Customer Analysis – Major companies
6. Nickel Base Alloy Market - Market Forces
    6.1 Market Drivers
    6.2 Market Constraints
    6.3 Porters Five Force Model
        6.3.1 Bargaining Power of Suppliers
        6.3.2 Bargaining Powers of Buyers
        6.3.3 Threat of New Entrants
        6.3.4 Competitive Rivalry
        6.3.5 Threat of Substitutes
7. Nickel Base Alloy Market – Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunity Analysis
    7.3 Product/Market Life Cycle
    7.4 Distributor Analysis – Major Companies
8. Nickel Base Alloy Market– By Type (Market Size -$Million/Billion)
    8.1 Wrought Nickel
    8.2 Nickel-Iron
    8.3 Nickel-Copper
    8.4 Nickel-Chromium
    8.5 Nickel-Molybdenum
    8.6 Nickel-Titanium
    8.7 Others
9. Nickel Base Alloy Market– By Application (Market Size -$Million/Billion)
    9.1 Corrosion Resistant
    9.2 Heat Resistant
    9.3 Low-Expansion
    9.4 Electrical Resistance
    9.5 Soft Magnetic
    9.6 Others
10. Nickel Base Alloy Market– By End-Use Industry (Market Size -$Million/Billion)
    10.1 Aerospace & Defense
        10.1.1 Commercial
        10.1.2 Military
        10.1.3 Others
    10.2 Electrical & Electronics
        10.2.1 Batteries
        10.2.2 Computers
        10.2.3 Smart Phones
        10.2.4 Others
    10.3 Chemical
    10.4 Oil & Gas
        10.4.1 Pipelines
        10.4.2 Splash Zone Sheathing
        10.4.3 FPSO Vessels
        10.4.4 Others
    10.5 Energy & Power
        10.5.1 Wind Energy
        10.5.2 Nuclear Energy
        10.5.3 Solar Energy
        10.5.4 Power Plants
        10.5.5 Others
    10.6 Automotive
        10.6.1 Passenger Vehicles
        10.6.2 Commercial Vehicles
    10.7 Healthcare
        10.7.1 Dentistry
        10.7.2 Medical Devices
        10.7.3 Surgical Tools
        10.7.4 Others
    10.8 Others
11. Nickel Base Alloy Market - By Geography (Market Size -$Million/Billion)
    11.1 North America
        11.1.1 U.S
        11.1.2 Canada
        11.1.3 Mexico
    11.2 Europe
        11.2.1 UK
        11.2.2 Germany
        11.2.3 France
        11.2.4 Italy
        11.2.5 Netherland
        11.2.6 Spain
        11.2.7 Russia
        11.2.8 Belgium
        11.2.9 Rest of Europe
    11.3 Asia-Pacific
        11.3.1 China
        11.3.2 Japan
        11.3.3 India
        11.3.4 South Korea
        11.3.5 Australia and New Zealand
        11.3.6 Indonesia
        11.3.7 Taiwan
        11.3.8 Malaysia
        11.3.9 Rest of APAC
    11.4 South America
        11.4.1 Brazil
        11.4.2 Argentina
        11.4.3 Colombia
        11.4.4 Chile
        11.4.5 Rest of South America
    11.5 Rest of the World
        11.5.1 Middle East
   Saudi Arabia
   Rest of the Middle East
        11.5.2 Africa
   South Africa
   Rest of Africa
12. Nickel Base Alloy Market – Entropy
    12.1 New Product Launches
    12.2 M&As, Collaborations, JVs and Partnerships
13. Nickel Base Alloy Market – Market Share Analysis Premium
    13.1 Market Share at Global Level - Major companies
    13.2 Market Share by Key Region - Major companies
    13.3 Market Share by Key Country - Major companies
    13.4 Market Share by Key Application - Major companies
    13.5 Market Share by Key Product Type/Product category - Major companies
14. Nickel Base Alloy Market – Key Company List by Country Premium Premium
15. Nickel Base Alloy Market Company Analysis - Business Overview, Product Portfolio, Financials, and Developments
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10 and more
"*Financials would be provided on a best efforts basis for private companies"