Dublin, July 21, 2020 (GLOBE NEWSWIRE) — The “Nickel Alloys Market – Growth, Trends, and Forecast (2020 – 2025)” report has been added to ResearchAndMarkets.com’s offering.
The market for nickel alloys is expected to grow at a CAGR of more than 4% during the forecast period. The major factor driving the growth of the market studied is rising popularity of electric vehicles. On the flipside, decline in automotive and aerospace industry is expected to hinder the growth of the market studied.
Aerospace segment dominated the market with a significant share. However, COVID-19 breakdown across the globe is in turn expected to hinder the market growth.Asia-Pacific dominated the market and is expected to continue its dominance during the forecast period.
Key Market Trends
Rising Oil & Gas Activities to Boot the Market Demand
- Exploration and production in the oil and gas industry are often carried out in challenging environments, with a complex set of expensive equipment, which experience rapid wear and tear. Hence, nickel alloys find extensive applications in the oil and gas industry, in order to protect the components, enhance their corrosion resistance and part life, and reduce the downtime.
- Owing to its high corrosion resistance, versatility, reliability, and good mechanical properties, they are used in oil and gas applications, such as piping, drilling, pumps, and valves.
- For instance, nickel combined with stainless steel is used for deep-well tubing, in order to enhance the strength and resistance toward corrosion. Additionally, nickel alloys are used for down-hole jewelry
- Moreover, nickel alloys are used as clad wellheads for Christmas trees, which help in easy weldability with steel, coupled with enhanced corrosion resistance properties. Furthermore, these alloys are used for transporting wet corrosive oil and gas. Nickel alloys prevent the usage of inhibitors, to protect the pipeline from corrosion.
- The exploration and production operations have been increasing significantly, as majority of the oil and gas players are looking for new prospects, in terms of availability of crude oil, while employing tertiary recovery methods for mature fields.
- The increasing number of drilling operations in the North American and Middle Eastern regions is expected to positively impact the demand for nickel alloys during the forecast period.
China to Dominate the Asia-Pacific Market
- China is the largest consumer of nickel alloys in the global market and accounted for a healthy share in the global market. increasing demand for electric vehicles is one of the major factors boosting the demand for nickel alloys in the country.
- In China, a majority of the demand for nickel alloys is from the aerospace and automotive manufacturing segment.
- In China, there was a significant increase in the demand for batteries, primarily owing to the expanding production and sales of electric cars.
- China is a leader in the global electric car market, with the sales of new electric vehicles being four times higher than that of the United States.
- Such growth, in turn, is boosting the demand for the market studied. However, the decline in the aerospace sector due to coronavirus outbreak is expected to hinder the growth of the market.
The market is consolidated among few players across the globe. The key players include Alloys International, Inc., ATI, CRS Holdings Inc., HAYNES INTERNATIONAL, and Sandvik AB, among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
Key Topics Covered:
1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1.1 Rising Popularity of Electric Vehicles
4.2.1 Decrease in Auotomotive and Aerospace Sector
4.2.2 Impact of COVID-19 Pandemic
4.3 Industry Value-Chain Analysis
4.4 Porter’s Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
4.5 Price Analysis
4.6 Trade Analysis
5 MARKET SEGMENTATION
5.1.1 Heat Resistant Nickel Alloys
5.1.2 Corrosion Resistant Nickel Alloys
5.1.3 Electrical Resistant Nickel Alloys
5.1.4 Low-Expansion Nickel Alloys
5.1.5 Other Types
5.2 End-user Industry
5.2.2 Electrical and Electronics
5.2.3 Oil and Gas
5.2.4 Chemical Processing
5.2.6 Other End-user Industries
5.3.1 Production Analysis
126.96.36.199 United States
5.3.2 Consumption Analysis
188.8.131.52.4 South Korea
184.108.40.206.5 Rest of Asia-Pacific
220.127.116.11 North America
18.104.22.168.1 United States
22.214.171.124.1 United Kingdom
126.96.36.199.5 Rest of Europe
188.8.131.52 South America
184.108.40.206.3 Rest of South America
220.127.116.11 Middle-East and Africa
18.104.22.168.1 South Africa
22.214.171.124.2 Saudi Arabia
126.96.36.199.3 Rest of Middle-East and Africa
6 COMPETITIVE LANDSCAPE
6.1 Mergers & Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share/Ranking Analysis**
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 Alloys International, Inc.
6.4.3 BERKSHIRE HATHAWAY INC.
6.4.4 CRS Holdings Inc.
6.4.5 HAYNES INTERNATIONAL
6.4.6 Kennametal Inc.
6.4.8 Sandvik AB
6.4.9 SANYO SPECIAL STEEL Co., Ltd.
6.4.10 thyssenkrupp Materials
6.4.11 voestalpine Specialty Metals
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/2p2gfj
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