Nickel Alloys Market Size, Share, Industry, Forecast and outlook (2023-2030)

Global Nickel Alloys Market is segmented By Application ( Electroplating applications, Non-ferrous alloys and superalloys, Stainless and alloy steels, and Others), By End User (Chemical industry, Construction industry, Electrical and electronic equipment, Household appliances, and Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023 - 2030

Nickel Alloys Market Overview

The Global Nickel Alloys Market reached USD 14.6 billion in 2022 and is expected to reach USD 19.1 billion by 2030, growing with a CAGR of 3.5% during the forecast period 2023-2030. The global nickel alloys market has witnessed remarkably positive market trends in recent years, driven by factors such as the expanding aerospace and power generation industries and the increasing demand for high-performance end-users. 

Nickel Alloys, can operate under extreme conditions of temperature, pressure, and mechanical stress. Such alloys exhibit excellent mechanical strength, creep resistance, corrosion resistance, and thermal stability, making them ideal for critical applications in aerospace, power generation, and automotive sectors. Further, with advancements in metallurgy and manufacturing techniques, the demand for nickel alloys is expected to witness major market opportunities.

Asia-Pacific is the largest region in the Global Nickel Alloys Market, covering almost 1/3rd of the market share due to its high mineral reserves and expanding end-user verticals such as automotive and aerospace industries. 

The region also has witnessed a surge in market opportunities and participation in nickel alloys due to power requirements and generation expansion. Further, electroplating in the nickel alloys segment dominates the end-user segment in the Global Nickel Alloys Market, occupying almost 2/3rd of the market share. The individual fact is mainly due to its heavy utilization in the automotive and aerospace sectors.

Nickel Alloys Market Scope

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Nickel Alloys Market Dynamics

Infrastructure Development and Urbanization

Nickel Alloys are high-performance alloys that exhibit exceptional mechanical strength, resistance to corrosion, and heat resistance. The properties above making them indispensable in critical applications across industries such as aerospace, energy, and automotive. The global nickel alloys market has experienced substantial growth in recent years, driven by several key factors. One of the major drivers of the Global Super Alloys Market is the advancements in additive manufacturing.

The ongoing infrastructure development and urbanization projects worldwide contribute to the growth of the Global Nickel Alloys Market. Urbanization drives the demand for stainless steel, a primary application of nickel alloys, in construction projects such as buildings, bridges, and infrastructure. 

According to the United Nations, the global urban population is expected to reach 68% by 2050. The increasing urbanization and infrastructure development initiatives create a favorable market landscape for nickel alloys.

Growing Aerospace and Automotive Industries

The aerospace industry is a key driver of the Global Nickel Alloys Market. The increasing demand for lightweight and high-strength materials in aircraft manufacturing has propelled the use of nickel alloys in critical components such as jet engines, turbines, and exhaust systems. 

According to data from the International Civil Aviation Organization (ICAO), global passenger traffic grew by 51.7% from 2010 to 2019. The respective growth, coupled with the need for fuel efficiency and improved safety, has driven the demand for nickel alloys in the aerospace sector.

The automotive sector plays a crucial role in the growth of the global nickel alloys market, particularly with the shift towards electric vehicles (EVs). 

Nickel alloys are essential in battery technologies, where they improve EV batteries' performance, safety, and longevity. The International Energy Agency (IEA) reported a 43% increase in EV sales globally in 2020 compared to the previous year. The respective surge in electric vehicle adoption fuels the demand for nickel alloys in battery manufacturing, as nickel-based cathode materials offer high energy density and stability.

Volatility in Raw Material Prices

The Global Nickel Alloys Market has witnessed substantial growth in recent years, driven by increasing aerospace, automotive, and energy demand. Nickel alloys, known for their exceptional mechanical properties and corrosion resistance, are widely used in critical applications. 

However, the market is not immune to challenges and restraints that can hinder its growth trajectory. One of the key restraints in the nickel alloys market is the volatility in raw end-user prices, particularly nickel, cobalt, and chromium prices.

One of the significant restraints faced by the nickel alloys market is the volatility in raw material prices, primarily driven by fluctuations in nickel prices. Nickel is a key component in nickel alloys, and its price dynamics are influenced by various factors such as global supply-demand imbalances, geopolitical tensions, and market speculation. 

According to the United States Geological Survey (USGS), the average annual nickel price in 2020 was $6.64 per pound, marking a 1.5% decrease compared to 2019. Such price volatility can significantly impact the production cost of nickel alloys, thereby affecting the overall market growth.

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Nickel Alloys Market Segment Analysis

The Global nickel alloys market is segmented based on application, end-user and region.

Increasing Demand in Automotive Industry and Electroplating

The Global Nickel Alloys Market has been experiencing significant growth in recent years, driven by various factors such as increasing industrialization, technological advancements, and the demand for high-performance materials. 

Nickel alloys, renowned for their exceptional properties such as corrosion resistance, high temperature and pressure resistance, and excellent electrical conductivity, find extensive utilization across several industries. 

The electroplating segment within the global nickel alloys market is experiencing robust growth driven by the automotive industry. The automotive industry is a prominent driver of the electroplating segment in the global nickel alloys market.

Electroplating nickel alloys onto automotive components enhances their durability, corrosion resistance, and aesthetic appeal. With the increasing demand for electric vehicles (EVs) and stringent environmental regulations, the adoption of nickel-plated components has gained significant momentum. 

Government sources report a steady growth in EV production globally, with the International Energy Agency (IEA) estimating an increase of 41% in electric car sales in 2020 compared to the previous year. The respective rise in electric vehicle production directly contributes to the growth of the electroplating market.

Source: DataM Intelligence Analysis (2023)

Nickel Alloys Market Geographical Penetration

Asia-Pacific’s growing population, urbanization, and rising income levels

The Asia-Pacific region has emerged as a significant player in the Global Nickel Alloys Market, exhibiting robust growth and presenting lucrative opportunities. Nickel alloys, renowned for their exceptional corrosion resistance, high-temperature strength, and versatility, find extensive application in industries such as aerospace, automotive, energy, and chemical processing. 

The Asia-Pacific region has witnessed rapid industrialization and infrastructural development, driving the demand for nickel alloys. The region's growing population, urbanization, and rising income levels have fueled the construction and transportation sectors, boosting the consumption of nickel alloys.

According to data from the Asian Development Bank, infrastructure investment in Asia is projected to reach USD 26 trillion from 2016 to 2030, further stimulating the demand for nickel alloys in construction and related applications. With its dominant position in various sectors and abundant nickel resources, the region is poised to play a pivotal role in shaping the future of the nickel alloys market. 

As Asia-Pacific continues to witness economic growth, urbanization, and technological advancements, the demand for nickel alloys is expected to surge, presenting promising opportunities for market players in the region.

Source: DataM Intelligence Analysis (2023)

Nickel Alloys Market Companies

The major global players include Anglo American Plc, BHP Billiton, Eramet SA, Glencore, Jinchuan Group, Norilsk Nickel, Minara Resources, Norilsk Nickel, PT Antam and Sherritt International Corp.

COVID-19 Impact on Nickel Alloys Market

COVID Impact

The COVID-19 pandemic has caused widespread disruptions in global supply chains and manufacturing activities, leading to a ripple effect on the nickel alloys market. With lockdowns, travel restrictions, and workforce limitations, many manufacturing facilities were forced to shut down or operate at reduced capacities. 

According to data from the International Monetary Fund (IMF), global industrial production experienced a decline of 4.9% in 2020 compared to the previous year. The reduction in manufacturing output and the limited availability of raw materials significantly impacted the production and supply of nickel alloys.

As countries gradually ease restrictions and economic activities resume, the nickel alloys market is expected to gradually recover. The resumption of manufacturing operations, the revival of key end-use industries, and government stimulus packages aimed at economic recovery are factors that will contribute to the market's rebound. 

According to the IMF, the global economy is projected to grow by 6.0% in 2021, indicating a positive trajectory for industrial production and manufacturing activities. The increasing focus on sustainable infrastructure development, renewable energy projects, and electric vehicles also presents growth opportunities for the nickel alloys market.

Russia- Ukraine War Impact 

Nickel alloys, known for their exceptional strength, corrosion resistance, and high-temperature stability, find extensive use in industries such as aerospace, automotive, oil and gas, and power generation. The Russia-Ukraine conflict has disrupted the global supply chains of nickel and related alloys. Ukraine is one of the largest nickel producers globally, accounting for a significant portion of the global supply. 

According to data from the Ukrainian government, nickel production in the country declined by 17.5% in 2021 compared to the previous year. The war has disrupted mining operations, transportation, and export capabilities, resulting in decreased nickel supply and tightening global market conditions.

The geopolitical tensions between Russia and Ukraine have created price volatility in the global nickel market. Nickel prices are sensitive to geopolitical events, as they impact supply and investor sentiment. According to data from the Russian Federal State Statistics Service, nickel prices experienced significant fluctuations in 2021, reaching a peak of USD 19,000 per metric ton in July, representing a 40% increase compared to the previous year. Such price volatility affects industries reliant on nickel alloys, leading to higher production costs and supply chain uncertainties.

By Type

• Nickel-Iron Alloys
• Nickel-Copper Alloys 
• Nickel-Molybdenum Alloys
• Nickel-Chromium Alloys
• Nickel-Titanium Alloys
• Others

By Product

• Angles
• Balls
• Pipe
• Tubing
• Bars
• Billets
• Ingots
• Channels
• Coils
• Wire
• Rods
• Sheets
• Plate
• Strips
• Flanges
• Forgings
• Pipe fittings
• Others

By Application

• Electroplating
• Non-Ferrous Alloys And Superalloys
• Stainless and Alloy Steels
• Others

By End-User

• Chemical
• Building and Construction
• Electrical and Electronic Equipments
• Household Appliances
• Metal Fabrication
• Industrial Machinery
• Petroleum
• Transportation
• Others

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • The UK
  • France
  • Italy
  • Russia
  • Rest of Europe
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
• Middle East and Africa

Key Developments

• On August 23, 2022, Nornickel introduced a new prototype of cobalt and nickel based alloys, that finds applications in chemical, nuclear, space and aviation sectors. The respective alloys is expected to exhibit high-temperature resistance and durability.
• On April 22, 2022, Sandvik added a new nickel alloy named Sanicro 625 bar to its nickel alloys product portfolio. The respective alloy finds application in harsh and corrosive environment to protect advanced components in machines.
• On February 13, 2023, Midhani, an Indian public sector metallurgy company, announced its showcasing five new nickel and titanium alloys in the Aero-India 2023 tradeshow held in Bangaluru.

Why Purchase the Report?

• To visualize the global nickel alloys market segmentation based on type, product application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development. 
• Excel data sheet with numerous nickel alloys market-level data points with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Global Nickel Alloys Market Report Would Provide Approximately 70 Tables, 91 Figures And 223 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies