Nickel can easily form an alloy with the other metals. The beneficial properties of the nickel alloy are high heat resistance, high chemical resistance, high corrosion resistance, good machining capabilities, and others.
Sarasota, FL -- (SBWIRE) -- 09/15/2017 -- Nickel Alloy Market: Overview
Nickel can easily form an alloy with the other metals. The beneficial properties of the nickel alloy are high heat resistance, high chemical resistance, high corrosion resistance, good machining capabilities, and others. Owing to its flexibility, the nickel alloy finds its application in varied applications such as in turbines in power generation, electronics, aircraft gas turbines, marine fasteners, aircraft parts & accessories, and others.
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Nickel Alloy Market: Facts
WASPALOY® is an ideal example of the nickel alloys that are used in the aerospace sector. The alloy offers structural reliability and strength at high temperatures owing to the fact that this alloy remains strong even at temperatures as high as 870°C. As a result, Wasaploy is routinely used in the exhaust section of an aircraft.
Nickel Alloy Market: Segmentation
The global market for the nickel alloy is fragmented into its product type and end-user applications. Based on the product type, the global market is segregated into corrosion resistant nickel alloys, electronic alloys, heat resistant nickel alloys, and high-performance nickel alloys. Based on the end-user application, the market is categorized into electronics, chemicals, aerospace & defense, automotive, oil & gas, and energy & power.
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Nickel Alloy Market: Growth Factors
The important factor that is driving the nickel alloy market is the rapid growth of the end-use sectors. These end-use sectors include aerospace & defense and automotive; these industries have been developing at a rapid pace thus affecting the growth of the nickel alloy market positively. In the aircraft component manufacturing, nickel alloys have a wide acceptance for the manufacturing of the exhaust system, blades, engine components, and others. The growth in the military and the civil aircraft production also contributes to the growth of the market. The unpredictable oil & gas end user industry will also have an impact on the growth of the nickel alloy market. The factor that will restrain the growth of the market is the growing prices of the raw material.
Nickel Alloy Market: Regional Analysis
The factors that are driving the growth of the nickel alloy market in Asia Pacific region are the significant growth of the industrial sectors such as aerospace & defense, automotive, and energy & power. The nations that are the major contributors in Asia Pacific region are China, India, South Korea, and Japan. The next promising market in terms of the demand of the nickel alloy is Europe which is followed by the North America. In the coming years, it is anticipated that North America will contribute significantly to the growth of the market owing to the increasing demand for the nickel alloys in the market of the U.S. The demand for the nickel alloys will increase in the Middle East owing to the increasing oil and gas sectors.
Nickel Alloy Market: Competitive Players
The key market players that are involved in the nickel alloy market include Sandvik Materials Technology, Precision Castparts Corporation, Precision Castparts Corporation, Allegheny Technologies Incorporated, Kennametal Inc., Rolled Alloys Inc., ThyssenKrupp AG, VDM Metals GmbH., Haynes International Inc., Aperam S.A., Carpenter Technology Corporation, Voestalpine AG, and Ametek Inc.
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Nickel Alloy Market: Regional Segment Analysis
Middle East and Africa