The global Nickel Alloy market size is projected to reach USD 14.39 billion by 2030

Nickel Alloy Market Summary

According to the new market research report “Global Nickel Alloy Market Report 2024-2030”, published by GIResearch, the global Nickel Alloy market size is projected to reach USD 14.39 billion by 2030, at a CAGR of 6.1% during the forecast period.

• Global Nickel Alloy MarketSize(US$ Million), 2019-2030

Source: GlobalInfoResearch, “Global Nickel Alloy Market 2024 by Manufacturers, Regions, Type and Application, Forecast to 2030”(published in 2023). If you need the latest data, plaese contact GIResearch.

• Global Nickel Alloy TopPlayers Rankingand Market Share (Ranking is based on the revenue of 2023, continually updated)

Source: GlobalInfoResearch, “Global Nickel Alloy Market 2024 by Manufacturers, Regions, Type and Application, Forecast to 2030”(published in 2023). If you need the latest data, plaese contact GIResearch.

Market Drivers:

The primary market driver for global nickel alloy market is the increase in demand for nickel alloys in several industrial verticals. Nickel alloys have superior properties as compared to pure metals. Use of nickel alloys increases the working life of a component and reduces the maintenance downtime. Another major driver is the growing demand from aerospace & defense industry, where nickel alloys are used for high-performance, corrosion-resistant, and heat-resistant applications.

Restraint:

The key market restraint for the global nickel alloy market is the fluctuating prices of nickel and other alloying elements. The global trade barriers and tariffs have adversely affected the prices of nickel alloys. Another challenge is the processing difficulties of nickel alloys, as some alloys will work harden during machining, and their high melting points can make them difficult to weld. Moreover, nickel alloys have environmental and health impacts, such as greenhouse gas emissions and nickel allergy.

Opportunity:

The future of nickel alloy market is promising, as the growing adoption of electric vehicles (EVs) and the resulting demand for high-purity nickel is providing a much-needed reprieve for the industry. Nickel is a key component of the lithium-ion batteries used by many EV makers, and the shift towards nickel-rich battery chemistries is expected to accelerate.

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