NICKEL ALLOYS MARKET ANALYSIS

Nickel Alloys MarketSize and Trends

Nickel Alloys -Market Outlook

• Asia Pacific is the largest market for nickel alloys, owing to the lucrative aerospace, automotive, defense, energy, and power sector. The increase in manufacturing and export sector has augmented the nickel alloys market. The significant contributors to nickel alloy market in Asia Pacific are India, China, South Korea, and Japan. India Brand Equity Foundation (IBEF), a trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India estimated that the automotive market will reach US$ 16.5 billion by 2021 and generate annual revenue up to US$ 300 billion by 2026. Growing automotive sector in India is expected to augment the nickel alloy market.
• North America has a significant demand for nickel alloys due to steady growth in automobiles, electronics, aviation, and defense industry. Growing chemical industry in the USA is fuelling the growth of nickel alloy market.
• The use of nickel alloys in high-performance technologies, owing to its advantages such as heat resistance, durability, and strength is fuelling the growth of nickel alloy market. According to the European Union, nickel-based alloy operations and production are concentrated in Germany, Italy, United Kingdom, France, and Sweden. Growing automotive and oil and gas sector in the Middle East is fueling the growth of nickel alloys market.
• The steady economic growth in Latin America and the Middle East is fueling the growth of automobile, aviation, electronics, and chemical sector, in turn augmenting the nickel alloy market.