The Nickel Titanium Alloys Market is forecast to reach USD 18.03 Billion by 2028, according to a new report by Reports and Data. Nickel Titanium Alloys are used in various applications in different parts of the world. Industry players are involved in improving the metalworking and machining features of several Nickel Titanium Alloys. These efforts will bring in new opportunities in the coming years.
Nickel Titanium Alloys have achieved application in a broad variety for high-performance purposes in consumer markets and various industries globally. There is an engaging demand for Nickel Titanium Alloys in multiple applications that need high corrosion and heat resistance, most prominently in the oil and gas industry. The demand for these alloys is due to the unique chemical and physical characteristics they possess. The major drawback of the market is the growing cost of raw materials used to manufacture Nickel Titanium Alloys.
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Top Companies: Sandvik Materials Technology Ab , Kennametal Inc., Carpenter Technology Corporation, Thyssenkrupp AG, VDM Metals GmbH, Allegheny Technologies Incorporated, Precision Castparts Corporation, Haynes International Inc., Columbia Metals Ltd., Aperam S.A. , Sanyo Special Steel Co., Ltd. , Voestalpine AG , JLC Electromet Pvt. Ltd. , Ametek Inc. and Neonickel.
Further key findings from the report suggest:
- High-performance type of alloy segment is valued at USD 3.61 billion in 2020 and is estimated to reach USD 4.87 billion by 2028.
- This is due to the growing demand from end-user industries mainly from oil gas and aerospace defence.
- The increasing usage of Nickel Titanium Alloys as high-corrosion resistant and high-temperature alloys in engine and transportation control systems are supporting the growth of the market.
- Accelerated developments in aircraft size and increasing performance requirements are expected to provide lucrative opportunities in the aerospace industry.
- Rising demand for Nickel Titanium Alloys in manufacturing new aircraft models with more significant performance features is a crucial factor encouraging the market growth.
- Nickel Titanium Alloys are used broadly in the aerospace industry, mainly in engine production.
- Due to the rising investments and an increasing number of aircraft deliveries, the application in the aerospace defence segment is expected to dominate the market.
- Aerospace defence segment is estimated to reach USD 6.66 billion by 2028 at a CAGR of 3.8% during the forecast period.
- Nickel Titanium Alloys provide exceptional engineering and physical characteristics and are extremely suitable for blades, engine turbine, exhaust systems, and others.
- The application of the material in oil gas companies is expected to observe the highest CAGR of 3.9% during the forecast period.
- The nickel alloy-based material and components are widely used in this industry owing to their superior corrosion resistance and excellent mechanical and physical characteristics compared to other types of materials such as iron and stainless steel.
- This type of alloy is heat resistant and is based on nickel-iron, which are designed to perform at extreme temperature and pressure.
- Nickel-based alloys can be either robust solution or precipitation strengthened.
- The applications for which these alloys are used have extended to other industries as well, such as petroleum plant, chemical, and rocket engines, among others.
Market Overview:
Consumers are placing a higher importance on sustainability and, as a result, are choosing items based on factors like circularity and carbon footprint. Furthermore, consumer concern about carbon emissions has prompted increased investment in renewable energy, energy efficiency, and transportation decarbonization. These developments have had considerable impact on chemical end sectors, particularly in the automobile and construction industries. COVID-19 has exacerbated the situation by lowering the automobile and construction industries (as well as many others) and disrupting current supply lines.
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Market Segmentation:
The report is written with the aid of industry analysts, market segmentation, and data collection in order to assist readers in making profitable business decisions. The report includes a comprehensive database of technical and product advances. It also provides information on growth rates and market value, as well as a thorough examination of niche market segments. The report provides strategic advice to newcomers and existing businesses about how to make profitable and well-informed business decisions.
The global Nickel Titanium Alloys market is segmented into:
Product Outlook (Volume, Kilo Tons, and Revenue, USD Billion; 2020-2028)
- Nickel-aluminum Alloys
- Nickel-titanium Alloys
- Nickel-chromium Alloys
Type Outlook (Volume, Kilo Tons, and Revenue, USD Billion; 2020-2028)
- High-Performance Alloys
- Electronic Alloys
- Heat Resistant Alloys
- Corrosion Resistant Alloys
Application Outlook (Volume, Kilo Tons, and Revenue, USD Billion; 2020-2028)
- Aerospace Defense
- Oil Gas Industry
- Automotive
- Medical
- Other
Regional Outlook:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (China, India, Japan, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Key Questions Addressed in the Report:
- What are the dominating factors that are influencing the growth of the industry?
- In the forecast period, which market segment is expected to rise the most?
- What are the risks and challenges that the industry is facing?
- In the coming years, which area is projected to dominate the market?
- Who are the major players in the market? What kind of strategic business plans have they made?
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