Globally, the nickel alloy market expects a CAGR of 3.7% by 2029
The driving force behind high nickel consumption is the increasingly high-paced development across multiple industries. Most users of nickel alloys look for metals that offer high resistance to corrosive chemicals and gases. Three main sectors to see a higher demand for nickel alloys include – the aerospace, defence and automotive sectors. Conventionally, nickel alloys such as Inconel are used in the aerospace sector for their ability to endure elevated temperature environments.
Oil and Gas industry top consumer of nickel alloys
Being a versatile metal, nickel alloys when used in a piping system delays the onset of corrosion. The higher contents of nickel protect the pipeline from hydrocarbons present in crude oil. They are also very reliable, making them suited to end products such as drilling equipment, pumps, and valves. Germany may choose to ally with the middle east for oil and gas purchases. Nickel alloys may soon become popular for oil and gas pipelines and transmission channels.
High-performance type nickel alloy to touch $ 4.87 billion by 2028
In the aerospace industry, these alloys are used in the production of engines. Despite their high cost, many aircraft manufacturers are switching to nickel alloys because they are durable and much more efficient than some stainless steel grades.
Nickel alloys are trending in the defence Sector
The war between Russia and Ukraine has many countries upgrading their defence systems. The recent attacks on the UAE by Yemen’s Houthi rebels led to signed agreements. Israel will supply the SPYDER air defence system to the UAE to strengthen its defensive capabilities.
Japan set to boost the country’s military capability
Japanese prime minister Fumio Kishida has a plan to increase its military strength. Currently, cross border tensions between China and Japan have caused the prime minister to take a defensive stance with the move. In his national address, Prime Minister Kishida addressed his plan to strengthen the military over the next five years. The Japanese defence sector may see increased purchases of armoured trucks and missiles.