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Global Nickel Based Alloys Tube Market Insight January 4, 2022 Comments

Nickel-based alloy tubes are expected to maintain a steady growth rate in the next few years. According to the World Knowledge Information (WKI) “Global Nickel Based Alloys Tube Professional Survey Report 2021, Forecast to 2026”, The main factors that promote the growth of the nickel alloy tube market include the growing demand from the aerospace and defense industries. Excellent corrosion resistance and heat resistance, as well as high versatility, make nickel-based alloys widely used in the market. The compound annual growth rate (CAGR) for the 2021-2026 period is projected to be 2.8% base on WKI regression analysis model.

Analysts’ Viewpoint:
“In the past period of time, the COVID-19 pandemic has had a certain impact on production companies in all walks of life. In order to prevent the rapid spread of the epidemic, the production operation of the company was forced to be interrupted, and the market circulation chain of nickel alloy pipes was forced to be interrupted. As countries around the world actively take effective preventive measures, companies have gradually resumed production and sales trade. The promotion of the nickel alloy pipe market mainly comes from the demand of the downstream application market. Therefore, it is recommended that manufacturers continue to innovate and develop higher-performance nickel based alloy tubes, expand the scope of market applications, and occupy a favorable market position.” said James, Senior analyst, Chemical industry Market Research Center in WKI.

Market insight:
Nickel alloys refer to metals made from the combination of primary metal nickel and other materials (such as copper, molybdenum, iron, or chromium). Nickel alloys have many advantages that can improve their applicability in extreme environments and conditions. Nickel alloys combine unique properties such as ductility, ductility, corrosion resistance and excellent strength, and are also a conductor of heat and electricity, which makes them suitable for professional applications in a variety of end-use industries. In the past few years, the oil and gas industry has contributed a large portion of revenue to the global nickel alloy market. The massive adoption can be attributed to the growing demand for high-performance materials in the form of corrosion-resistant alloys in offshore oil and gas exploration and production activities. The use of corrosion-resistant alloys in industry is driving the rapid expansion of the market. The impact of the ongoing COVID-19 crisis is far-reaching and far-reaching, bringing unprecedented consequences to many industrial sectors, including the metal market. The quarantine and lockdown measures taken to contain the risk of spread have caused a number of activities to stop or slow down, especially mining projects. Prolonged contact of nickel with the skin may lead to allergic skin reaction that may present as a skin rash at the site of contact, such as eczema and sometimes dermatitis. Asthma is developed by some people due to the exposure of nickel via inhalation. Breathing dust, drinking water, consuming food or smoking tobacco, will lead humans to consume small amount nickel into their body. Nickel particles are irritants to the lungs and can induce pneumonitis. Nickel exposure causes serious health hazards such as chronic bronchitis, reduced lung function, and cancer of lung and nasal sinus. Meanwhile, high cost of these alloying metals is expected to hamper the market growth.

Competition Landscape:
Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Nickel Based Alloys Tube market, like collaborations, expansion, and product innovations to sustain their stronghold across the global market space. ThyssenKrupp AG, Allegheny Technology Incorporated, VDM metals GmBH, Sandvik Material Technology, Carpenter Technology Corporation, etc are the key players operating in the global nickel base alloy tube market.

Segmentation of Nickel Based Alloys Tube Market:
According to Nickel Alloy Type, the market is divided into :Nickel-Iron Alloys, Nickel-Copper Alloys, Nickel-Molybdenum Alloys, Nickel-Chromium Alloys, and Others. Nickel Copper Alloy segment held the largest share in the Nickel Based Alloys Tube Market. Nickel Copper Alloys have excellent characteristics such as high strength, good corrosion resistance, flexibility, and low temperature co-efficient of electrical resistance which are used in the end – use industry. Increasing use of Nickel Copper Alloy in the manufacture of cooling circuits, ammunition, sea water corrosion-resistant assemblies and condenser tubes would fuel market demand over the predicted era. By Function, the Nickel Based Alloys Tube market is segmented into: High Performance Alloy, Heat-Resistant, Corrosion Resistance, Low-Expansion Alloys and Electrical-Resistance Alloys. Among these segments, Corrosion Resistance has the largest share. The marine industry aims at producing seawater Nickel Alloy piping due to its complete resistance to barnacles. Nickel Copper Alloys are highly corrosion resistant alloy which makes seawater desalination, water systems and firefighting systems very reliable. Using Copper Nickel Alloys in various marine products such as valves, pumps, fittings, and sheathing for ship hulls, can maintain good corrosion resistance even in harsh environments. According to Application, the market is divided into :Aircraft, Automotive, Steam Turbine, Pharmaceuticals, Nuclear Power, Chemical & Petrochemical and Others. Automotive sector is expected to be one of the largest markets. Nickel alloys are commonly used in the automotive sector for their corrosion resistance as well as for their visual appearance when polished for instance, car trims. Nickel ensures that automotive bodies are strong, durable and can help absorb impact of collisions by crumpling rather than fracturing. Also, use of nickel alloys for spark plugs, diesel valves, thermostats, turbochargers, plates, and casings for many different automotive parts and products to reduce the total weight of the cars and make it fuel-efficient will lead to increase in demand of Nickel Alloys Market in the forecast period.

Nickel Based Alloys Tube Market: Regional Analysis
In terms of geography, the global Nickel Based Alloys Tube market has been segmented into: North America, Asia Pacific, Europe, Middle East & Africa, South America and Others. Asia Pacific has the largest share in the Nickel Alloys Market. Factors contributing to increased demand for nickel based alloy tube in the Asia Pacific region are increasing production in the manufacturing sector to satisfy transportation requirements for superior quality goods and growing exports from the country. The rising population and growing consumer preferences for automotive will likely fuel nickel base alloy tube market growth in China and India. Increased passenger traffic is anticipated to boost market growth in the coming years, thus boosting demand for automotive.

Cagr: 2.8%
Largest share area:Asia-Pacific
Largest share country:China