According to a new research report by Global Market Insights Inc., the Nickel Superalloy Market size to exceed USD 10 billion by 2026. Soaring demand for petrochemicals will positively influence the industry growth during the forecast period.
The rising demand from the expanding aerospace, power generation, and chemical processing industries will fuel nickel superalloy market growth in the near term. The revenue generation is attributed to the product’s superior performance attributes, high-temperature corrosion resistance, oxidation resistance, and creep resistance. It provides improved versatility and high toughness, which increases its use across various applications.
Furthermore, it offers incredible strength, ductility, and easy fabrication. Nickel superalloys find many uses in the power sector, i.e., coal & gas thermal powerplants and nuclear powerplants that operate under extreme temperatures.
Favorable trends associated with the chemical industry is expected to drive product consumption in the coming years. Nickel superalloys are widely used in chemical plants owing to their versatile operational characteristics, superior oxidation resistance, excellent corrosion resistance, and working ability over high-temperature ranges. Globalization, financial investments, and favorable government policies will support the chemical industry growth.
In addition, rising mergers & acquisitions coupled with continuous research & development activities will pave way for the chemical sector growth in the future. This, in turn, will spur nickel superalloy market growth during the forecast timespan.
The coronavirus pandemic will negatively influence the short-term nickel superalloy market share. It will cause supply chain disruptions, reduce production output, and fluctuations in the prices of raw materials. Additionally, the demand from key application sectors, such as aerospace & defense, power generation, oil & gas, and chemical, will decline significantly. However, this impact is expected to last for a short period and the industry will return to normalcy by the end of the forecast period.
Browse key industry insights spread across 200 pages with 214 market data tables & 19 figures & charts from the report, “Nickel Superalloy Market, By Type (Alloy 600/601/602, Alloy 625, Alloy 718, Alloy 825, Alloy 925, Hastelloy C276/C22/X, Waspaloy), By Shape (Bar, Wire, Sheet & Plate), By Application (Aerospace & Defense, Power Generation, Oil & Gas, Refinery, Chemical), Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Alloy 625 will witness around 7% CAGR in nickel superalloy market size by 2026. It is a high-performance nickel-chromium-molybdenum alloy primarily known for its excellent strength, superior corrosion resistance, and the ability to work over a wide range of temperatures. Its composition includes nickel (58% minimum) along with molybdenum, chromium, iron, niobium, cobalt, tantalum, silicon, aluminum, titanium, etc. The alloy matrix includes interaction between niobium and molybdenum, which provides high strength while removing the need for precipitation-hardening treatment.
Additionally, it doesn’t display any signs of cracking when exposed to strain and temperature changes. This superalloy is ideal for high saline underwater applications, fixtures for submarines, aerospace exhaust equipment & heat exchanger casings, rocket components, nuclear reactor parts, valves, fluid distribution systems, etc.
Increasing oil & gas exploration activities will benefit industry expansion
Oil & gas sector will account for over 14% revenue share and is anticipated to grow at a significant rate by 2026 owing to its extensive usage in oil & gas exploration activities. Nickel alloy has ability to resist sulfide stress cracking and stress-corrosion cracking make it an ideal choice for sour crude oil & natural gas environments. The product is extensively used for down-the-hole and wellhead components in the oil & gas sector. Rising oil & gas drilling activities in the Middle East and rapid technological progressions will support the nickel superalloy market expansion.
Increasing power requirements will boost nickel superalloy sales in Asia Pacific
Asia Pacific region will witness over 7% CAGR through 2026 and is attributed to the rising demand from the power generation and aerospace industries over recent years. The growing investments in the power generation and chemical processing industries across the region will drive nickel superalloy market growth. These factors will boost demand in the power generation industry across the region over the anticipated timeframe.
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