Nickel Superalloy Market Size

Nickel Superalloy Market Size

Nickel Superalloy Market size was USD 7.5 billion in 2019 and will grow at a CAGR of 6.7% between 2020 and 2026. Favorable trends associated with global air passenger traffic growth will generate a plethora of opportunities for aircraft parts manufacturing.

Nickel superalloy is an alloy with nickel as a principal element. Besides nickel, various metals and materials, such as iron, copper, chromium, & molybdenum, are used during the formation of these alloys. These alloys are also called high-performance alloys owing to their versatile operational characteristics. These alloys can be used over a wide range of temperatures and pressures. Furthermore, these alloys offer superior corrosion resistance and provide necessary strength.

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Rising oil & gas drilling activities across the globe will bolster the sales of nickel superalloys in the future. Many governments are investing huge amounts of money to accelerate the oil & gas sector growth. In 2016, China agreed to invest over USD 280 billion in Iran’s oil, gas & petrochemical sector for the next 25 years as a part of the China–Iranian investment deal. Such trends will support the nickel superalloy market expansion as the product is widely used in downhole components, tubing, pressure vessels, etc.
 

The surging population and economic development are constantly increasing the demand for energy across the globe. These power plants operate under high-temperatures, ranging from 500⁰C - 1,000⁰C, and with technological advancements to produce steam even under high-temperature limits such as in supercritical thermal plants and gas-based power plants. The factors will increase operating temperature limits in the coming years.
 

Power plants use nickel superalloys for several applications including the manufacturing of gas and steam turbines, heat exchangers, scrubbers, and so on. In addition, their corrosion resistance and reduced macrofouling properties also find many applications in nuclear power plants, thereby driving nickel superalloy market trends.
 

The prices of nickel, iron, cobalt, copper, aluminum, titanium, and other metal commodities are highly influenced by national income & population, cost & technology, government policies, weather, interest rates, and exchange rates. However, volatile raw material prices coupled with high production costs will restrain the nickel superalloy market growth. In addition, the closure of several manufacturing facilities across the globe owing to the COVID-19 pandemic will negatively influence the alloy demand across various applications for the short-term.
 

Despite a recent slowdown in the demand from the aerospace and power generation sectors in the backdrop of lethargic economic conditions, nickel superalloy market is likely to offer immense opportunities in the long run.