[FURL=https://www.industryarc.com/Research/Nickel-Base-Alloy-Market-Research-501585?utm_source=Briefingwire&utm_medium=Pressrelease&utm_campaign=PaidPressrelease]Nickel Base Alloy Market[/FURL] size is forecast to reach $5,114.6 million by 2026, after growing at a CAGR of 2.6% during 2021-2026, owing to the increasing usage of nickel base alloy in various end-use industries such as automotive, aerospace, oil & gas, power plants, electronics, and more. Nickel base alloys have excellent characteristics such as corrosion resistant, strength, toughness, metallurgical stability, high-temperature strength, fabricability, weldability, and these properties are expected to increase the market demand for electronic alloys.The rapid growth of the oil & gas industry has increased the demand for nickel base superalloy, nickel base corrosion-resistant alloy, and nickel base shape memory alloy; thereby, fueling the market growth. Furthermore, the flourishing aerospace & defense industry is also expected to drive the nickel base alloy industry substantially during the forecast period.
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Nickel Base Alloy Market Segment Analysis – By Geography
North America region held the largest share in the nickel base alloy market in 2020 up to 36%, owing to increasing demand for aircraft in the region. In 2018, U.S. aerospace exports to Germany amounted to $8.92 billion, according to the International Trade Administration (ITA), and the trade surplus was USD 6.36 billion, reflecting a 67 percent rise compared to 2016 (USD 3.8 billion). And in 2017, Canada was the fourth-largest international aerospace export market in the United States, estimated at approximately US$9.2 billion, a rise of ten percent over 2016. Airline passenger flows recorded in Mexico show annual average growth of nearly 10 percent from 2015-2017, according to the Federal Civil Aviation Agency (AFAC). Mexico's national and international passenger volume rose by 5.5 percent in 2018, from 90.5 million in 2017 to 97.3 million in 2018, suggesting that the country's demand for aircraft is rising. According to Boeing commercial market outlook 2020-2039, North America will require 8,995 new aircrafts delivery in the region by 2039. And since nickel base alloys are widely used in the aerospace industry to make turbine blades, discs, and other critical jet engine parts, it is anticipated that with the increasing aerospace sector in the region.
Nickel Base Alloy Market Drivers
Growing Consumer Electronics Market
Increasing Oil & Gas Sector
Nickel Base Alloy Market top 10 companies are VDM Metals, Aperam S.A., Sandvik Materials Technology AB, Allegheny Technologies Incorporated, Carpenter Technology Corporation, ThyssenKrupp AG, Haynes International Inc., Precision Castparts Corporation, Voestalpine AG, and Rolled Alloys Inc.
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