The nickel alloys market is projected to reach USD 14.68 Billion by 2022, at a CAGR of 3.9% between 2017 and 2022. The growing demand for nickel alloys from end-use industries has led to significant developments in the nickel alloys market. Nickel alloys are used across various end-use industries such as chemical process, oil & gas, transportation, power & energy, aerospace & defense, mining, and nuclear plants. The growth of these industries is expected to drive the demand for nickel alloys.
Key players in the nickel alloys market include VDM Metals GmbH (Germany), Aperam S.A. (Luxembourg), Sandvik Materials Technology AB (Sweden), Allegheny Technologies Incorporated (US), Carpenter Technology Corporation (US), ThyssenKrupp AG (Germany), Haynes International, Inc. (US), Precision Castparts Corp. (US), Voestalpine AG (Austria), and Rolled Alloys, Inc. (US) among others. Some of these companies are involved in the production of nickel alloy grades, while others are engaged in the manufacture of products such as tubes, vessels, and wires, among other products.
Substantial investments have been made towards expansions, agreements, and mergers & acquisitions in the past few years by key companies such as Precision Castparts Corporation (US), VDM Metals (Germany), Allegheny Technologies Incorporated (US), Carpenter Technology Corporation (US), and Haynes International Inc. (US). Among these, Precision Castparts Corporation (US) and VDM Metals (Germany) have adopted a majority of the growth strategies to strengthen their positions in the nickel alloys market. Both companies have been mostly focusing on acquisitions and agreements and are expanding their businesses in untapped markets.
Precision Castparts Corporation has been focusing on mergers & acquisitions as a part of its growth strategy in the nickel alloys market. In July 2015, Precision Castparts Corporation acquired Canada-based Noranco, which is a premier supplier of complex machined and fabricated components for aero-engines, landing gears, and airframe applications. This acquisition helped Precision Castparts Corporation increase its share in the aerospace industry by using the customer base and expertise of Noranco. In March 2014, Precision Castparts Corporation acquired US-based Aerospace Dynamics International (ADI) from the Marvin Group for USD 625 million. Aerospace Dynamics International (ADI) is one of the premier suppliers of aerospace engine components to the aerospace industry and has expertise in the manufacture of large and complex components and critical assemblies, and also has expertise in hard metal machining. This acquisition helped Precision Castparts Corporation in offering highly advanced and diversified products to its customers.
In April 2017, VDM Metals GmbH expanded its alloy strip business with the construction of a new production unit in Werdohl (Germany). This expansion is expected to help the company boost its production capacity by 30 percent while extending its product portfolio in strips to cater to the different requirements of its customers. These strategies are expected to help the company expand its market reach to untapped locations and also increase its share in the nickel alloys market.
Nickel Alloys Market by Function (Corrosion Resistant, Heat Resistant, High Performance, Electronic Alloys), End-Use Industry (Aerospace & Defense, Oil & Gas, Chemical, Energy & Power), and Region - Global Forecast to 2022
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