Nickel Alloys Market is expanding rapidly with Kennametal Inc. introducing KCS10B made of nickel, iron, and cobalt-based superalloys, which used in aerospace applications

 

Nickel alloys are used for several different purposes. These purposes include but not limited to cutting, forging, forming, plating, etc. Nickel is a light, ductile, non-corrosive metal. Over the years, the importance of electric vehicles has increased massively with growing emphasis on the reduction of carbon footprint. Nickel alloys are typically used in the manufacturing of batteries for electric vehicles. As per the International Energy Agency (IEA), in 2019, electric car sales reached 2.1 million globally, registering a growth rate of 2.6%. According to the Edison Electric Institute (EEI), as of March 2019, there were around 1.18 million electric vehicles on U.S. roads, with EV sales increasing by 81% in 2018 as compared to 2017. Consumers across the globe are increasingly purchasing electric vehicles, which could potentially augment growth of the nickel alloys market.

Since nickel has so many different uses, finding a place to store it can be a challenge. Nickel alloys are extremely susceptible to corrosion if stored near an acidic substance or area with high salt content. The best way to store nickel is in a dry environment, away from salt-based items, and at room temperature. Similar to batteries in electric vehicles, nickel alloys are widely used in jet turbine engines. These alloys are typically used to make blades, discs, other important jet engine parts since they provide excellent adhesion, hardness, corrosion-resistance, and wear & erosion resistance. Such wider applications of these alloys can significantly stimulate growth of the Nickel Alloys Market in the near future.

Recently, in August 2020, Kennametal Inc., a U.S.-based tooling & materials company, launched KCS10B made of nickel, iron, and cobalt-based superalloys, which used in aerospace applications.

Nickel alloys are extremely malleable and ductile. This means that they can be easily shaped into a wide variety of shapes, including thin, thick, and hollow components. They can even be used to form metal into complex geometric designs, or into thin sheets of metal. The properties of nickel allow them to be formed into hollow tubes, pipes, and even sheets of metal that are wrapped around another element for extra strength. As far as geographical impact is concerned, Asia Pacific is most likely to gain significant traction in the nickel alloys market. This is typically due to the fact that automotive and aerospace industries have witnessed robust growth in emerging economies including China and India. Besides, rapid digitalization in the above-mentioned region is stimulating growth of the electronics & electric market.

There are some critical challenges that could impede the use of nickel alloys. One of them is the rising cost of raw materials, while the other is the negative impact of COVID-19 on the entire automotive industry. The coronavirus outbreak has hindered automotive production, thereby reducing the demand for these alloys. Thus, such adversities can negatively affect growth of the nickel alloys market.