Nickel and its alloys have high resistance to corrosion and thermal expansion and high temperature strength due to which they are used in welding operations. Considering the advantages they provide over alternatives, nickel alloy-based welding fillers have increased in popularity. The rising use of nickel in diverse applications across aerospace, renewable energy, shipbuilding, and LNG sectors will mark substantial growth opportunities for the market. The global nickel allow welding consumables market is projected to exhibit a CAGR of 6.6% between 2016 and 2024. At this pace the market is expected to reach a valuation of US$5.87 bn by the end of 2024, from US$3.32 bn in 2015. Based on volume, the market is projected to report a CAGR of 5% during the same period.
Diverse Applications across Oil and Gas Industry to Offer Promising Returns
Compared stainless steel welding consumables and those made from other metals, nickel allow welding consumables have a higher price quote. In future, the cost of the latter is likely to increase further due to the absence of skilled workers. This limits the application of nickel alloy welding consumables to somewhat critical sectors such as oil and gas, power generation, construction, manufacturing, transportation, and marine.
Among the aforementioned application segments, the global nickel alloy welding consumables market is led by the oil and gas industry. It is also expected to continue dominating the market in the forthcoming years as well. The segment accounted for over 22% of the global market in 2016. Nickel allow welding consumables are used in pipelines, heat exchangers, drilling machines, valves in the oil and gas industry. Such diverse applications bolster the prospects for the increased use of nickel alloy in the industry in the near future.
Industrialization in Asia Pacific to Foster Growth of Global Nickel Allow Welding Consumables Market
Based on geography, the global nickel allow welding consumables market is segmented into Asia Pacific, Europe, North America, Latin America, and the Middle East and Africa. Among these, North America and Europe being mature markets, provide limited growth opportunities with regards to untapped potential. However, robust opportunities across power and manufacturing sectors in Germany and Canada are likely to give significant impetus to the regional markets in the near future. North America and Europe cumulatively held nearly 50% of the global market based on volume in 2016.
Asia Pacific emerged dominant in the global nickel allow welding consumables market in 2015. The region is also expected to remain dominant through the forthcoming years. Volume-wise Asia Pacific is likely to hold more than 37% of the global nickel allow welding consumables before 2016 ends. Factors such as high consumer base, rapid development across end-use industries, and favorable trade policies are boosting the nickel allow welding consumables market in Asia Pacific. Furthermore, international players have been directing their efforts to tap the unmet needs across developing nations. To capitalize on the existing opportunities, these companies are expanding their manufacturing, sales, and marketing channels in Asia Pacific.
Currently, a few large players hold dominance in the global nickel alloy welding consumables market. The top five companies leading the overall market are Chevron Phillips Chemical Company LLC, Lincoln Electric Holdings, Inc., ESAB, voestalpine Böhler Welding GmbH, and Illinois Tool Works Inc. Together these companies held nearly 50% of the global market in 2015.
Browse the full Global Nickel Alloy Welding Consumables Market report http://www.mrrse.com/nickel-alloy-welding-consumables-market
Other prominent enterprises operating in the market are Kobe Steel, Ltd., Colfax Corporation, Special Metal Corporation, Ltd., MEC Holding GmbH, and Ador Welding Ltd.