The growing popularity of nickel and its alloys as preeminent materials for welding operations, thanks to its qualitative properties, such as high temperature and resistance to corrosion and thermal expansion, is influencing the demand for nickel-alloy-based welding fillers and other consumables across the world and leading to the rise of the global nickel alloy welding consumables market. The increasing usage of nickel in a number of end-use applications, such as aerospace, renewable energy, shipbuilding, and LNG is also propelling this market significantly at present and is projected to provide attractive growth prospects to market players in the near future.
Browse the full Fine Global Nickel Alloy Welding Consumables Market Report: http://www.mrrse.com/nickel-alloy-welding-consumables-market
A report by Transparency Market Research (TMR) states that the worldwide market for nickel alloy welding consumables stood at US$3.3 bn in 2015. Expanding at a CAGR of 6.60% during the period from 2016 to 2024, the opportunity in this market is estimated to increase to US$5.8 bn by the end of 2024. Along with this, the market is likely to exhibit a CAGR of nearly 5% in the shipment volume over the same period.
Presence of Lucrative Opportunities behind Continued Growth of Asia Pacific
North America, Latin America, the Middle East and Africa, Asia Pacific, and Europe are the predominant regional markets for nickel alloy welding consumables across the world. Since North America and Europe have already attained maturity, they are likely to provide limited opportunities for the market’s growth in the years to come. However, the positive growth in the power and manufacturing sectors, especially in Germany and Canada, may open new revenue streams for market players in the near future.
Asia Pacific, on the other hand, has been presenting lucrative prospects for the growth of the global market for nickel alloy welding consumables since the last few years, thanks to the speedy expansion of various end-use industries, such as construction and power. Researchers expect the regional market to remain dominant over the forthcoming years on account of the high population growth and the increasing investments and trade activities in the industrial sector in Asia Pacific.
Inconel Alloys to Acquire 45% of Total Demand by 2024
Mostly, monel alloys and inconel alloys are used for welding operations across the world. Of these, the demand for inconel alloys is greater than the former and is likely to remain so over the forthcoming years. The growing application of inconel alloys in the oil and gas, construction, power, and the transportation sectors, due to their efficiency, is likely to reflect considerably on the sales of inconel alloys in the years to come. By 2024, this segment is estimated to acquire a share of nearly 45% in the overall market.
Browse the full Press Release of Global Nickel Alloy Welding Consumables Market at :http://www.mrrse.com/global-nickel-alloy-welding-consumables-market
Some of the leading players in the global nickel alloy welding consumables market are Ador Welding Ltd., Illinois Tool Works Inc., Colfax Corp., Kobe Steel Ltd., MEC Holding GmbH, Lincoln Electric Holdings Inc., Sandvik Materials Technology AB, Tianjin Golden Bridge Welding Materials Group Co. Ltd., Special Metal Corp., voestalpine Böhler Welding GmbH, Berkenhoff GmbH, Arcos Industries LLC, and Lin’an Dayang Welding Material Co. Ltd.