Nickel Alloy Welding Consumables Market: Snapshot
Nickel alloys are used as consumables or fillers to establish contact between two different metal during the welding process. Nickel alloys are prominently used in the welding due to their characteristics, such as, high temperature resistance and thermal expansion. Nickel is widely used in aerospace and oil and gas sectors. In addition, nickel-based consumables are used in gas turbines, power plants, medical applications, and petrochemical industries. All these elements are expected to propel the growth of nickel alloy welding consumables market.
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Transparency Market Research has delved deeper into the nickel alloy welding consumables market through extensive research. From competitive insights to the latest developments of the nickel alloy welding consumables market, the TMR report covers all aspects necessary for formulating future business strategies. According to the predictions made in a report by Transparency Market Research, the global market for nickel alloy welding consumables market is envisaged to witness increment at a CAGR of 5.4% during the forecast period of 2017 to 2025. The nickel alloy welding consumables market stood at US$ 3.5 Bn in 2016 and is prognosticated to reach US$ 5.6 Bn by the end of the forecast period.
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Accessibility of Nickel in Abundance to Amplify the Growth of Nickel Alloy Consumables Market
The availability of nickel in abundance is boosting the growth opportunities for nickel alloy welding consumables market. Nickel is found abundantly in nature. Furthermore, it complements the welding process as consumables. The fillers are used in form of wires and stick electrodes. These products are in high demand and offer great benefits of alloys. Thus, the nickel alloy welding consumables market is expected to observe substantial growth.
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The nickel alloy welding consumables market is classified into stick electrode and wires on the basis of products. The electrodes are used as the fillers in the welding process whereas wires are used in various arc welding processes. The wire segment in nickel alloy welding consumables market is accounted to witness a substantial growth due to its performance and precision. The demand for welding consumables has increased in end-use industries, such as construction, power, marine, transportation, oil and gas, and transportation. Thus, the nickel alloy welding consumables market is augmented to exhibit considerable growth trajectory.
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Asia Pacific to Emerge As Frontrunner in Nickel Alloy Welding Consumables Market
The demand for nickel alloy welding is high in Asia Pacific due to its substantial application. Asia Pacific has accounted for 33.8% of market share in 2017. Furthermore, it is forecast to reach up to 35.7% by the end of 2025. In addition, countries such as India and China are densely populated, which propel the use of nickel. Hence, Asia Pacific is estimated to dominate the nickel alloy welding consumables market. North America and Europe are mature regions in terms of the growth of the nickel alloy welding consumables market. Countries such as the U.K, Canada, and Germany are foreseen to offer better growth opportunities for the nickel alloy welding consumables market. However, the Middle East and Africa region is projected to observe steady growth during the forecast period. The flourishing oil and gas sector in the Middle East may bring profitable growth avenues for the nickel alloy welding consumables market.
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Increasing Demand for Nickel Alloy Welding Consumables in Automobile Sector to Bolster Market Growth
The properties possessed by nickel have intensified the demand for nickel alloy welding consumables in the automobile sector. Rapid urbanization has led to the rise in need for vehicles to make commutation quick and easy. Furthermore, the rising disposable income of many individuals around the world has increased the demand for passenger cars to a large extent. This aspect has led to an exponential boom of automobile industry. Thus, the demand for nickel alloy welding consumables market is expected to show a substantial growth.
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