Nickel Alloy Market Share, Size, Expected Growth Opportunities and Forecast by 2029 | Is Nickel Alloy Industry Hit Worst due to Russia-Ukraine War Impact?
The global nickel boride alloy market size is expected to augment market growth during the forecast period. Rising demand for the product in the manufacturing chemical, automobile, and industrial sectors is likely to propagate market growth. Fortune Business Insights™ provides this information in its report titled “Nickel Boride Alloy Market, 2021-2028.“
Nickel boride alloy is a master alloy used to produce nitrogen scavenging, dioxides to produce a copper-nickel alloy, and filler material. It is an extremely strong and pure material used in the industrial sector to produce superior quality metal. Nickel boride alloy is used to manufacture durable automotive parts that offer excellent resistance against harsh environments. Furthermore, it is used in the construction industry to enhance building strength and increase resistance against harsh environments. In addition, nickel boride alloyis also used to manufacture chemicals and enhance the strength of metal components. Therefore, the rising adoption of the product is likely to fuel the market growth during the foreseeable period.
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Russia-Ukraine War Implication
The Russia-Ukraine war could change the Nickel Alloy Market dynamics of Europe forever. The standoff has revived the predicament situation of the Cold War and pushed Europe to the brink of a major military conflict. The Russian aggression in Ukraine has redefined the global landscape in terms of business. As the global Nickel Alloy Market was recuperating from the havoc wreaked by the COVID-19 pandemic, the Russia-Ukraine war has made several industry stakeholders skeptical.
The European Union is pushing for more sanctions against Russia, including halting imports of nuclear fuel from Russia and excluding Russia’s top lenders from the SWIFT banking system. Moreover, Russia has also imposed similar sanctions on most EU countries. The war crisis and sanctions have put a strain on global investment, trade, and economic activity. Therefore, skepticism and uncertainty remain prevalent regarding the conflict, its potential reach, and its longevity. Accordingly, the restoration of normal relations among partners could prove be a sign of improvement.
Impact of COVID-19
Declining Manufacturing Activities to Deteriorate Market Growth
This market is expected to be negatively affected during the COVID-19 pandemic due to the steady decline in nickel boride alloy’s manufacturing activities. The rising COVID-19 patients and the government restrictions have deteriorated the market’s growth. However, the governments have allowed the companies to adopt reduced working capacity and half-time shifts to recover losses. The governments are taking an active initiative for the manufacturing industry to recover losses.
By product type, the market is segregated into powder, ingot, sputtering target, lump, and others. Based on application, it is categorized into catalyst, nitrogen scavenger, alloy, deoxidizer, and others. Geographically, it is grouped into Europe, North America, Asia Pacific, Latin America, and the Middle East & Africa.
Highlights of the Report
- This report provides an analysis of the top segments and the recent market trends.
- It comprehensively studies the driving and restraining factors and the impact of COVID-19 on the global market.
- The report examines the strategies deployed by the market’s key players and the regional developments.
Drivers and Restraints
Strong Demand from the Industrial Sector to Elevate Market Growth
Nickel boride alloy’s toughness, stiffness, and wear resistance are responsible for increasing industrial sector applications. It enhances the production quality of metals and other construction materials. It is used in the aerospace and defense sectors to produce superior aircraft parts. It is also used in the electronics sector to manufacture smartphones, laptops, and tablet components. Nickel boride alloy is utilized in the automotive sector to manufacture substantial thermally conductive automobile parts. Additionally, the alloy is used in chemical industries to produce coats that enhance the metal part’s strength. Therefore, the increasing applications of the alloy are likely to drive the nickel boride alloy market growth.
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Presence of Manufacturing Companies to Boost Market Growth
North America is projected to dominate the nickel boride alloy market share because of the huge presence of several manufacturing companies. In addition, the heavy investment in R&D is likely to boost market growth.
In Europe, soaring demand for nickel boride alloys from the industrial sector is likely to steer the market growth.
In Asia Pacific, strong demand from manufacturing bases in India and China is expected to bolster the nickel boride alloy’s demand. In addition, rapid industrialization in the region is likely to augment market growth.
Novel Product Launches by Major Brands to Enhance Product Portfolio
The prominent companies operating in the market launch novel products with enhanced quality to expand their product portfolio. In addition, the companies invest heavily in research and development to improve their product quality. This strategy can enable the company to launch products that satisfy the consumer’s requirements, which, in turn, can enhance their brand image. Furthermore, merger activities can enable companies to adopt new production techniques and resources. Thus, this strategy can enhance their market position.
- May 2018: KC Jones plating company undertook the expansion of its manufacturing base in Indiana, Mexico, and Michigan.
List of Key Players Profiled in the Nickel Boride Alloy Market Report
- KC Jones Plating Company
- Luoyang Tongrun Info Technology
- NIPPON DENKO
- Liaoyang International Boron Alloys
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