Nickel alloy welding consumables market expected to rise to $5.87 billion by 2024

Albany, N.Y.-based Transparency Market Research has released “Nickel Alloy Welding Consumables Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024,” a report that states that the global nickel alloy welding consumables market will exhibit a 6.6 percent CAGR in terms of valuation through 2024. As a result, the market is expected to rise to $5.87 billion in the next eight years. In terms of volume, the market is expected to expand at a CAGR of nearly 5 percent over the same period.

Of the key nickel alloys used for welding operations examined in the report, the segment of INCONEL® alloys will dominate the global market, accounting for a share of 45 percent by 2024. Geographically, Asia Pacific is the most promising regional market for nickel alloy welding consumables, expected to account for a volume-wise share of 37 percent in the global market in 2016.

The market for nickel alloy welding consumables also is expected to benefit from rapid development in the economies of countries such as China, India, and South Africa, which have upped the demand for raw materials for infrastructure development activities. Rapid industrialization across these economies also is expected to stimulate the demand for nickel alloys in the welding industry.

The significant global rise in demand for nickel alloys across the welding industry and the fluctuations in production of nickel have collectively led to volatile prices of nickel alloy welding consumables globally. Lack of suitable substitutes adds to constant fluctuations in costs of nickel alloy welding consumables and affects the overall consumption of these products, especially in cost-conscious developing economies and small- and medium-sized enterprises.

For more information, visit www.transparencymarketresearch.com/nickel-alloy-welding-consumables-market.htm.