Report : Asia-Pacific Copper-Nickel Alloys Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Product Type (Rods & Bars, Wires, Tubes, and Others) and Application (Chemical Processing, Marine, Power Generation, Oil & Gas, Automotive & Aerospace, and Others)
At 6.2% CAGR, the Asia-Pacific Copper-Nickel Alloys Market is speculated to be worth US$ 3,091.21 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia-Pacific copper-nickel alloys market was valued at US$ 2,148.70 million in 2022 and is expected to reach US$ 3,091.21 million by 2028, registering a CAGR of 6.2% from 2022 to 2028. Presence of large desalination plants and surge in the adoption of copper-nickel alloys in renewable energy projects are the critical factors attributed to the Asia-Pacific copper-nickel alloys market expansion.
Copper-nickel alloys have excellent corrosion resistance. Copper-nickel alloys are widely used in multi-stage flash distillation (MSF) and multiple-effect distillation (MED) desalination plants to provide high corrosion resistance to heat exchangers and other components, including tubeplate, water boxes, pipe fittings, and evaporator shells. When seawater is fed to the desalination system, it causes corrosion of metal components, which can reduce the lifespan of the total system. Therefore, copper-nickel alloys are used in desalination systems. Thus, the presence of many desalination plants is expected to create huge demand for copper-nickel alloys, which would provide lucrative opportunities for the Asia-Pacific copper-nickel alloys market players during the forecast period.
On the contrary, high cost of copper-nickel alloys hurdles the growth of Asia-Pacific copper-nickel alloys market.
Based on product type, the Asia-Pacific copper-nickel alloys market is segmented into rods & bars, wires, tubes, and others. The rods & bars segment held 33.0% market share in 2022, amassing US$ 708.48 million. It is projected to garner US$ 1,027.07 million by 2028 to expand at 6.4% CAGR during 2022–2028.
Based on application, the Asia-Pacific copper-nickel alloys market is segmented into chemical processing, marine, power generation, oil & gas, automotive & aerospace, and others. The marine segment held 29.8% market share in 2022, amassing US$ 640.76 million. It is projected to garner US$ 960.03 million by 2028 to expand at 7.0% CAGR during 2022–2028.
Based on country, the Asia-Pacific copper-nickel alloys market has been categorized into China, India, Japan, South Korea, Australia, and the Rest of Asia-Pacific. Our regional analysis states that China captured 56.2% market share in 2022. It was assessed at US$ 1,208.56 million in 2022 and is likely to hit US$ 1,783.04 million by 2028, exhibiting a CAGR of 6.7% during the forecast period.
Key players dominating the Asia-Pacific copper-nickel alloys market are Aesteiron Steels LLP, American Elements Inc, Corrotherm International Ltd, Fisk Alloy Inc, Hexion Steel Ltd, Kalikund Steel and Engg Co, Lebronze Alloys SAS, and Materion Corp, among others.
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