Report : Europe 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 5.6% CAGR, the Europe Copper-Nickel Alloys Market is speculated to be worth US$ 1,490.58 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe copper-nickel alloys market was valued at US$ 1,077.51 million in 2022 and is expected to reach US$ 1,490.58 million by 2028, registering a CAGR of 5.6% from 2022 to 2028. Extensive usage of copper-nickel alloys in marine industry and widespread applications of copper-nickel alloys are the critical factors attributed to the Europe copper-nickel alloys market expansion.
Ships, cargos, and other seagoing vessels need a large amount of seawater for fire water systems, cooling systems, ballast systems, and sprinkler systems, which reduces the lifespan of vessels. Copper-nickel alloys have a high resistance to seawater corrosion and biofouling due to the formation of a protective oxide film on the metal surface. Therefore, the alloys are used for shipbuilding and seawater system fabrication. In addition, copper-nickel alloys have excellent ductility and toughness. Moreover, they are also resistant to stress-corrosion cracking. Therefore, copper-nickel alloys—especially Cu-Ni (90-10) and Cu-Ni (70-30)—are extensively used in the marine industry. The growth of the marine industry provides significant growth potential to the Europe copper-nickel alloys market. With the rising sales of boats, ships, and other marine products and services, the demand for copper-nickel alloys is expected to increase in the coming years, driving the market growth. Copper-nickel alloys are usually used in the manufacturing of claddings for ship hulls and seawater pipes, fittings, and intake screens. Shell and tube heat exchangers used in seawater cooling systems are supplied with seawater through pipes. Also, valves control seawater flow. The pipes and valves are generally made of copper-nickel alloys with high seawater corrosion resistance. Further, the alloys are also used in bilge and ballast systems. These systems are used to fill empty bilges and to empty or fill ballast spaces with seawater within the ship. Thus, the widespread applications of copper-nickel alloys in the marine industry bolster the growth of the Europe copper-nickel alloys market.
On the contrary, high cost of copper-nickel alloys hurdles the growth of Europe copper-nickel alloys market.
Based on product type, the Europe copper-nickel alloys market is segmented into rods & bars, wires, tubes, and others. The rods & bars segment held 35.1% market share in 2022, amassing US$ 378.26 million. It is projected to garner US$ 526.66 million by 2028 to expand at 5.7% CAGR during 2022–2028.
Based on application, the Europe copper-nickel alloys market is segmented into chemical processing, marine, power generation, oil & gas, automotive & aerospace, and others. The marine segment held 31.4% market share in 2022, amassing US$ 338.52 million. It is projected to garner US$ 487.10 million by 2028 to expand at 6.3% CAGR during 2022–2028.
Based on country, the Europe copper-nickel alloys market has been categorized into the UK, Germany, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that the Rest of Europe captured 31.2% market share in 2022. It was assessed at US$ 335.74 million in 2022 and is likely to hit US$ 470.27 million by 2028, exhibiting a CAGR of 5.8% during the forecast period.
Key players dominating the Europe copper-nickel alloys market are Aesteiron Steels LLP, American Elements Inc, Aviva Metals Inc, Columbia Metals Ltd, 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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