Report : Middle East & Africa 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 4.7% CAGR, the Middle East & Africa Copper-Nickel Alloys Market is speculated to be worth US$ 414.75 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Middle East & Africa copper-nickel alloys market was valued at US$ 314.61 million in 2022 and is expected to reach US$ 414.75 million by 2028, registering a CAGR of 4.7% 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 Middle East & Africa copper-nickel alloys market expansion.
Governments of various countries are encouraging people to use renewable energy sources to reduce the overall environmental impact. Turbines, paddles, heat exchange's in concentrated solar power (CSP) systems, wind energy turbines, and many components used in renewable energy generation are made of copper-nickel alloys. According to the International Energy Agency (IEA), the use of renewable energy increased by 3% in 2020. The share of power generation through renewable energy sources reached 29% in 2020 from 27% in 2019. Several countries are taking various initiatives to drive investments in the production of clean energy for environment conservation and sustainable economic development. Several government initiatives of different countries are expected to boost the renewable energy sector in the future. The significant rise in renewable energy is projected to fuel the growth of the Middle East & Africa copper-nickel alloys market in the coming years.
On the contrary, high cost of copper-nickel alloys hurdles the growth of Middle East & Africa copper-nickel alloys market.
Based on product type, the Middle East & Africa copper-nickel alloys market is segmented into rods & bars, wires, tubes, and others. The rods & bars segment held 40.7% market share in 2022, amassing US$ 128.15 million. It is projected to garner US$ 168.37 million by 2028 to expand at 4.7% CAGR during 2022–2028.
Based on application, the Middle East & Africa copper-nickel alloys market is segmented into chemical processing, marine, power generation, oil & gas, automotive & aerospace, and others. The marine segment held 35.9% market share in 2022, amassing US$ 113.05 million. It is projected to garner US$ 150.64 million by 2028 to expand at 4.9% CAGR during 2022–2028.
Based on country, the Middle East & Africa copper-nickel alloys market has been categorized into the UAE, Saudi Arabia, South Africa, and the Rest of MEA. Our regional analysis states that Saudi Arabia captured 37.4% market share in 2022. It was assessed at US$ 117.66 million in 2022 and is likely to hit US$ 155.48 million by 2028, exhibiting a CAGR of 4.8% during the forecast period.
Key players dominating the MEA copper-nickel alloys market are Aesteiron Steels LLP, American Elements Inc, Corrotherm International Ltd, Kalikund Steel and Engg Co, Lebronze Alloys SAS, and Materion Corp among others.
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