Report : North America 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 5.2% CAGR, the North America Copper-Nickel Alloys Market is speculated to be worth US$ 802.79 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the North America copper-nickel alloys market was valued at US$ 593.87 million in 2022 and is expected to reach US$ 802.79 million by 2028, registering a CAGR of 5.2% from 2022 to 2028. Widespread applications of copper-nickel alloys and extensive usage of copper-nickel alloys in marine industry are the critical factors attributed to the North America copper-nickel alloys market expansion.
Copper-nickel alloys are used in various industries, including shipbuilding, oil & gas, aerospace, automotive, paper & pulp, and food & beverages. In the marine industry, the alloys are used to fabricate components and pipe fittings for ships and seagoing vessels. In the offshore oil & gas industry, piping systems, valves, and pumps are typically made of Cu-Ni (90-10) alloys as they offer excellent resistance to corrosion and macro fouling and have good weldability. Legs and risers of offshore oil & gas platforms made of steel are prone to high corrosion caused by aerated sea spray, waves, and tidal actions. As copper-nickel alloys withstand high corrosion rates, they are extensively used as sheathing on oil and gas platforms. Moreover, the alloys are used in floating production storage and offloading (FPSO) vessels in the offshore oil & gas industry. The rising crude oil demand is expected to provide strong growth potential to the North America copper-nickel alloys market. With increase in oil consumption, the oil & gas industry is expected to witness massive growth over the forecast period which will significantly drive the North America copper-nickel alloys market. In the automotive industry, copper-nickel alloys are used to design brakes, hydraulic suspension systems, and cooling systems, as these alloys do not require surface protection. In the power generation industry, copper-nickel alloys are utilized for steam condensers and steam inlet zones, which require strong corrosion resistance. Further, in paper mills and the textile industry, vessels, pipe fittings, castings, and forgings are usually made of copper-nickel alloys to prevent resistance from paper pulp, inks and dyes, and other chemicals. In the food & beverage industry, multi-stage evaporators, feedwater heaters, agitators, filtration systems, sieves, mixers, and pipelines are made of copper-nickel alloys to withstand the corrosion caused by acidic food and beverages. Further, copper-nickel alloys are used in medical equipment due to their strong antimicrobial properties, which reduce the risk of cross-contamination and infections. Therefore, the widespread applications of copper-nickel alloys in different end-use industries fuel the growth of the North America copper-nickel alloys market.
On the contrary, high cost of copper-nickel alloys hurdles the growth of North America copper-nickel alloys market.
Based on product type, the North America 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$ 208.48 million. It is projected to garner US$ 284.08 million by 2028 to expand at 5.3% CAGR during 2022–2028.
Based on application, the North America copper-nickel alloys market is segmented into chemical processing, marine, power generation, oil & gas, automotive & aerospace, and others. The marine segment held 31.6% market share in 2022, amassing US$ 187.72 million. It is projected to garner US$ 264.34 million by 2028 to expand at 5.9% CAGR during 2022–2028.
Based on country, the North America copper-nickel alloys market has been categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 87.2% market share in 2022. It was assessed at US$ 517.60 million in 2022 and is likely to hit US$ 703.41 million by 2028, exhibiting a CAGR of 5.2% during the forecast period.
Key players dominating the North America copper-nickel alloys market are Aesteiron Steels LLP, American Elements Inc, Aviva Metals 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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