by Pure nickel wire is an alloy of nickel and a few other metals such as iron and copper. It has high tensile strength and is heat and corrosion resistant. It finds wide usage as heating elements, anodes, and cathodes in industrial applications such as aerospace alloys and welding. Pure nickel wire is resistant to high temperatures and fatigue, making it suitable for use in aircraft, rockets, spacecraft, missiles, and other high-speed vehicles in the aerospace industry.
The global pure nickel wire market is estimated to be valued at US$ 102.2 Mn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Dynamics:
One of the key drivers for the growth of the pure nickel wire market is increasing demand from the aerospace industry. Pure nickel wire is used in critical components such as jet engines, gas turbines, and actuators owing to its high corrosion resistance and strength at elevated temperatures. According to Airbus, the number of aircraft deliveries increased at a CAGR of 5.8% between 2011 to 2021. Increasing aircraft deliveries are expected to directly impact the demand for pure nickel wire in the coming years. Furthermore, the rising space tourism and satellite launch activities are also expected to contribute to the growth of the pure nickel wire market during the forecast period.
Segment Analysis
The global pure nickel wire market can be segmented by end-use industry into aerospace industry, petroleum industry, marin industry, chemical industry and other industry. The aerospace industry segment dominates the market currently owing to high demand for pure nickel wire in various aircraft engine components due to its excellent properties like high tensile strength, corrosion resistance and hot deformation capability.
PEST Analysis
- Political: There are no significant political risks that can adversely impact the pure nickel wire market globally.
- Economic: The market is expected to grow moderately during the forecast period supported by recovering global economy and growth in end-use industries like aerospace and chemicals.
- Social: There are no threat from social factors impacting the market currently.
- Technological: Developments in high strength lightweight materials and 3D printing can provide newer areas of applications for nickel wires in the coming years. Continuous wire production technology helps meet industrial demand efficiently.
Key Takeaways
The global pure nickel wire market is expected to witness high growth supported by recovering demand from the aerospace industry.
Regional analysis: North America accounts for around 30% share of the global pure nickel wire market led by the US and Canada. Major presence of aircraft OEMs like Boeing and Bombardier along with demand from petroleum industry supports growth in the region.
Key players: Key players operating in the pure nickel wire market are ThyssenKrupp Materials NA, Inc., A.M. Castle & Co., Ulbrich Stainless Steels & Special Metals, Inc., California Fine Wire Company, Wire Products Company, Luma Metall AB, S and S Wire Products, Inc., Alloy Wire International Ltd., Kaye Corporation, Metal Associates, Brookfield Wire Company, Novametal Group, KANTHAL AB, KBM Affilips, Heyco Metals, Inc. ThyssenKrupp and Ulbrich are the market leaders in North America.
