The global Inconel market stood at approximately 22 thousand tonnes in 2023 and is anticipated to grow at a CAGR of 3.5% during the forecast period until 2034.
Inconel alloys, known for their exceptional resistance to corrosion, high temperatures, and mechanical stress, find wide application across industries. In aerospace, they are used in engine components, exhaust systems, and structural parts for their strength and heat resistance. Gas turbines and power generation systems benefit from Inconel's heat and oxidation resistance in turbine blades and combustors. Chemical processing equipment utilizes Inconel for its corrosion resistance in reactors and heat exchangers. The oil and gas industry relies on Inconel for downhole tools and wellhead components due to its resistance to high-pressure and corrosive environments. In marine applications, Inconel is used for its resistance to seawater corrosion in exhaust systems and propeller shafts. The nuclear industry employs Inconel in reactors for its high-temperature strength and corrosion resistance. In automotive, Inconel is used in exhaust systems and engine parts for its ability to withstand high temperatures. Medical devices benefit from Inconel's biocompatibility and strength in implants and surgical instruments. Overall, Inconel alloys play a crucial role in industries requiring reliability and durability under extreme conditions.
The growth of the Inconel market is driven by several factors, including increasing investments in infrastructure development, rapid industrialization, and the rising global demand for energy. As infrastructure projects expand, there is a growing need for durable and corrosion-resistant materials like Inconel in sectors such as construction and energy production. Additionally, efforts to reduce carbon emissions and enhance energy efficiency across industries drive the adoption of advanced materials like Inconel Alloy Flanges, which can withstand extreme conditions while minimizing environmental impact. Moreover, the aerospace and defence sectors present significant growth opportunities for the market, with increasing demand for lightweight and durable materials in aircraft engines, gas turbines, and nuclear reactors. As these sectors continue to expand globally, the demand for high-performance components like Inconel Alloy Flanges is expected to surge, further driving market growth in the future. The global Inconel market is likely to reach approximately 32 thousand tonnes in 2034.
The Asia Pacific region holds a recognizable share of the global Inconel market primarily due to several key factors. Firstly, rapid industrialization and infrastructure development in countries like China, India, and Japan have led to increased demand for high-performance materials like Inconel in sectors such as aerospace, automotive, and manufacturing. Secondly, the region's expanding aerospace and defense industries drive significant demand for Inconel alloys in aircraft engines, gas turbines, and other critical components. Additionally, the Asia Pacific region is a major hub for the production of electronic components and consumer goods, where Inconel finds applications due to its strength, corrosion resistance, and heat resistance. Furthermore, the region's growing focus on energy efficiency and environmental sustainability in industries such as power generation and chemical processing fuels demand for materials like Inconel, which can withstand harsh operating conditions while reducing environmental impact.
Based on the end-use, the global Inconel market is segmented into Automobile, Energy and Environmental Engineering, Aerospace, Chemical Processing Industry, Electronic and Electrical Engineering, and Others. Among these, the Automobile is the major segment. This industry held about 35% of the global Inconel market in the year 2023.
Significant players in the Global Inconel market are ThyssenKrupp VDM, Aperam, Hitachi Metals, Haynes, Daido Steel, Sandvik, Bohler Edelstahl, Fushun Special Steel, Ritinox, Salomon'smetal, Altemp Alloys, Siddhagiri Metals & Tubes, City Special Metals Ltd, Aspirinox Alloys Inc, Steel Tubes India, Supreme Special Steels, Jayesh Metal Corporation, Kencotube, Tarang Steel, Navstar Steel, PM Metal, Jiangsu TISCO Hongwang Metal Products Co. Ltd, Yuhong Group, Shanghai Baogang Steel Manufacturing Co., Ltd., NINESTEEL, Qiyuan Steel, Shanghai Osaka Metal Material Group Co., and Others.
Years considered for this report:
Historical Period: 2015- 2022
Base Year: 2023
Estimated Year: 2024
Forecast Period: 2025-2034
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Objective of the Study:
• To assess the demand-supply scenario of Inconel which covers production, demand and supply of Inconel market in the globe.
• To analyse and forecast the market size of Inconel
• To classify and forecast Global Inconel market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Inconel market in the globe.
To extract data for Global Inconel market, primary research surveys were conducted with Inconel manufacturers, suppliers, distributors, wholesalers, and traders. While interviewing, the respondents were also inquired about their competitors. Through this technique, ChemAnalyst was able to include manufacturers that could not be identified due to the limitations of secondary research. Moreover, ChemAnalyst analyzed various segments and projected a positive outlook for Global Inconel market over the coming years.
ChemAnalyst calculated Inconel demand across the globe by analyzing the volume of Inconel consumed by the end-user industries and the forecast is calculated based on the growth rate of end-use industries. ChemAnalyst sourced these values from industry experts and company representatives and externally validated them by analyzing the historical sales data of respective manufacturers to determine the overall market size. Various secondary sources such as company websites, association reports, annual reports, etc., were also studied by ChemAnalyst.
Key Target Audience:
• Inconel manufacturers and other stakeholders
• Organizations, forums and alliances related to Inconel distribution
• Government bodies such as regulating authorities and policy makers
• Market research organizations and consulting companies
The study is useful in providing answers to several critical questions that are important for industry stakeholders such as Inconel manufacturers, customers and policy makers. The study would also help them to target the growing segments over the coming years, thereby aiding the stakeholders in taking investment decisions and facilitating their expansion.
Report Scope:
In this report, Global Inconel market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Attribute
Details
Market size Volume in 2023
22 thousand tonnes
Market size Volume in 2034
32 thousand tonnes
Growth Rate
CAGR of 3.5% from 2024 to 2034
Base year
2023
Estimated year
2024
Historical Data
2015 – 2022
Forecast period
2025 – 2034
Quantitative units
Demand in thousand tonnes and CAGR from 2024 to 2034
Report coverage
Industry Market Size, Capacity by Company, Capacity by Location, Operating Efficiency, Production by Company, Demand by End- Use, Demand by Region, Demand by Sales Channel, Demand-Supply Gap, Company Share, Manufacturing Process.
Segments covered
By End-Use: (Automobile, Energy and Environmental Engineering, Aerospace, Chemical Processing Industry, Electronic and Electrical Engineering, and Others)
By Sales Channel: (Direct Sale and Indirect Sale)
Regional scope
North America, Europe, Asia Pacific, Middle East and Africa, and South America.
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Member - Board of Directors
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What was the net market size of Inconel in terms of volume in 2023?
Ans:
What was the net market size of Inconel in terms of volume in 2023?
Q2.
Which region is the leading consumer of Inconel?
Ans:
The Asia Pacific region is the leading consumer of Inconel globally.
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