The global Monel market stood at approximately 21 thousand tonnes in 2023 and is anticipated to grow at a CAGR of 3.4% during the forecast period until 2034.
Monel alloy, renowned for its exceptional corrosion resistance, particularly in harsh environments like marine and chemical processing, finds versatile applications across industries. In marine engineering, Monel is indispensable for shipbuilding, offshore structures, and marine components like propeller shafts and seawater valves, owing to its resilience against saltwater corrosion. Its resistance to acidic and alkaline solutions makes it a preferred choice in chemical processing equipment such as heat exchangers and storage tanks. Aerospace relies on Monel for its high-strength properties in components like exhaust systems and structural parts, while the oil and gas sector utilize it in downhole tubulars and subsea equipment for its durability under extreme pressures. Monel's electrical conductivity and resistance to corrosion make it valuable in electrical connectors and switchgear components, while its biocompatibility renders it suitable for medical instruments and implants. Moreover, Monel is favoured in heat exchangers, HVAC systems, and fasteners across various industrial applications for its robustness and reliability. Its ability to withstand high temperatures, pressures, and corrosive environments make Monel a useful material, essential for critical applications demanding longevity and performance in challenging conditions.
The global Monel market is propelled by its exceptional corrosion resistance, making it indispensable in industries such as marine engineering, chemical processing, aerospace, and healthcare. Monel's ability to withstand harsh environments and corrosive substances drives its demand for critical applications, including shipbuilding, offshore structures, heat exchangers, downhole tubulars, surgical instruments, and electronic connectors. As industries expand globally, the need for durable and reliable materials like Monel grows, fostering market growth. Technological advancements in Monel manufacturing processes enhance its properties and expand its applications, further fuelling market demand. Additionally, infrastructure development projects worldwide necessitate corrosion-resistant materials for long-term durability, contributing to Monel's market expansion. The global Monel market is likely to reach approximately 30 thousand tonnes in 2034.
The Asia Pacific region holds a recognizable share of the global Monel market primarily due to several key factors. Firstly, rapid industrialization and infrastructure development in countries like China, India, and Japan have fuelled substantial demand for corrosion-resistant materials like Monel in various industries such as marine engineering, chemical processing, and construction. Secondly, the burgeoning manufacturing sector in the region, particularly in electronics and automotive industries, relies heavily on Monel for critical components and applications requiring corrosion resistance. Additionally, the Asia Pacific region is home to significant players in the Monel market, with established manufacturing facilities and technological expertise, contributing to its prominent position in the global market. Furthermore, the region's robust economic growth and increasing investments in sectors like aerospace further drive the demand for Monel for applications such as medical devices and aircraft components.
Based on the end-use, the global Monel market is segmented into Marine Engineering, Chemical Processing, Aerospace, and Others. Among these, the Marine Engineering industry is the major segment. This industry held about 41% of the global Monel market in the year 2023.
Significant players in the Global Monel market are Special Metals Corporation, Alleima, Deutsche Nickel GmbH, VDM Metals GmbH, Alloy Wire International, Ulbrich Stainless Steels and Special Metals, AEETHER, Raajratna, Central Wire Industries, Sandmeyer Steel Company, ESAB, Elektrisola, Radcliff Wire, 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 Monel which covers production, demand and supply of Monel market in the globe.
• To analyse and forecast the market size of Monel
• To classify and forecast Global Monel market based on end-use and regional distribution.
• To examine competitive developments such as expansions, mergers & acquisitions, etc., of Monel market in the globe.
To extract data for Global Monel market, primary research surveys were conducted with Monel 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 Monel market over the coming years.
ChemAnalyst calculated Monel demand across the globe by analyzing the volume of Monel 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:
• Monel manufacturers and other stakeholders
• Organizations, forums and alliances related to Monel 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 Monel 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 Monel 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
21 thousand tonnes
Market size Volume in 2034
30 thousand tonnes
Growth Rate
CAGR of 3.4% 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: (Marine Engineering, Chemical Processing, Aerospace, 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
Osaka Gas Co. Ltd
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supply of the product in the market at a Global level.
What was the net market size of Monel in terms of volume in 2023?
Ans:
The global market size of Monel has reached approximately 21 thousand tonnes in 2023.
Q2.
Which region is the leading consumer of Monel?
Ans:
The Asia Pacific region is the leading consumer of Monel globally.
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