Pure nickel wire is primarily used in the fabrication of resistance heating elements, electrical circuits, chemical processing industries and medical device manufacturing owing to its high corrosion resistance, linear temperature coefficient of resistivity and high melting point. 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 key trends: The growing demand for pure nickel wire from the automotive and aerospace industries has been a major driving factor for the market. Pure nickel wire is highly sought after in these industries due to its ability to effectively withstand high temperatures without melting or loss of electrical conductivity. It finds widespread usage in heating elements for engine components and aircraft brakes. The increasing production of aircraft and vehicles across the globe has therefore augured well for the demand of pure nickel wire over the past few years.
SWOT Analysis
- Strength: Pure nickel wire has high tensile strength, corrosion resistance, and ductility which makes it suitable for use in a variety of industries. It possesses resistance to acids, alkalis and other chemicals.
- Weakness: Pure nickel wire is very expensive compared to other materials like stainless steel. The manufacturing process of pure nickel wire is complex which increases the production cost.
- Opportunity: Growth in the electronics industry for use in semi-conductors, batteries, fuel cells, etc. Increase in usage of nickel alloys for marine applications due to corrosion resistance property.
- Threats: Fluctuations in nickel prices affect the overall cost of pure nickel wire. Availability of cheaper substitutes like stainless steel wires pose a threat.
Key Takeaways
The global pure nickel wire market is expected to witness high growth over the forecast period of 2023 to 2030. The market is driven by factors such as increasing applications in the electronics industry.
Regional analysis: Asia Pacific accounts for the largest share of the global pure nickel wire market. Countries such as China, Japan and India have a high production of electronics and equipment where pure nickel wire finds application. The growing electronics industry is expected to drive the demand in the region during the forecast period.
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. The market is highly fragmented with many small and medium scale players. The key players focus on expanding their production capacities and product portfolios to meet the growing demand.
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