Europe 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)
The Europe copper-nickel alloys market is expected to grow from US$ 1,077.51 million in 2022 to US$ 1,490.58 million by 2028. It is estimated to grow at a CAGR of 5.6% from 2022 to 2028.
Widespread Applications of Copper-Nickel Alloys is Bolstering the Europe Copper-Nickel Alloys Market
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 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 demand for copper-nickel alloys. 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 Europe copper-nickel alloys market .
The Europe copper-nickel alloys market is segmented into Germany, France, Italy, the UK, Russia, and the Rest of Europe.Along with the growing population, the demand for energy resources is rapidly increasing from renewable and non-renewable sources.
Copper-nickel alloys are widely used in the oil coolers and auxiliary cooling systems of nuclear power plants. Countries in the European Union (EU) are supporting the green transition by phasing out coal energy to minimize the impact of climate change and limit global warming to 1.5°C. In May 2022, the European Commission unveiled a plan, "REPower EU," that aims to organize approximately US$ 328 billion in loans and grants to reduce the restrictions on green technology and expand the EU’s targets for renewable energy from 40% in 2020 to 45% of all total energy produced by 2030. Copper-nickel pipes and components are used in steam turbine condensers and high-pressure pre-heaters at thermal power plants. Therefore, the growing support for renewable energy production in Europe is anticipated to drive the demand for copper-nickel alloys in the coming years. In addition, according to the International Organization of Motor Vehicle Manufacturers (OICA), the EU produced 13.0 million vehicles in 2021. Copper-nickel alloys find different applications in the automotive industry, such as brake lines, axles, and bellows. Hence, the rising automotive industry is expected to propel the Europe copper-nickel alloys market.
Europe Copper-Nickel Alloys Market Revenue and Forecast to 2028 (US$ Million)
Europe Copper-Nickel Alloys Market Segmentation
The Europe copper-nickel alloys market is segmented based on product type, application, and country.
Based on product type, the Europe copper-nickel alloys market is segmented into rods & bars, wires, tubes, and others. The rods & bars segment held the largest market share in 2022.
Based on application, the Europe copper-nickel alloys market is segmented into chemical processing, marine, power generation, oil & gas, automotive & aerospace, and others. The marine segment held the largest market share in 2022.
Based on country, the Europe copper-nickel alloys market has been categorized into the UK, Germany, France, Italy, Russia, and the Rest of Europe. Our regional analysis states that the Rest of Europe dominated the market in 2022.
Aesteiron Steels LLP, American Elements Inc, Aviva Metals Inc, Columbia Metals Ltd, Corrotherm International Ltd, Fisk Alloy Inc, Hexion Steel Ltd, Kalikund Steel and Engg Co, Lebronze Alloys SAS, and Materion Corp are the leading companies operating in the Europe copper-nickel alloys market.