Middle East & Africa 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 MEA copper-nickel alloys market is expected to grow from US$ 314.61 million in 2022 to US$ 414.75 million by 2028. It is estimated to grow at a CAGR of 4.7% from 2022 to 2028.
Presence of Large Desalination Plants is Fuelling the MEA Copper-Nickel Alloys Market
The MEA relies heavily on desalinated water due to extreme water scarcity and low groundwater reservoirs.Saudi Arabia alone has more than 33 desalination plants across 17 locations run by the Saline Water Conversion Co-operation (SWCC), which accounts for 20% of the global production of desalinated water.
Moreover, the UAE has planned to open three new desalination plants with a combined capacity of 420 million imperial gallons per day (MIGD), which would increase the country’s total water capacity to 1,590 MIGD by 2023.Copper-nickel alloys have excellent corrosion resistance.
Copper-nickel alloys are widely used in multi-stage flash distillation (MSF) and multiple-effect distillation (MED) desalination plants to provide high corrosion resistance to heat exchangers and other components, including tubeplate, water boxes, pipe fittings, and evaporator shells.When seawater is fed to the desalination system, it causes corrosion of metal components, which can reduce the lifespan of the total system.
Therefore, copper-nickel alloys are used in desalination systems. Thus, the presence of many desalination plants is expected to create huge demand for copper-nickel alloys, which would provide lucrative opportunities for the MEA copper-nickel alloys market players during the forecast period.
The MEA copper-nickel alloys market is segmented into South Africa, Saudi Arabia, the UAE, and the Rest of MEA.The MEA copper-nickel alloys market growth is attributed to the high demand for copper-nickel alloys from industries such as oil & gas, automotive, marine, etc.
The growing automotive sales in South Africa and Saudi Arabia are creating a significant demand for copper-nickel alloys.Copper-nickel alloys are used in manufacturing different components of vehicles.
Further, the strong presence of the oil & gas sector in countries of the MEA, such as Saudi Arabia, Iraq, the UAE, Iran, and Kuwait, also creates a huge demand for copper-nickel alloys.Copper-nickel alloys are used in subsea bolting, shafts for pumps & valves, valve spindles, hydraulic pistons and cylinders, hydraulic connectors, and pressure couplings in the oil and gas industry.
Moreover, Gulf countries are promoting the transition to renewable energy by launching ambitious infrastructure projects designed to help them reduce their reliance on oil and gas to meet domestic energy needs. Gulf states are diversifying their economies into solar energy production to meet net-zero targets. For example, Saudi Arabia launched five new renewable energy projects to produce electricity sustainably, it aims to grow the share of gas and renewable energy in its power mix to 50% by 2030.
MEA Copper-Nickel Alloys Market Revenue and Forecast to 2028 (US$ Million)
MEA Copper-Nickel Alloys Market Segmentation
The MEA copper-nickel alloys market is segmented based on product type, application, and country.
Based on product type, the MEA 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 MEA 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 MEA copper-nickel alloys market has been categorized into the UAE, Saudi Arabia, South Africa, and the Rest of MEA. Our regional analysis states that Saudi Arabia dominated the market in 2022.
Aesteiron Steels LLP, American Elements Inc, Corrotherm International Ltd, Kalikund Steel and Engg Co, Lebronze Alloys SAS, and Materion Corp are the leading companies operating in the MEA copper-nickel alloys market.