Pure nickel wire is widely used as a highly valuable conducting wire for its corrosion resistance, tensile strength and other superior mechanical properties. It finds wide applications in the aerospace industry where components require high strength, durable and lightweight materials. Pure nickel wire is used for making small springs and securing other aircraft parts that undergo high pressures and stresses during operations. The global aerospace industry has been growing significantly with increasing passenger and freight traffic worldwide. Many countries are investing heavily in development and production of new aircraft and spacecraft. This rising demand from the aerospace sector is expected to drive the pure nickel wire market during the forecast period.
Pure nickel wire has excellent formability which enables it to be easily shaped into various configurations without breaking. It retains strength even when exposed to extreme conditions like high pressures, vibrations and variable temperatures. These properties make it suitable for intricate micro assemblies in aircraft engines, pumps and other critical applications. 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:
One of the key trends observed in the pure nickel wire market is the increasing adoption in the medical device industry. Pure nickel has received FDA approval for use in implantable medical devices and various surgical instruments due to its non-toxic and hypoallergenic properties. Manufacturers are extensively using nickel wire in guidewires, catheters, stents, electrical contacts in surgical tools and other minimally invasive equipment. With growing healthcare spending and demand for modern medical technologies, the usage of pure nickel wire for medical applications is expected to boost market revenues over the coming years.
- Threat of new entrants: Low-cost production and well-established distribution networks create high barriers for new players to enter the market.
- Bargaining power of buyers: Buyers have moderate bargaining power as the market has several dominant players offering similar products.
- Bargaining power of suppliers: Major raw material suppliers possess high bargaining power given their established operations and supply chain.
- Threat of new substitutes: Pure nickel wire does not have economical substitutes considering its unique electrical and mechanical properties.
- Competitive rivalry: Intense competition among existing players to expand market share.
The global pure nickel wire market is expected to witness high growth.
Regional analysis comprising Asia Pacific holds the major share of the global pure nickel wire market owing to high demand from end-use industries like electronics and automotive in countries like China, Japan, and South Korea.
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.