by 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 Overview:
Pure nickel wire is made up of pure nickel metal containing no other alloying elements. It has high electrical and thermal conductivity along with high corrosion resistance. Due to these properties, pure nickel wire finds applications in various industries including electrical contacts manufacturing, chemical instruments, batteries, and medical devices. It offers advantages such as resistance to corrosion, excellent conductivity, and low contact resistance. The increasing demand for corrosion resistant materials across industries is fueling the growth of the pure nickel wire market.
Market key trends:
One of the key trends in the pure nickel wire market is the growing usage in battery manufacturing. Pure nickel wire is important component used in the production of rechargeable batteries like nickel-cadmium and nickel-metal hydride batteries. With the rising demand for batteries from consumer electronics and electric vehicles industry, the consumption of pure nickel wire is increasing. Another trend is the increasing focus on renewable energy. Pure nickel wire finds usage in solar photovoltaic panels due to its ability to withstand corrosion from weather. The supportive government policies and initiatives regarding adoption of renewable energy will accentuate the demand over the forecast period.
Porter’s Analysis
- Threat of new entrants: The threat of new entrants is low as establishing new manufacturing facilities for pure nickel wire requires high capital investment and technology.
- Bargaining power of buyers: The bargaining power of buyers is moderate as there are multiple established players operating in the market. However, raw material price volatility may affect bargaining power.
- Bargaining power of suppliers: The bargaining power of suppliers is high due to the concentrated supply of raw materials and scarcity of nickel resources globally.
- Threat of new substitutes: The threat of new substitutes is low as pure nickel wire has few substitutes that can offer similar properties such as corrosion resistance.
- Competitive rivalry: Intense competition among existing players.
Key Takeaways
The global pure nickel wire market is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing application in high-temperature industrial processes such as chemical plants and oil refineries. The market size for 2023 is estimated to be US$ 102.2 Mn.
Regional analysis: North America holds the major share of the global pure nickel wire market owing to strong presence of end-use industries in the region. Asia Pacific is expected to witness fastest growth due to rising industrialization in China and India.
Key players: Key players operating in the pure nickel wire market include 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. _____________________________________________
