Nichrome Alloys Market Predicted to Rise at a Lucrative CAGR Between 2017-25

Nichrome alloy is also known as nickel-chrome, nickel-chromium alloy, chromium-nickel alloy, nickel chromium lump, nickel chromium powder, etc. Nichrome alloy can be defined as an alloy consisting of various alloys of nickel, chromium, and iron. Nichrome is one of the oldest forms of resistance heating alloy. Nichrome alloy generally consists of 80% nickel and 20% chromium by mass. Additionally, as per application, there are various other combinations of metals. Nichrome is silvery grey in color and has high melting point of about 1,400°celcius. Nichrome alloy has low manufacturing cost, besides strength, ductility, resistance to oxidation, and stability at high temperature. It also has good resistance power to flow the electrons. These unique properties of nichrome alloy make them suitable for applications such as hair dryers and heat guns. Nichrome alloy has high resistance power to oxidation. This property makes nichrome a suitable material for use of heating elements. Heating elements in household appliances are made of thick nichrome wire. During this process, nichrome is wound in coils to a certain electrical resistance before current is passed through to produce heat. When nichrome is heated in high temperature, it develops an outer layer of chromium oxide, unlike other metals which begin to oxidize when heated in air.

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Based on application, the global nichrome alloys market can be classified into architecture, automotive, electronics, aerospace, and others. Nichrome alloys are used to manufacture monel with iron and steel, to produce stainless steel. Nichrome alloys are used for architectural purposes such as lead for water pipes, roofing, and windows. Stainless steel is expensive and is used as the primarily metal, where potential for corrosion is high. An extensive use of stainless steel was for the construction of the Chrysler Building. Nichrome is used in gears, drive shafts, special vehicles for low temperature, or high wear uses. It is also used in special engineering uses. Nichcrome alloys are mainly used for electric resistance heating. They are highly electric-resistant, have good strength and ductility at operating temperatures, etc. These properties make them suitable for use in electronic appliances. Nichrome alloys are corrosion-resistant. The anti-corrosive degree of this steel is determined by the surface condition of the metal as well as by the composition, temperature, and concentration of the corrosive agent. The corrosion-resistant steel is mostly used in aircraft construction which has 18% chromium and 8% nickel content.

Based on geography, the global nichrome alloys market can be classified into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. North America and Europe are the major markets for nichrome alloys led by the upturn in growth of the aerospace and electronics industries. Nichrome manufacturing companies in Asia Pacific and Latin America are investing significantly in research and development due to its properties such as low manufacturing cost along with strength, ductility, resistance to oxidation, stability at high temperature, which have boosted the demand for nichrome alloys in Asia Pacific and Latin America market.

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Major players operating in the global nichrome alloys market are American Elements, Bibus Metals, VDM Metals, Rolled Alloys, Crown Alloys, Wickeder Westfalenstahl GmbH, Tri Star Metals and others. These companies constitute a significant share of the nichrome alloys market. Thus, the nichrome alloys market experiences intense competition.

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