Monel Alloy Market: Introduction
- Monel is a group of nickel alloys, primarily composed of 52% to 67% nickel and copper, and with small amounts of manganese, iron, carbon, and silicon
- Monel alloys are stronger than pure nickel, and are resistant to corrosion by several agents, including rapidly flowing seawater. These alloys can be fabricated readily by cold- and hot-working, welding, and machining.
Key Drivers of Monel Alloy Market
- Monel alloy is highly resistant to corrosion and acids. Therefore, Monel alloy is majorly used in highly corrosive conditions, such as hydrocarbon processing, marine engineering, and chemical processing equipment, and this factor is expected to drive the market in the near future.
- The corrosion resistance property of Monel alloy makes it ideal for use in applications such as pump shafts, piping systems, seawater valves, fasteners, trolling wire, strainer baskets, and heat exchangers
- Monel is used in rotors or valve pistons in few high quality musical instruments such as tubas, trumpets, and French horns. Monel is a solid material, therefore, plating flake is not a concern and makes it preferable for preserving acoustics of the overall tubing instruments. Monel alloy is a hard alloy, owing to which it allows finer tolerances within the casing that can help to improve intonation.
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Monel 400 Product Type Segment to Offer Attractive Opportunities
- Monel 400 is corrosion-resistant and offers high strength in a range of acidic and alkaline environments. It also offers thermal conductivity and good ductility, owing to which Monel 400 is typically used in marine chemical and hydrocarbon processing, engineering, and heat exchangers.
- Strength and hardness of Monel 400 increases with slight impairment of ductility or impact resistance. Monel 400 offers corrosion resistance to seawater and steam at high temperatures, owing to which, its demand in marine engineering is growing significantly.
- Monel 400 exhibits excellent resistance to stress corrosion cracking in most freshwaters, and offers resistant to hydrochloric and hydrofluoric acids when they are de-aerated, which makes it suitable for applications such as gasoline and freshwater tanks, crude petroleum stills, and de-aerating heaters
High Price of Monel Alloy to Hamper Market
- High prices of Monel alloy as compared to other metals, such as stainless steel, brass, and other nickel alloys, has hampers market growth. It is considered as an expensive alloy to stainless steel. Hence, its use is limited to specific applications where other cheaper alternatives cannot be used.
Asia Pacific to Hold Significant Share of Global Monel Alloy Market
- In terms of region, the global Monel alloy market can be split into five regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is a leading consumer of Monel alloy, followed by Europe and North America. Well-established chemical and marine sectors in the Asia Pacific is expected to fuel the demand for Monel alloys during the forecast period.
- Rise in demand for quality material for use in aerospace, oil production & refining, and marine industries in such as China, India, South Korea, and Indonesia, is expected to offer significant opportunity to the manufacturers of Monel alloys market operating in the region
- Monel alloys are often found in chemical plant equipment due to their strong resistance to chemical corrosion. They are also used in the aerospace industry. Therefore, the demand for Monel alloys is high in North America and Europe.
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Key Players Operating in Global Monel Alloy Market
The global Monel alloy market is fragmented with a few companies operating in the market. Key players operating in the Monel alloy market include:
- Lenntech B.V.
- Mega Mex
- Special Metals Company
- All Metals & Forge Group
- Alloy Wire International
- Mukesh Steel
- ESPI Metals
Global Monel Alloy Market: Research Scope
Global Monel Alloy Market, by Product Type
- Monel 400
- Monel 401
- Monel 402
- Monel 405
Global Monel Alloy Market, by Application
- Oil & Gas
Global Monel Alloy Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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