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Japan Nichrome Alloy Market: Segmented: By End User Vertical (Aerospace & Defense, Oil & Gas Industry, Automotive, Medical, And Other); By Type(Corrosion Resistant Alloys, High-Performance Alloys, Electronic Alloys, and Heat Resistant Alloys); and Region -Analysis of Market Size, Share & Trends for 2016 - 2019 and Forecasts to 2030
Japan Nichrome Alloy Market to surpass USD 13.9 million by 2030, which is valued at 10 million in 2019 at a compound annual growth rate of 3%
An alloy of nichrome is generally a composition of nickel, chromium, and iron. Nichrome is a heat-resistant alloy and typically contains nickel at 80% and chromium at 20% by weight. There are different other metal types made of different percentages of composition, depending on the application. Nichrome is silvery-colored grey and has an approximately 1400-degree Celsius melting point. Additionally, to strength, ductility, oxidation resistance, and high-temperature stability, Nichrome alloy also has low production costs. It is typically in wired coils shape and used mainly as a heating element. Due to its high resistance to heat, this alloy finds its area of application in many places such as toasters and hair drying machines. It is also used in places like Laboratory, construction, advanced electronics, e-cigarettes, glassmaking, and sculpture are other applications.
According to the report, the demand for nichrome in the aviation and electronics sectors will help this market expand. It is used as a heating element for many electronic goods as well as in industrial applications including model rocket ignition, fire testing, and hot-wire foam cutters, because of its high-temperature strength and its strong flexibility. The characteristics of Nichrome, which make it useful in specialty products and enhanced technological advances, will fuel this market's growth.
Japan Nichrome Alloy Market is segmented by type into Corrosion Resistant Alloys, High-Performance Alloys, Electronic Alloys, and Heat Resistant Alloys. Heat-resistant Nichrome Alloy accounted for the maximum share of the Country's volume owing to its properties such as heat resistance, high strength, and ductility, which makes it applicable in several consumer applications such as hairdryers, hair straighteners, kitchen toasters, etc. This is available in the form of the coil which can easily be molded in the desired shape depending upon the area of application. Heat resistant Nichrome is best suited for complex applications in the electricity sector, such as heat guns, characterized by its high-temperature strength and excellent workability. This is also widely used for electronic cigarettes and vaping applications.
Japan Nichrome Alloy Market is segmented by end-user vertical into Aerospace & Defense, Oil & Gas Industry, Automotive, Medical, And Others. In 2019, the Aerospace & Defense segment accounted for the maximum share in the overall Japanese market. This is due to increasing defense budget allocation by the nation’s government and rapid growth in the aviation sector. Due to its resistance to heat, it is used in an airplane’s engine.
Application in Electronic Industry
The demand for nichrome in the aviation and electronics sectors will help this market expand. It is used as a heating element for many electronic goods as well as in industrial applications including model rocket ignition, fire testing, and hot-wire foam cutters, because of its high-temperature strength and its strong flexibility. The characteristics of Nichrome, which make it useful in specialty products and enhanced technological advances, will fuel this market's growth.
Rising Nation’s Agricultural Activities
Nichrome has a low comparative cost which makes it popular among many sectors. One such sector is the agricultural sector. Rising agricultural activities in Japan demand a potentially cost-effective method. Nichrome is used in agricultural pipes, etc. High strength, corrosion n resistance, and low cost of Nichrome fuel the market growth in the agricultural sector.
Availability of Substitutes and Lack of Technology
The factor restraining the market growth is the availability of substitute alloys which are comparatively cheaper and provide better ductile strength. Moreover, key players prefer other substitutes in the electronic and aerospace industry thus hindering the market growth.
Based on region the Japan Nichrome Alloy Market is segmented into Eastern Japan, Northern Japan, Western Japan, and Southern Japan. The regional growth is anticipated owing to rising agricultural activities which demand cost-effective and sustainable products like nichrome pipes for irrigation and other activities. Moreover, increasing the number of housing applications such as hairdryers, toasters, heaters, etc has created lucrative market opportunities for the key players. Japan’s market growth is further extended by the increased nation’s expenditure on aerospace and defense. Due to its high tensile strength, non-corrosion property, and its resistance towards heat, it is used in an airplane engine, thus with the rise in the airplane sector the demand for such alloys increases. The region segment can be further divided into five major types including Eastern Japan, Northern Japan, Western Japan, and Southern Japan.
The focus of the markets is on growing their share using mergers and acquisitions. To broaden their market range by creating cost-effectively-efficient products with improved properties, industry leaders concentrate on research and development activities. Therefore, manufacturers plan to increase their production capacity to meet the growing demand for goods. The key players are spread across the globe and prefer to carry out their activities through joint ventures.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
The Japan Nichrome Alloy Market size was estimated at USD 10 million in 2019 and is expected to reach USD 13.9 million by 2030
TOKUSAI Tomoe Engineering Co., Ltd. Tokyo Resistance Wire Sumitomo Electric Industrial Wire & Cable Inc. Tokai carbon Asahi Seiren Co., Ltd.� HARITA METAL Co., Ltd. Other prominent players
by type into Corrosion Resistant Alloys segment and The Aerospace & Defense segment are anticipated to hold the Japan Nichrome Alloy Market
Drivers Application in Electronic Industry
An alloy of nichrome is generally a composition of nickel, chromium, and iron. Nichrome is a heat-resistant alloy and typically contains nickel at 80% and chromium at 20% by weight. There are different other metal types made of different percentages of composition, depending on the application. Nichrome is silvery-colored grey and has an approximately 1400-degree Celsius melting point.
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