9% Nickel Steel by Type (Overview: Global 9% Nickel Steel Consumption Value, Steel Plate, Others), by Application (Overview: Global 9% Nickel Steel Consumption Value, Cryogenic Storage Vessels, Cryogenic Pipes, LNG Carriers, Others), by North America (United States, Canada, Mexico), by South America (Brazil, Argentina, Rest of South America), by Europe (United Kingdom, Germany, France, Italy, Spain, Russia, Benelux, Nordics, Rest of Europe), by Middle East & Africa (Turkey, Israel, GCC, North Africa, South Africa, Rest of Middle East & Africa), by Asia Pacific (China, India, Japan, South Korea, ASEAN, Oceania, Rest of Asia Pacific) Forecast 2025-2033
Market Overview
The global 9% Nickel Steel market size was valued at USD 4.2 billion in 2025 and is expected to grow at a CAGR of 4.8% over the forecast period (2025-2033). The increasing demand for cryogenic storage vessels, cryogenic pipes, and LNG carriers in various industries, such as energy, petrochemical, and transportation, is driving market growth. Additionally, the rising use of 9% Nickel Steel in the manufacture of surgical instruments and equipment is contributing to the market expansion.
Market Trends and Dynamics
Key trends shaping the 9% Nickel Steel market include the growing adoption of cryogenic technologies for liquefied natural gas (LNG) storage and transportation, as well as the increasing demand for lightweight and durable materials in the automotive industry. The market is also witnessing a surge in research and development activities aimed at enhancing the mechanical properties and corrosion resistance of 9% Nickel Steel. Furthermore, the rising environmental concerns and regulations are propelling the development of low-carbon steel production technologies, which is expected to drive the adoption of 9% Nickel Steel as a sustainable material.
The global 9% nickel steel market is expected to expand at a CAGR of 7.5% from 2022 to 2030, reaching a consumption value of USD 4,000 million by 2030. The rising demand for cryogenic storage vessels and pipes in the energy sector, particularly in the liquefied natural gas (LNG) industry, is a key driver of this growth. Moreover, the increasing adoption of 9% nickel steel in automotive applications, such as engine components and exhaust systems, due to its high strength, toughness, and corrosion resistance, is further contributing to the market's expansion. Additional growth drivers include growing infrastructure development and the expansion of the shipbuilding industry.
Increasing demand from the energy sector: 9% nickel steel is commonly used in cryogenic storage vessels and pipes for transporting and storing LNG. As the global demand for natural gas increases, the demand for LNG is also growing, driving the need for reliable and efficient transportation and storage solutions.
Stringent emission regulations in automotive industry: 9% nickel steel finds application in automotive exhaust systems, particularly in heavy-duty diesel engines. Growing focus on reducing vehicle emissions and improving fuel efficiency is mendorong the demand for high-strength and lightweight materials like 9% nickel steel.
Robust infrastructure and shipbuilding activities: 9% nickel steel is used in bridges, offshore platforms, and other construction applications due to its exceptional mechanical properties. The global infrastructure development boom and increase in shipbuilding activities are boosting the demand for 9% nickel steel.
Price fluctuations of raw materials: The production of 9% nickel steel is heavily dependent on nickel, a key alloying element. Price volatility and supply disruptions in the nickel market can impact the cost and availability of 9% nickel steel.
Technical challenges in welding and fabrication: Welding and fabricating 9% nickel steel requires specialized techniques and equipment, which can add to manufacturing costs and limit its widespread adoption in certain applications.
Competitive landscape: The global 9% nickel steel market is highly competitive with a number of established players. Intense competition and price pressures can hinder the entry of new entrants and limit market share growth for smaller companies.
Region: Asia-Pacific is expected to dominate the global 9% nickel steel market throughout the forecast period. The region's rapidly developing economies, growing energy demand, and expanding infrastructure projects are major factors driving market growth. China, Japan, and South Korea are the key markets in Asia-Pacific.
Country: China is the largest consumer of 9% nickel steel globally, accounting for over 50% of the market share. The country's thriving energy and automotive sectors are the primary contributors to this dominance.
Segment: The steel plate segment is expected to occupy a significant share of the global 9% nickel steel market. Steel plate is widely used in cryogenic storage vessels, pressure vessels, and other industrial applications demanding high strength and low-temperature performance.
Technological advancements and innovation: Ongoing research and development efforts are focused on enhancing the properties and applications of 9% nickel steel. Advanced melting and processing techniques, such as vacuum degassing and controlled cooling, are being explored to improve the material's strength, toughness, and corrosion resistance.
Government support for renewable energy: Governments are implementing policies and incentives to promote the adoption of renewable energy sources, such as wind and solar power. This is expected to boost the demand for cryogenic storage solutions, including 9% nickel steel-made vessels, for storing energy generated from renewable sources.
Expanding applications in aerospace and defense: 9% nickel steel has the potential to find increased applications in aerospace and defense sectors due to its high strength-to-density ratio and resistance to extreme temperatures.
Partnerships and collaborations: Leading companies are engaged in partnerships and collaborations to enhance their technological capabilities and expand their market reach. For instance, Nippon Steel and ThyssenKrupp have partnered to develop and market advanced 9% nickel steel products for cryogenic applications.
Capacity expansions and facility upgrades: To meet the growing demand, major producers are investing in capacity expansions and facility upgrades. Shanxi Taigang has announced plans to increase its annual production capacity of 9% nickel steel by 500,000 tons over the next few years.
Product diversification: Companies are diversifying their product offerings to cater to specific industry requirements. For example, Ansteel Group has developed a range of 9% nickel steel grades with improved weldability and low-temperature toughness for use in heavy-duty machinery and shipbuilding applications.
This comprehensive report provides an in-depth analysis of the global 9% nickel steel market, covering key market insights, growth drivers, challenges, key market segments, leading players, and significant developments. The report offers valuable information for industry participants, investors, and other stakeholders seeking to gain a comprehensive understanding of the market and make informed decisions.
Aspects | Details |
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Study Period | 2019-2033 |
Base Year | 2024 |
Estimated Year | 2025 |
Forecast Period | 2025-2033 |
Historical Period | 2019-2024 |
Growth Rate | CAGR of XX% from 2019-2033 |
Segmentation |
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Aspects | Details |
---|---|
Study Period | 2019-2033 |
Base Year | 2024 |
Estimated Year | 2025 |
Forecast Period | 2025-2033 |
Historical Period | 2019-2024 |
Growth Rate | CAGR of XX% from 2019-2033 |
Segmentation |
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Note* : In applicable scenarios
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