Inconel Market Size and Outlook 2031

Report Description

Forecast Period	2027-2031
Market Size (2025)	244.75 Thousand Tonnes
CAGR (2026-2031)	5.45%
Fastest Growing Segment	Direct Sale
Largest Market	North America
Market Size (2031)	336.51 Thousand Tonnes

Market Overview

The Global Inconel Market will grow from 244.75 Thousand Tonnes in 2025 to 336.51 Thousand Tonnes by 2031 at a 5.45% CAGR. Inconel represents a specialized class of austenitic nickel-chromium superalloys characterized by exceptional resistance to oxidation, corrosion, and extreme thermal environments. The primary driver propelling the market is the critical demand within the aerospace sector, where these materials are indispensable for manufacturing components subjected to high thermal stress, such as gas turbine blades and jet engines. Additionally, the expansion of deep-water oil and gas extraction activities supports growth, as the material withstands the high-pressure and corrosive conditions inherent in downhole operations.

However, the market faces a significant challenge regarding the volatility of raw material prices, particularly nickel, which complicates supply chain management and cost forecasting for manufacturers. This reliance on primary metal availability subjects producers to broader market instabilities. According to the International Nickel Study Group, in 2025, the global nickel market was projected to record a supply surplus of 198,000 metric tons. This statistical imbalance underscores the uncertainty in raw material dynamics that can impede the consistent expansion of the superalloy market.

Key Market Drivers

Escalating Production of Next-Generation Commercial and Military Aircraft Engines serves as the primary catalyst for the Global Inconel Market, driven by the material's indispensable role in high-temperature propulsion systems. Superalloys like Inconel 718 and 625 are critical for manufacturing turbine blades, combustion chambers, and afterburners that must withstand extreme thermal stress and oxidation in modern jet engines. As aerospace manufacturers ramp up output to meet renewed global travel demand and defense modernization targets, the consumption of these nickel-chromium alloys has surged to support the extended service life and fuel efficiency of advanced powerplants. This trend is substantiated by major industrial activity; according to GE Aerospace, February 2025, in the '2024 Annual Report', orders within their Commercial Engines & Services segment grew by 38% year-over-year, reflecting the intense pressure on supply chains to deliver high-performance propulsion components.

Growth in Nuclear Reactor and Advanced Power Generation Infrastructure further accelerates market expansion, leveraging Inconel’s superior resistance to stress-corrosion cracking and neutron irradiation. The material is increasingly utilized in reactor core internals, heat exchangers, and steam generator tubing where safety and durability under high pressure are paramount. The resurgence of the nuclear sector, alongside the development of Small Modular Reactors (SMRs), has created a sustained requirement for these specialized alloys. According to the World Nuclear Association, September 2025, in the 'World Nuclear Performance Report 2025', nuclear reactors worldwide generated a record total of 2667 TWh of electricity in 2024, signaling a robust operational environment that necessitates continuous material replenishment. This broad industrial demand is evident in supplier performance; according to ATI Inc., in 2025, the company reported full-year 2024 sales of $4.4 billion, marking a 5% increase from the prior year and highlighting the healthy market conditions for high-performance materials producers.

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Key Market Challenges

The Global Inconel Market faces substantial headwinds due to the pronounced volatility of raw material prices, specifically nickel. This fluctuation creates a precarious economic environment for superalloy manufacturers, who rely heavily on stable cost structures to maintain profit margins and secure long-term contracts. When input costs swing unpredictably, producers struggle to forecast expenses accurately, leading to defensive pricing strategies that can deter potential buyers in cost-sensitive sectors. Furthermore, the financial risk associated with holding expensive inventory during periods of price instability discourages manufacturers from maintaining optimal stock levels, which delays project timelines and stalls overall market expansion.

This instability is largely driven by significant shifts in global supply volumes that disrupt market equilibrium. According to the International Nickel Study Group, in 2024, global primary nickel production reached 3.526 million metric tons. This magnitude of output indicates a disconnect between rapid supply expansion and actual consumption rates, fostering an environment of continued valuation uncertainty. Consequently, the inability to predict material trends forces market players to operate with extreme caution, directly impeding the scalable capital investment required for the broader growth of the superalloy industry.

Key Market Trends

Rapid Adoption of Inconel Powders for Metal Additive Manufacturing is fundamentally altering the fabrication landscape for complex superalloy components, enabling the production of geometries that were previously impossible via traditional forging. This shift is particularly prominent in the medical and industrial sectors, where laser powder bed fusion is utilized to create patient-specific implants and intricate cooling channels with reduced material waste. The transition towards these powder-based manufacturing methods has generated a distinct revenue stream for material suppliers who are expanding their capacity for atomized nickel alloys. This growing industrial reliance on advanced feedstock is evident in supplier financial results; according to Carpenter Technology Corporation, October 2025, in the 'First Quarter Fiscal Year 2026 Results', the Performance Engineered Products segment, which encompasses the company's additive manufacturing division, recorded net sales of $93.6 million, underscoring the robust demand for specialized material solutions.

Integration of Inconel Components in Green Hydrogen Production Infrastructure is accelerating as the global energy sector scales up electrolyzer capacity to meet aggressive decarbonization targets. The severe operating conditions within hydrogen production plants, including high-pressure environments and corrosive electrolytes, necessitate the use of nickel-chromium superalloys for critical stack components, valves, and balance-of-plant equipment to ensure system longevity. This infrastructure build-out is directly translating into substantial equipment orders that drive upstream alloy consumption. This trend is substantiated by recent industry performance; according to Thyssenkrupp Nucera, November 2025, in the 'Annual Report 2024/2025', the company's Green Hydrogen segment achieved sales of EUR 459 million, reflecting the massive deployment of electrolysis technology that relies on durable metallic construction.

Segmental Insights

The Direct Sale segment is projected to emerge as the fastest-growing category within the Global Inconel Market due to the increasing demand for customized alloy solutions in critical industries. Manufacturers are prioritizing direct channels to establish stronger technical collaboration with clients in sectors like aerospace and chemical processing, ensuring strict adherence to material specifications. This distribution model facilitates enhanced supply chain transparency and product traceability, which are essential for meeting rigorous safety standards maintained by organizations such as ASTM International. Consequently, the ability to eliminate intermediaries and reduce procurement complexities is accelerating the adoption of direct sales strategies globally.

Regional Insights

North America holds the leading position in the global Inconel market due to substantial demand from the established aerospace and defense industries. The region houses major aircraft and engine manufacturers that rely on nickel-based superalloys for high-temperature applications, particularly in gas turbines and jet engines. Additionally, the presence of a mature oil and gas sector drives the consumption of these corrosion-resistant materials for extraction equipment. This market dominance is further reinforced by strict safety and performance standards set by the Federal Aviation Administration, which necessitate the use of durable materials in critical aviation components.

Recent Developments

In June 2025, 6K Additive announced that Honeywell had fully qualified its Nickel 718 metal powder for use in the additive manufacturing of aerospace and defense components. This breakthrough followed an extensive validation process and facility audit, confirming that the company's sustainably produced powder met the strict performance standards required for critical engine parts. The qualification enabled the supplier's nickel-based superalloy, derived from scrap material, to be utilized across Honeywell’s global manufacturing network. This development highlighted a major advancement in the Global Inconel Market by validating the commercial viability of circular economy feedstocks for high-performance applications.
In March 2025, EOS expanded its material portfolio for the additive manufacturing sector by launching EOS NickelAlloy IN718 API. This new nickel-based superalloy was specifically engineered to meet the API 6ACRA standards, which are critical for high-stress applications in the oil and gas industry. The product offers superior corrosion resistance and high-impact toughness, addressing the stringent requirements for downhole tools and fasteners that traditionally utilize Inconel 718. This product launch broadened the scope of the Global Inconel Market by enabling the 3D printing of certified components for the energy sector, ensuring compliance with rigorous industrial specifications.
In April 2024, ATI celebrated the completion of a significant expansion at its Vandergrift Operations in Pennsylvania, directly impacting the supply chain for the Global Inconel Market. The project transformed the facility into an advanced finishing operation for titanium and nickel-based alloys, including grades equivalent to Inconel 718 and 625. The expansion featured a new bright anneal line capable of producing thinner and larger coils with reduced lead times for aerospace and defense customers. This investment reinforced the company's ability to deliver high-quality nickel superalloys required for applications demanding exceptional heat and corrosion resistance.
In February 2024, Haynes International, a prominent developer of high-performance alloys, announced a definitive agreement to be acquired by North American Stainless, a subsidiary of Acerinox. The transaction, valued at approximately $970 million, was designed to strengthen the company’s position in the market for corrosion-resistant and high-temperature nickel-based superalloys, which are central to the Global Inconel Market. This strategic collaboration combined Haynes’ technical expertise in alloy development with the acquirer’s global manufacturing capabilities. The agreement also included a commitment to invest an additional $200 million into U.S. operations to enhance production capacity for critical specialty materials.

Key Market Players

Aperam
Haynes International
Daido Steel Co., Ltd.
Sandvik AB
Fushun Special Steel Co., Ltd.
Ritinox Overseas LLP
Solomon Metals Corporation
Altemp Alloys

By End-Use	By Sales Channel	By Region
Automobile Energy and Environmental Engineering Aerospace Chemical Processing Industry Electronic and Electrical Engineering and Others	Direct Sale Indirect Sale	North America Europe Asia Pacific South America Middle East & Africa

Report Scope:

In this report, the Global Inconel Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

Inconel Market, By End-Use:

Automobile
Energy and Environmental Engineering
Aerospace
Chemical Processing Industry
Electronic and Electrical Engineering
and Others

Inconel Market, By Sales Channel:

Direct Sale
Indirect Sale

Inconel Market, By Region:

North America

United States
Canada
Mexico

Europe

France
United Kingdom
Italy
Germany
Spain

Asia Pacific

China
India
Japan
Australia
South Korea

South America

Brazil
Argentina
Colombia

Middle East & Africa

South Africa
Saudi Arabia
UAE

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Inconel Market.

Available Customizations:

Global Inconel Market report with the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

Detailed analysis and profiling of additional market players (up to five).

Global Inconel Market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1. Product Overview

1.1. Market Definition

1.2. Scope of the Market

1.2.1. Markets Covered

1.2.2. Years Considered for Study

1.2.3. Key Market Segmentations

2. Research Methodology

2.1. Objective of the Study

2.2. Baseline Methodology

2.3. Key Industry Partners

2.4. Major Association and Secondary Sources

2.5. Forecasting Methodology

2.6. Data Triangulation & Validation

2.7. Assumptions and Limitations

3. Executive Summary

3.1. Overview of the Market

3.2. Overview of Key Market Segmentations

3.3. Overview of Key Market Players

3.4. Overview of Key Regions/Countries

3.5. Overview of Market Drivers, Challenges, Trends

4. Voice of Customer

5. Global Inconel Market Outlook

5.1. Market Size & Forecast

5.1.1. By Value

5.2. Market Share & Forecast

5.2.1. By End-Use (Automobile, Energy and Environmental Engineering, Aerospace, Chemical Processing Industry, Electronic and Electrical Engineering, and Others)

5.2.2. By Sales Channel (Direct Sale, Indirect Sale)

5.2.3. By Region

5.2.4. By Company (2025)

5.3. Market Map

6. North America Inconel Market Outlook

6.1. Market Size & Forecast

6.1.1. By Value

6.2. Market Share & Forecast

6.2.1. By End-Use

6.2.2. By Sales Channel

6.2.3. By Country

6.3. North America: Country Analysis

6.3.1. United States Inconel Market Outlook

6.3.1.1. Market Size & Forecast

6.3.1.1.1. By Value

6.3.1.2. Market Share & Forecast

6.3.1.2.1. By End-Use

6.3.1.2.2. By Sales Channel

6.3.2. Canada Inconel Market Outlook

6.3.2.1. Market Size & Forecast

6.3.2.1.1. By Value

6.3.2.2. Market Share & Forecast

6.3.2.2.1. By End-Use

6.3.2.2.2. By Sales Channel

6.3.3. Mexico Inconel Market Outlook

6.3.3.1. Market Size & Forecast

6.3.3.1.1. By Value

6.3.3.2. Market Share & Forecast

6.3.3.2.1. By End-Use

6.3.3.2.2. By Sales Channel

7. Europe Inconel Market Outlook

7.1. Market Size & Forecast

7.1.1. By Value

7.2. Market Share & Forecast

7.2.1. By End-Use

7.2.2. By Sales Channel

7.2.3. By Country

7.3. Europe: Country Analysis

7.3.1. Germany Inconel Market Outlook

7.3.1.1. Market Size & Forecast

7.3.1.1.1. By Value

7.3.1.2. Market Share & Forecast

7.3.1.2.1. By End-Use

7.3.1.2.2. By Sales Channel

7.3.2. France Inconel Market Outlook

7.3.2.1. Market Size & Forecast

7.3.2.1.1. By Value

7.3.2.2. Market Share & Forecast

7.3.2.2.1. By End-Use

7.3.2.2.2. By Sales Channel

7.3.3. United Kingdom Inconel Market Outlook

7.3.3.1. Market Size & Forecast

7.3.3.1.1. By Value

7.3.3.2. Market Share & Forecast

7.3.3.2.1. By End-Use

7.3.3.2.2. By Sales Channel

7.3.4. Italy Inconel Market Outlook

7.3.4.1. Market Size & Forecast

7.3.4.1.1. By Value

7.3.4.2. Market Share & Forecast

7.3.4.2.1. By End-Use

7.3.4.2.2. By Sales Channel

7.3.5. Spain Inconel Market Outlook

7.3.5.1. Market Size & Forecast

7.3.5.1.1. By Value

7.3.5.2. Market Share & Forecast

7.3.5.2.1. By End-Use

7.3.5.2.2. By Sales Channel

8. Asia Pacific Inconel Market Outlook

8.1. Market Size & Forecast

8.1.1. By Value

8.2. Market Share & Forecast

8.2.1. By End-Use

8.2.2. By Sales Channel

8.2.3. By Country

8.3. Asia Pacific: Country Analysis

8.3.1. China Inconel Market Outlook

8.3.1.1. Market Size & Forecast

8.3.1.1.1. By Value

8.3.1.2. Market Share & Forecast

8.3.1.2.1. By End-Use

8.3.1.2.2. By Sales Channel

8.3.2. India Inconel Market Outlook

8.3.2.1. Market Size & Forecast

8.3.2.1.1. By Value

8.3.2.2. Market Share & Forecast

8.3.2.2.1. By End-Use

8.3.2.2.2. By Sales Channel

8.3.3. Japan Inconel Market Outlook

8.3.3.1. Market Size & Forecast

8.3.3.1.1. By Value

8.3.3.2. Market Share & Forecast

8.3.3.2.1. By End-Use

8.3.3.2.2. By Sales Channel

8.3.4. South Korea Inconel Market Outlook

8.3.4.1. Market Size & Forecast

8.3.4.1.1. By Value

8.3.4.2. Market Share & Forecast

8.3.4.2.1. By End-Use

8.3.4.2.2. By Sales Channel

8.3.5. Australia Inconel Market Outlook

8.3.5.1. Market Size & Forecast

8.3.5.1.1. By Value

8.3.5.2. Market Share & Forecast

8.3.5.2.1. By End-Use

8.3.5.2.2. By Sales Channel

9. Middle East & Africa Inconel Market Outlook

9.1. Market Size & Forecast

9.1.1. By Value

9.2. Market Share & Forecast

9.2.1. By End-Use

9.2.2. By Sales Channel

9.2.3. By Country

9.3. Middle East & Africa: Country Analysis

9.3.1. Saudi Arabia Inconel Market Outlook

9.3.1.1. Market Size & Forecast

9.3.1.1.1. By Value

9.3.1.2. Market Share & Forecast

9.3.1.2.1. By End-Use

9.3.1.2.2. By Sales Channel

9.3.2. UAE Inconel Market Outlook

9.3.2.1. Market Size & Forecast

9.3.2.1.1. By Value

9.3.2.2. Market Share & Forecast

9.3.2.2.1. By End-Use

9.3.2.2.2. By Sales Channel

9.3.3. South Africa Inconel Market Outlook

9.3.3.1. Market Size & Forecast

9.3.3.1.1. By Value

9.3.3.2. Market Share & Forecast

9.3.3.2.1. By End-Use

9.3.3.2.2. By Sales Channel

10. South America Inconel Market Outlook

10.1. Market Size & Forecast

10.1.1. By Value

10.2. Market Share & Forecast

10.2.1. By End-Use

10.2.2. By Sales Channel

10.2.3. By Country

10.3. South America: Country Analysis

10.3.1. Brazil Inconel Market Outlook

10.3.1.1. Market Size & Forecast

10.3.1.1.1. By Value

10.3.1.2. Market Share & Forecast

10.3.1.2.1. By End-Use

10.3.1.2.2. By Sales Channel

10.3.2. Colombia Inconel Market Outlook

10.3.2.1. Market Size & Forecast

10.3.2.1.1. By Value

10.3.2.2. Market Share & Forecast

10.3.2.2.1. By End-Use

10.3.2.2.2. By Sales Channel

10.3.3. Argentina Inconel Market Outlook

10.3.3.1. Market Size & Forecast

10.3.3.1.1. By Value

10.3.3.2. Market Share & Forecast

10.3.3.2.1. By End-Use

10.3.3.2.2. By Sales Channel

11. Market Dynamics

11.1. Drivers

11.2. Challenges

12. Market Trends & Developments

12.1. Merger & Acquisition (If Any)

12.2. Product Launches (If Any)

12.3. Recent Developments

13. Global Inconel Market: SWOT Analysis

14. Porter's Five Forces Analysis

14.1. Competition in the Industry

14.2. Potential of New Entrants

14.3. Power of Suppliers

14.4. Power of Customers

14.5. Threat of Substitute Products

15. Competitive Landscape

15.1. Aperam

15.1.1. Business Overview

15.1.2. Products & Services

15.1.3. Recent Developments

15.1.4. Key Personnel

15.1.5. SWOT Analysis

15.2. Haynes International

15.3. Daido Steel Co., Ltd.

15.4. Sandvik AB

15.5. Fushun Special Steel Co., Ltd.

15.6. Ritinox Overseas LLP

15.7. Solomon Metals Corporation

15.8. Altemp Alloys

16. Strategic Recommendations

17. About Us & Disclaimer

Report Description

Table of content

Figures and Tables

Frequently asked questions

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