According to the latest report by IMARC Group, titled “Nickel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” the global nickel market reached a value of US$ 33.5 Billion in 2022. Nickel (Ni) is a durable, lustrous, and silvery-white chemical element extracted from nickel sulfide and garnierite mines. It has high electro-magnetic and malleable properties that help in the production of non-ferrous alloys and stainless steel. Nickel and its derivatives are widely used in the disposal and water purification process as they offer water-resistance and require low maintenance. At present, they are widely being utilized across the globe on account of their high electrical and thermal conductivity.
Global Nickel Market Trends:
A significant increase in the utilization of corrosion-resistant alloys in the oil and gas industry represents one of the primary factors positively influencing the market. Apart from this, the escalating demand for high-density nickel-based batteries to replace rechargeable batteries and assist the power requirements of the growing population is strengthening the growth of the market. Nickel is also employed in solar panels and wind turbines for generating electricity. Furthermore, the rising demand for stainless steel products, including kitchen skins, saucepans, forks, and spoons, is contributing to the global market growth. Besides this, technological advancements in the production of nickel via green mining procedures and the boosting demand for electric vehicles are stimulating the market growth. Looking forward, IMARC Group expects the global nickel market to grow at a CAGR of 5.4% during 2023-2028.
- Based on the product type, class I nickel holds the largest market share.
- On the basis of the application, the market has been segregated into stainless and alloy steel, non-ferrous alloys and superalloys, electroplating, casting, batteries, and others. At present, stainless and alloy steel hold the largest market share.
- Based on the end use industry, the market has been divided into transportation and defense, fabricated metal products, electrical and electronics, chemical, petrochemical, construction, consumer durables, industrial machinery, and others. The transportation and defense sector accounts for the majority of the total market share.
- Region-wise, the market has been classified into the Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (the United Kingdom, Germany, France, Italy, Spain, Russia, and others); North America (the United States and Canada); Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, and others); and Middle East and Africa (the United Arab Emirates, Turkey, Saudi Arabia, Iran, and others). Amongst these, Asia Pacific enjoys the leading position in the market.
- The competitive landscape of the market has been examined, with some of the key players being Anglo American Plc, BHP Group Limited, Cunico Corporation, Eramet Group, Glencore Plc, IGO Limited, Jinchuan Group International Resources Co. Ltd., Norilsk Nickel, Pacific Metal Company, Queensland Nickel Group, Sherritt International Corporation, Sumitomo Corporation, Terraframe Ltd., Vale S.A. and Votorantim SA.
|Base Year of the Analysis
||Product Type, Application, End-Use Industry, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico, Argentina, Colombia, Chile, Peru, Turkey, Saudi Arabia, Iran, United Arab Emirates
||Anglo American Plc, BHP Group Limited, Cunico Corporation, Eramet Group, Glencore Plc, IGO Limited, Jinchuan Group International Resources Co. Ltd., Norilsk Nickel, Pacific Metal Company, Queensland Nickel Group, Sherritt International Corporation, Sumitomo Corporation, Terraframe Ltd., Vale S.A. and Votorantim SA
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