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The global nickel market size reached US$ 31.5 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 43.8 Billion by 2027, exhibiting a growth rate (CAGR) of 5.57% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
Nickel, denoted by Ni, is a durable, lustrous and silvery-white metal extracted from nickel sulfide and garnierite mines. It has high electro-magnetic and malleable properties, which aid in casting iron products and manufacturing stainless steel and non-ferrous alloys. Nickel and its derivatives are commonly used in water purification and disposal applications as they require low maintenance and offer water-resistance to the products. When mixed with copper, it is used in desalination plants for the conversion of seawater into freshwater.
The rising demand for corrosion-resistant alloys in the oil and gas industry is one of the key factors driving the growth of the market. Furthermore, the development of high-density nickel-based batteries to meet the power requirements of the growing population is also contributing to the market growth. These batteries serve as a heat- and corrosion-resistant alternative for rechargeable batteries made by using lithium-ion. The advent of electric vehicles is favoring the market growth further. Nickel is also used in wind turbines and solar panels for generating electricity. Furthermore, the rising demand for stainless steel products, including spoons, forks, saucepans, kitchen skins, is driving the product demand. Nickel-based products are also being used for various marine, architectural and construction applications. Other factors, such as technological advancements in the production of nickel through green mining procedures, while incorporating the principles of hydrometallurgy, are expected to drive the market in the upcoming years.
IMARC Group provides an analysis of the key trends in each sub-segment of the global nickel market report, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on product type, application and end-use industry.
Breakup by Product Type:
Breakup by Application:
Breakup by End-Use Industry:
Breakup by Region:
The competitive landscape of the industry has also 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||2021|
|Segment Coverage||Product Type, Application, End-Use Industry, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||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|
|Companies Covered||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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The global nickel market was valued at US$ 31.5 Billion in 2021.
We expect the global nickel market to exhibit a CAGR of 5.57% during 2022-2027.
The rising demand for high-density nickel-based batteries across various sectors to meet the power
requirements, owing to their heat- and corrosion-resistant properties, is primarily driving the global
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent
lockdown regulations across several nations, resulting in the temporary closure of numerous
manufacturing units for nickel.
Based on the product type, the global nickel market can be categorized into class I products and
class II products, where class I products exhibit clear dominance in the market.
Based on the application, the global nickel market has been segmented into stainless steel and alloy
steel, non-ferrous alloys and superalloys, electroplating, casting, batteries, and others. Among these,
stainless steel and alloy steel currently represents the largest market share.
Based on the end-use industry, the global nickel market can be bifurcated into transportation &
defense, fabricated metal products, electrical & electronics, chemical, petrochemical, construction,
consumer durables, industrial machinery, and others. Currently, the transportation & defense
industry accounts for the majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia Pacific, Middle
East and Africa, and Latin America, where Asia Pacific currently dominates the global market.
Some of the major players in the global nickel market include 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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