Nickel Market
Growth Factors of Nickel Market
The Nickel market size was valued at USD 41.61 billion in 2023, and the market is now projected to grow from USD 44.59 billion in 2024 to USD 73.15 billion by 2032, exhibiting a CAGR of 7.3% during the forecast period of 2024-2032.
The provoke of the pandemic hampered the nickel market growth since lockdowns, social separations, and exchange bans caused gigantic, unsettling influences in around the world supply chains. Most businesses and manufacturing plants were briefly closed down due to lockdowns in numerous countries, influencing the request, generation, and costs.
Components such as upward request for lightweight vehicles and quick selection of electric cars due to rising nursery outflows, innovative progressions, and buyer uses over automobiles have boosted the automotive industry around the world. This has assisted and fueled the demand for batteries. Nickel may be a noteworthy component in lithium-ion batteries utilized in electric cars. It permits producers to utilize less cobalt, which is more costly and encompasses a less straightforward supply chain whereas pressing more vitality into batteries.
The expanding request for stainless steel from the automotive, customer products, and development businesses will fuel item appropriation. Concurring to the Nickel Organized Organization, stainless steel accounts for more than two-thirds of worldwide Ni utilization. The item moves forward the formability, weldability, and ductility of the steel. In expansion, it offers corrosion resistance in a few applications when utilized as an alloying component. The high request for stainless steel in different businesses is additionally ascribed to its numerous characteristics such as lightweight, high malleable quality, toughness, and simple creation. In this way, rising utilization for stainless steel will surge the item request amid the figure time allotment.
Comprehensive Analysis of Nickel Market
On the application analysis, the market for Nickel is partitioned into stainless steel, special steels, batteries, electroplating, combinations, and others. The stainless-steel portion holds the most elevated nickel market share within the worldwide advertise. The quickly developing construction & automotive businesses and rising buyer consumption over stainless steel items such as silverware, cutlery, kitchen sinks, and furniture will boost the selection of stainless steel. This would result in a rise in request for nickel.
The highest grossing region globally calculated as Asia Pacific the Nickel market share stood dominant at a valuation of USD 34.38 billion. The expanding mechanical headway in stainless steel to form it more maintainable has fueled the market development in Asia Pacific. China holds the most noteworthy advertise share in this region and is the fastest-growing nation. The increment is related with the quickly developing development & automotive businesses, rising inquire about & improvement exercises, and quick foundation improvements, contributing to fueling the product request in China.
The worldwide advertise remains divided due to the nearness of neighborhood and private-label brands in several regions in the global market. In any case, innovative progressions coming about in predominant item quality are the key for maintainable development direction of Nickel. Companies, such as the BHP (Australia), Anglo American plc (U.K.), Eramet (France), Vale (Brazil), Terrafame Ltd. (Finland), Glancore (Switzerland), set out on new item dispatches and base development to extend their conspicuousness within the commercial center.
In November 2023, the company Eramet, the French mining and metallurgy company, declared to spend USD 2 billion on extending its nickel and lithium generation to meet the rising request for electric vehicles. The company points to extend its Ni and Li generation capacity by 50% and 90% by 2023.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 7.3% from 2024 to 2032
Unit Value (USD Billion); Volume (Million Ton)
Segmentation By Application
- Stainless Steel
- Special Steels
- Batteries
- Electroplating
- Alloys
- Others
- North America (By Application, By Country)
- U.S. (By Application)
- Canada (By Application)
- Mexico (By Application)
- Europe (By Application, By Country)
- Germany (By Application)
- France (By Application)
- U.K. (By Application)
- Italy (By Application)
- Spain (By Application)
- Rest of Europe (By Application)
- Asia Pacific (By Application, By Country)
- China (By Application)
- Japan (By Application)
- Indonesia (By Application)
- South Korea (By Application)
- Rest of Asia Pacific (By Application)
- South America (By Application, By Country)
- Brazil (By Application)
- Argentina (By Application)
- Rest of South America (By Application)
- Middle East & Africa (By Application, By Country)
- GCC (By Application)
- Rest of Middle East & Africa (By Application)
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Regions
- 4.2. Key Developments: Mergers, Acquisition, Partnership, etc.
- 4.3. Latest Technological Advancement
- 4.4. Insights on Sustainability
- 4.5. Porters Five Forces Analysis
- 4.6. Impact of COVID-19 on the Market
- 5. Global Nickel Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Key Findings / Summary
- 5.2. By Application
- 5.2.1. Stainless Steel
- 5.2.2. Special Steels
- 5.2.3. Batteries
- 5.2.4. Electroplating
- 5.2.5. Alloys
- 5.2.6. Others
- 5.3. By Region
- 5.3.1. North America
- 5.3.2. Europe
- 5.3.3. Asia Pacific
- 5.3.4. South America
- 5.3.5. Middle East & Africa
- 6. North America Nickel Market Analysis, Insights and Forecast, 2019-2032
- 6.1. Key Findings / Summary
- 6.2. By Application
- 6.2.1. Stainless Steel
- 6.2.2. Special Steels
- 6.2.3. Batteries
- 6.2.4. Electroplating
- 6.2.5. Alloys
- 6.2.6. Others
- 6.3. By Country
- 6.3.1. U.S.
- 6.3.1.1. By Application
- 6.3.1.1.1. Stainless Steel
- 6.3.1.1.2. Special Steels
- 6.3.1.1.3. Batteries
- 6.3.1.1.4. Electroplating
- 6.3.1.1.5. Alloys
- 6.3.1.1.6. Others
- 6.3.2. Canada
- 6.3.2.1. By Application
- 6.3.2.1.1. Stainless Steel
- 6.3.2.1.2. Special Steels
- 6.3.2.1.3. Batteries
- 6.3.2.1.4. Electroplating
- 6.3.2.1.5. Alloys
- 6.3.2.1.6. Others
- 6.3.3. Mexico
- 6.3.3.1. By Application
- 6.3.3.1.1. Stainless Steel
- 6.3.3.1.2. Special Steels
- 6.3.3.1.3. Batteries
- 6.3.3.1.4. Electroplating
- 6.3.3.1.5. Alloys
- 6.3.3.1.6. Others
- 7. Europe Nickel Market Analysis, Insights and Forecast, 2019-2032
- 7.1. Key Findings / Summary
- 7.2. By Application
- 7.2.1. Stainless Steel
- 7.2.2. Special Steels
- 7.2.3. Batteries
- 7.2.4. Electroplating
- 7.2.5. Alloys
- 7.2.6. Others
- 7.3. By Country
- 7.3.1. Germany
- 7.3.1.1. By Application
- 7.3.1.1.1. Stainless Steel
- 7.3.1.1.2. Special Steels
- 7.3.1.1.3. Batteries
- 7.3.1.1.4. Electroplating
- 7.3.1.1.5. Alloys
- 7.3.1.1.6. Others
- 7.3.2. France
- 7.3.2.1. By Application
- 7.3.2.1.1. Stainless Steel
- 7.3.2.1.2. Special Steels
- 7.3.2.1.3. Batteries
- 7.3.2.1.4. Electroplating
- 7.3.2.1.5. Alloys
- 7.3.2.1.6. Others
- 7.3.3. U.K.
- 7.3.3.1. By Application
- 7.3.3.1.1. Stainless Steel
- 7.3.3.1.2. Special Steels
- 7.3.3.1.3. Batteries
- 7.3.3.1.4. Electroplating
- 7.3.3.1.5. Alloys
- 7.3.3.1.6. Others
- 7.3.4. Italy
- 7.3.4.1. By Application
- 7.3.4.1.1. Stainless Steel
- 7.3.4.1.2. Special Steels
- 7.3.4.1.3. Batteries
- 7.3.4.1.4. Electroplating
- 7.3.4.1.5. Alloys
- 7.3.4.1.6. Others
- 7.3.5. Spain
- 7.3.5.1. By Application
- 7.3.5.1.1. Stainless Steel
- 7.3.5.1.2. Special Steels
- 7.3.5.1.3. Batteries
- 7.3.5.1.4. Electroplating
- 7.3.5.1.5. Alloys
- 7.3.5.1.6. Others
- 7.3.6. Rest of Europe
- 7.3.6.1. By Application
- 7.3.6.1.1. Stainless Steel
- 7.3.6.1.2. Special Steels
- 7.3.6.1.3. Batteries
- 7.3.6.1.4. Electroplating
- 7.3.6.1.5. Alloys
- 7.3.6.1.6. Others
- 8. Asia-Pacific Nickel Market Analysis, Insights and Forecast, 2019-2032
- 8.1. Key Findings / Summary
- 8.2. By Application
- 8.2.1. Stainless Steel
- 8.2.2. Special Steels
- 8.2.3. Batteries
- 8.2.4. Electroplating
- 8.2.5. Alloys
- 8.2.6. Others
- 8.3. By Country
- 8.3.1. China
- 8.3.1.1. By Application
- 8.3.1.1.1. Stainless Steel
- 8.3.1.1.2. Special Steels
- 8.3.1.1.3. Batteries
- 8.3.1.1.4. Electroplating
- 8.3.1.1.5. Alloys
- 8.3.1.1.6. Others
- 8.3.2. Japan
- 8.3.2.1. By Application
- 8.3.2.1.1. Stainless Steel
- 8.3.2.1.2. Special Steels
- 8.3.2.1.3. Batteries
- 8.3.2.1.4. Electroplating
- 8.3.2.1.5. Alloys
- 8.3.2.1.6. Others
- 8.3.3. Indonesia
- 8.3.3.1. By Application
- 8.3.3.1.1. Stainless Steel
- 8.3.3.1.2. Special Steels
- 8.3.3.1.3. Batteries
- 8.3.3.1.4. Electroplating
- 8.3.3.1.5. Alloys
- 8.3.3.1.6. Others
- 8.3.4. South Korea
- 8.3.4.1. By Application
- 8.3.4.1.1. Stainless Steel
- 8.3.4.1.2. Special Steels
- 8.3.4.1.3. Batteries
- 8.3.4.1.4. Electroplating
- 8.3.4.1.5. Alloys
- 8.3.4.1.6. Others
- 8.3.5. Rest of Asia-Pacific
- 8.3.5.1. By Application
- 8.3.5.1.1. Stainless Steel
- 8.3.5.1.2. Special Steels
- 8.3.5.1.3. Batteries
- 8.3.5.1.4. Electroplating
- 8.3.5.1.5. Alloys
- 8.3.5.1.6. Others
- 9. South America Nickel Market Analysis, Insights and Forecast, 2019-2032
- 9.1. Key Findings / Summary
- 9.2. By Application
- 9.2.1. Stainless Steel
- 9.2.2. Special Steels
- 9.2.3. Batteries
- 9.2.4. Electroplating
- 9.2.5. Alloys
- 9.2.6. Others
- 9.3. By Country
- 9.3.1. Brazil
- 9.3.1.1. By Application
- 9.3.1.1.1. Stainless Steel
- 9.3.1.1.2. Special Steels
- 9.3.1.1.3. Batteries
- 9.3.1.1.4. Electroplating
- 9.3.1.1.5. Alloys
- 9.3.1.1.6. Others
- 9.3.2. Argentina
- 9.3.2.1. By Application
- 9.3.2.1.1. Stainless Steel
- 9.3.2.1.2. Special Steels
- 9.3.2.1.3. Batteries
- 9.3.2.1.4. Electroplating
- 9.3.2.1.5. Alloys
- 9.3.2.1.6. Others
- 9.3.3. Rest of South America
- 9.3.3.1. By Application
- 9.3.3.1.1. Stainless Steel
- 9.3.3.1.2. Special Steels
- 9.3.3.1.3. Batteries
- 9.3.3.1.4. Electroplating
- 9.3.3.1.5. Alloys
- 9.3.3.1.6. Others
- 10. Middle East & Africa Nickel Market Analysis, Insights and Forecast, 2019-2032
- 10.1. Key Findings / Summary
- 10.2. By Application
- 10.2.1. Stainless Steel
- 10.2.2. Special Steels
- 10.2.3. Batteries
- 10.2.4. Electroplating
- 10.2.5. Alloys
- 10.2.6. Others
- 10.3. By Country
- 10.3.1. GCC
- 10.3.1.1. By Application
- 10.3.1.1.1. Stainless Steel
- 10.3.1.1.2. Special Steels
- 10.3.1.1.3. Batteries
- 10.3.1.1.4. Electroplating
- 10.3.1.1.5. Alloys
- 10.3.1.1.6. Others
- 10.3.2. Rest of the Middle East & Africa
- 10.3.2.1. By Application
- 10.3.2.1.1. Stainless Steel
- 10.3.2.1.2. Special Steels
- 10.3.2.1.3. Batteries
- 10.3.2.1.4. Electroplating
- 10.3.2.1.5. Alloys
- 10.3.2.1.6. Others
- 11. Company Profiles
- 11.1. Anglo American plc
- 11.1.1. Overview
- 11.1.2. Description
- 11.1.3. Product Portfolio
- 11.1.4. Financials (Data as available in public domain and/or on paid databases)
- 11.1.5. Recent Developments
- 11.2. BHP
- 11.2.1. Overview
- 11.2.2. Description
- 11.2.3. Product Portfolio
- 11.2.4. Financials (Data as available in public domain and/or on paid databases)
- 11.2.5. Recent Developments
- 11.3. Eramet
- 11.3.1. Overview
- 11.3.2. Description
- 11.3.3. Product Portfolio
- 11.3.4. Financials (Data as available in public domain and/or on paid databases)
- 11.3.5. Recent Developments
- 11.4. Norilsk Nickel
- 11.4.1. Overview
- 11.4.2. Description
- 11.4.3. Product Portfolio
- 11.4.4. Financials (Data as available in public domain and/or on paid databases)
- 11.4.5. Recent Developments
- 11.5. Sumitomo Metal Mining, Co. Ltd.
- 11.5.1. Overview
- 11.5.2. Description
- 11.5.3. Product Portfolio
- 11.5.4. Financials (Data as available in public domain and/or on paid databases)
- 11.5.5. Recent Developments
- 11.6. Glencore
- 11.6.1. Overview
- 11.6.2. Description
- 11.6.3. Product Portfolio
- 11.6.4. Financials (Data as available in public domain and/or on paid databases)
- 11.6.5. Recent Developments
- 11.7. Sheritt International Corporation
- 11.7.1. Overview
- 11.7.2. Description
- 11.7.3. Product Portfolio
- 11.7.4. Financials (Data as available in public domain and/or on paid databases)
- 11.7.5. Recent Developments
- 11.8. Vale
- 11.8.1. Overview
- 11.8.2. Description
- 11.8.3. Product Portfolio
- 11.8.4. Financials (Data as available in public domain and/or on paid databases)
- 11.8.5. Recent Developments
- 11.9. Jinchuan Group International Resources Co. Ltd
- 11.9.1. Overview
- 11.9.2. Description
- 11.9.3. Product Portfolio
- 11.9.4. Financials (Data as available in public domain and/or on paid databases)
- 11.9.5. Recent Developments
- 11.10. Terrafame Ltd.
- 11.10.1. Overview
- 11.10.2. Description
- 11.10.3. Product Portfolio
- 11.10.4. Financials (Data as available in public domain and/or on paid databases)
- 11.10.5. Recent Developments
- 12. Strategic Recommendations
- 13.
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