Nickel

Nickel

Global Nickel Market to Reach 3.5 Million Tons by 2030

The global market for Nickel estimated at 2.4 Million Tons in the year 2023, is expected to reach 3.5 Million Tons by 2030, growing at a CAGR of 5.7% over the analysis period 2023-2030. Stainless Steel End-Use, one of the segments analyzed in the report, is expected to record a 6.2% CAGR and reach 2.5 Million Tons by the end of the analysis period. Growth in the Other Alloy Steel End-Use segment is estimated at 3.7% CAGR over the analysis period.

The U.S. Market is Estimated at 620.9 Thousand Tons While China is Forecast to Grow at 8.8% CAGR

The Nickel market in the U.S. is estimated at 620.9 Thousand Tons in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of 802.4 Thousand Tons by the year 2030 trailing a CAGR of 8.8% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 3.4% and 4.7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 4.3% CAGR.

Global Nickel Market - Key Trends and Drivers Summarized

Nickel is a silvery-white lustrous metal with a slight golden tinge that belongs to the transition metals and is hard and ductile. Known for its excellent conductivity of heat and electricity, nickel is ferromagnetic, bivalent, and harder than iron. One of its most notable properties is its remarkable resistance to corrosion at high temperatures, making it a preferred material in a range of applications. From its traditional use in coinage to more critical roles in creating various alloys, nickel`s alloying ability with metals like iron, chromium, and molybdenum enhances its resistance to corrosion and maintains strength at high temperatures, which is essential for industrial applications such as in power plants and engines. It is primarily used in the creation of stainless steel due to its corrosion resistance, good mechanical strength, and toughness over a wide temperature range. Other significant uses include in alloys such as nickel brasses and bronzes, plating, and batteries, particularly in the fast-growing area of rechargeable battery systems including those used in electric vehicles (EVs).

The long-term outlook for nickel is bolstered by its critical role in the clean energy transition, particularly in EVs and renewable energy systems. Nickel is a key component of lithium-ion batteries, which power most electric vehicles. The demand for these batteries is on rise as the automotive industry shifts away from internal combustion engines towards more sustainable electric alternatives. This transition is driven by global environmental concerns and government policies aimed at reducing carbon emissions, which encourage the adoption of EVs and consequently boost the demand for nickel. Another significant trend impacting the nickel market is the diversification of supply chains. Historically, nickel mining and production have been concentrated in a few countries, but recent geopolitical tensions and trade uncertainties have prompted a push towards securing more stable and sustainable sources. This has led to increased investments in nickel mining projects outside traditional supply areas, particularly in Indonesia, which has recently seen substantial growth in its nickel processing capacity. Moreover, recycling efforts are also becoming a more prominent part of the supply chain, as industries seek to reduce environmental impact and increase the cost-effectiveness of nickel by recovering it from scrap materials.

In addition to EVs and supply chain diversification, nickel is also gaining traction in the energy storage sector. As the world increasingly turns to renewable energy sources, the demand for energy storage solutions that can efficiently store and release energy is essential. Nickel plays a crucial role in several types of advanced battery technologies that are being developed to enhance grid storage and renewable energy integration. The growth of this sector is likely to provide ongoing support for nickel demand, reinforcing its essential status in the modern technology and energy landscape. This continued expansion in nickel use showcases its critical role not only in current industrial applications but also in the future of energy and transportation.

Select Competitors (Total 184 Featured) -

• Baosteel Group Corporation
• Belmont Metals, Inc.
• Eramet Group
• H.C. Starck GmbH
• Outokumpu Oyj
• RUSAL

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