Global Nickel Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Nickel Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Nickel is a chemical element with symbol Ni and atomic number 28. It is a silvery-white lustrous metal with a slight golden tinge.

Market Overview:

The latest research study on the global Nickel market finds that the global Nickel market reached a value of USD 34085.0 million in 2022. It’s expected that the market will achieve USD 52393.0 million by 2028, exhibiting a CAGR of 7.43% during the forecast period.

Opportunities

On the demand side, the push for automotive electrification is set to provide a dramatic upside to nickel. Nickel, used in the cathode materials for lithium-ion batteries, is being consumed in increasingly large quantities. Its outlook is supported not only by the rapid volume growth of the electric vehicle market, but also owing to the increased intensity of use of nickel, as part of efforts to improve the energy density of batteries and extend driving range. Over the outlook period, nickel use in batteries will grow from around 3–4% of nickel demand, to account for as much as 15–20% of the market.
Nickel sulphate is the key raw material for the nickel in lithium-ion batteries and producing this will require an increase in the supply of class I material.
Nickel plays a crucial role in the manufacture of stainless steel. It is one of the major commercial grades of alloys used in stainless steel production. Nickel alloying holds for almost two-thirds of the stainless steel production process across the world.
Also, one of the key advantages of nickel in stainless steel is in stabilizing the austenitic structure of steel at room temperature. In general, 8% of nickel is present in the commonly used grade of stainless steel.
As of 2018, stainless steel production increased about 6% from the previous year. This ratio has increased in recent years due to rising Chinese stainless steel production, which uses a high proportion of primary nickel units.
As a result, Chinese stainless steel mills consume more than half of the primary nickel. Other major stainless steel producing regions are smaller than China and fulfill a greater share of their nickel requirements from stainless steel scrap than from primary sources.
Such positive growth of stainless steel is likely to increase the demand for nickel in the future.

Region Overview:

From 2023-2028, North America is estimated to witness robust growth prospects.

Company Overview:

The top three companies are Vale SA, MMC Norilsk Nickel and Jinchuan Group Ltd. with the revenue market share of 11.26%, 10.60% and 7.80% in 2018.
Vale S.A., together with its subsidiaries, produces and sells iron ore and iron ore pellets for use as raw materials in steelmaking in Brazil and internationally. It operates through Ferrous Minerals, Coal, and Base Metals segments. The Ferrous Minerals segment produces and extracts iron ore and pellets, manganese, ferroalloys, and others ferrous products and services; and provides related logistic services. The Coal segment is involved in the extraction of metallurgical and thermal coal; and provides related logistic services. The Base Metals segment produces and extracts non-ferrous minerals, including nickel; and its by-products, such as copper, gold, silver, cobalt, precious metals, and others.
MMC Norilsk Nickel PJSC produces nickel, palladium, platinum, and copper. The Company also produces various by-products such as cobalt, rhodium, silver, gold, iridium, ruthenium, selenium, tellurium, and sulfur.

Application Overview:

By application, the Stainless Steel segment occupied the biggest share from 2018 to 2022.

Key Companies in the global Nickel market covered in Chapter 3:

BHP Billiton Ltd.
Glencore
MMC Norilsk Nickel
Anglo American
Sumitomo Metal Mining Co.
Jinchuan Group Ltd.
Sherritt International Corp.
Vale SA
Eramet SA

In Chapter 4 and Chapter 14.2, on the basis of types, the Nickel market from 2018 to 2029 is primarily split into:

3N
4N
5N

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Nickel market from 2018 to 2029 covers:

Stainless Steel
Nickel-based Alloys
Electroplating
Batteries
Others

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)