Nickel Market Forecasts to 2028 – Global Analysis By Product Type (Class I Products, Class II Products), Application (Alloys, Batteries, Casting, Electroplating, Stainless Steel), End User (Chemical, Construction), and By Geography

Nickel Market Forecasts to 2028 – Global Analysis By Product Type (Class I Products, Class II Products), Application (Alloys, Batteries, Casting, Electroplating, Stainless Steel), End User (Chemical, Construction), and By Geography

According to Stratistics MRC, the Global Nickel Market is accounted for $36.27 billion in 2021 and is expected to reach $59.39 billion by 2028 growing at a CAGR of 7.3% during the forecast period. Nickel is a chemical element and a transition metal, mostly used for high-grade steel manufacturing. It 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.

Market Dynamics:

Driver:

Advancements in technology

The advancement in Nickel-containing battery technology will drive the growth of the market. This, in turn, promotes the adoption of Ni metal as it aids in delivering greater storage capacity and higher energy density to the batteries at a lower cost. Due to the advanced technology, the demand for nickel plating is associated with its corrosion and wears resistance properties. The product also offers adhesion properties for subsequent coating layers, thereby used as an undercoat for different coatings. According to the Nickel Institute Organization, the best soft magnetic qualities are found in alloys with 72-83% of Ni employed in inductors, transformers, magnetic shields, magnetic amplifiers, and memory storage devices. Hence, such factors will drive product adoption during the review period

Restraint:

Price fluctuations

The price of Nickel is higher, making it an expensive raw material for various applications and end-use industries. The high-grade Ni is a necessary component of the electric vehicle battery. The speculation about rising EV demand has pushed its prices higher. In addition, the Ni metal being a commodity, its prices are determined by supply and demand and are constantly fluctuating. Furthermore, the restrictions on the export of Indonesian nickel by the country’s government to maintain their resources have also hindered metal adoption in various applications. Hence, such factors are anticipated to restrict growth of the market.

Opportunity:

Rising demand from automobile industry

The factors such as rapid adoption of electric cars and upward demand for lightweight vehicles owing to rising greenhouse emissions, technological advancements, and consumer expenditures over automobiles have boosted the automotive industry worldwide. This has further fuelled the demand for batteries. Nickel is a significant component in lithium-ion batteries used in electric cars. It allows manufacturers to utilize less cobalt, which is more expensive and has a less transparent supply chain while packing more energy into batteries. According to the Nickel Institute Organization, battery technology is progressing in line with the developing automobile industry, increasing the usage of Ni-containing Li-ion batteries. Thus, these factors would create ample opportunities for the market growth.

Threat:

Disruptions in supply chain

The market growth is hampered by the COVID-19 pandemic, as trade sanctions, lockdowns, and social distances have triggered massive disruptions to global supply chain networks. Due to lockdowns in various countries, most of the industries or factories were temporarily shut down and have impacted the demand and price of nickel. Major mining companies like Nickel Asia and Global Ferronickel Holdings suspended some of their operations in response to COVID-19. Brazil’s Vale had cut its 2020 guidance by up to 20,000 metric ton, citing limited ability to keep current maintenance shutdown schedules.

The stainless steel segment is expected to be the largest during the forecast period

The stainless steel segment is estimated to have a lucrative growth owing to a Stainless steel which is used in various sectors, including food and beverage, construction, aerospace, transport, medical, chemical, etc., owing to its corrosion resistance, durability, and abundance in availability. Nickel alloying holds almost two-third of the stainless-steel production process across the world. Moreover, one of the key advantages of nickel in stainless steel is in stabilizing the austenitic structure of steel at room temperature.

The construction segment is expected to have the highest CAGR during the forecast period

The construction segment is anticipated to witness the fastest CAGR growth during the forecast period. Nickel-containing stainless steel rapidly became a popular choice in architecture, building and construction. Many structures using nickel-containing stainless steel have since become architectural design icons. A broad range of surface finishes can be applied to nickel-containing stainless steels, ranging from elegant polishes to combinations of colour and texture. They are corrosion resistant and easily formed and fabricated. The nickel-containing 300 series stainless steels are the most widely-used alloys in use for these applications.

Region with highest share:

Asia Pacific is projected to hold the largest market share during the forecast period owing to the growing consumption rate of nickel and the presence of large stainless steel manufacturing companies and battery manufacturers in the region. The major nickel ore concentrations in the Philippines, New Caledonia, Australia, Indonesia, and China are instrumental to making the region the largest producer of nickel.

Region with highest CAGR:

Middle East & Africa is projected to have the highest CAGR over the forecast period. The rising adoption of stainless steel and nickel alloys in implantable medical devices and orthopedic applications, including joint replacements to stents, will propel the market growth. In addition, the ability to improve the steel's ductility and toughness at low temperatures help provide hardness and strength to the steel.

Key players in the market

Some of the key players profiled in the Nickel Market include Anglo American, BHP, Cunico Corp., Eramet, Glencore, INDEPENDENCE GROUP NL, Jinchuan Group International Resources Co. Ltd, Norilsk Nickel, Pacific Metal Company, QUEENSLAND NICKEL SALES, Sherritt International Corporation, Sumitomo Metal Mining Co. Ltd, Terrafame, Vale, and Votorantim.

Key Developments:

In October 2021, Renault Group and Terrafame have signed a Memorandum of Understanding (MoU) for the future supply of nickel sulphate. With this agreement, Renault Group will secure a significant annual supply of nickel sulphate from Terrafame, representing up to 15 GWh of annual capacity. The cooperation will start by paying particular attention to sustainability systems and defining detailed metrics for traceability beyond solutions currently used for EV battery chemicals production.

In July 2021, BHP has announced the signing of a nickel supply agreement with one of the world’s leading sustainable energy companies; Tesla Inc. BHP will supply Tesla Inc. with nickel from its Nickel West asset in Western Australia, one of the most sustainable and lowest carbon emission nickel producers in the world.

Product Types Covered:
• Class I Products
• Class II Products

Applications Covered:
• Alloys
• Batteries
• Casting
• Electroplating
• Stainless Steel

End Users Covered:
• Chemical
• Construction
• Consumer Durables
• Electrical & Electronics
• Fabricated Metal Products
• Industrial Machinery
• Petrochemical
• Transportation & Defense

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances