IMARC Group, a leading market research company, has recently released a report titled “Nickel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global nickel market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How Big is the Nickel Market?
The global nickel market size reached US$ 33.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 46.2 Billion by 2028, exhibiting a growth rate (CAGR) of 5.4% during 2023-2028.
What is Nickel?
Nickel refers to a chemical element known for its silver-white color, lustrous appearance, and strong resistance to corrosion and oxidation. It has a high melting point and is malleable and ductile, meaning it can be easily shaped into various forms. Nickel is widely used in various industries due to its unique properties. One of the most significant applications of nickel is in the production of stainless steel. Nickel is alloyed with iron to create stainless steel, which exhibits excellent corrosion resistance, high strength, and heat resistance. Stainless steel is extensively used in construction, automotive manufacturing, household appliances, and other applications where durability and hygiene are crucial. In terms of abundance, nickel is the fifth most common element on Earth and is primarily found in the Earth's crust. It is often associated with iron in ore deposits. The main mineral ores of nickel include pentlandite, pyrrhotite, and garnierite. Apart from stainless steel, nickel is also used in the production of alloys for diverse purposes. Nickel alloys, such as Inconel and Monel, are known for their high strength, resistance to extreme temperatures, and excellent performance in corrosive environments. These alloys find applications in aerospace, power generation, chemical processing, and marine industries. Moreover, nickel is an essential component in rechargeable batteries, particularly in nickel-metal hydride (NiMH) and nickel-cadmium (NiCd) batteries. It is also used in plating processes to provide decorative and protective coatings on various surfaces.
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What are the Growth Prospects and Trends in the Nickel Industry?
The increasing adoption of electric vehicles (EVs) represents one of the key factors driving the growth of the market across the globe. This, coupled with the rising shift toward electric vehicles (EVs) to reduce carbon emissions and combat climate change and the increasing demand for nickel in the battery sector is acting as a major growth-inducing factor. In line with this, steady economic growth, particularly in emerging markets, along with the increasing demand for infrastructure development, automobiles, and consumer goods is contributing to the growth of the market. The market is also driven by the rising stainless-steel production and its applications in various industries, such as construction, automotive, and manufacturing. In addition to this, the increasing need for substantial amounts of stainless steel in infrastructure projects, such as bridges, buildings, and power plants, is facilitating the growth of the market. Apart from this, the rising focus of consumers and numerous companies on sustainable and responsible sourcing of raw materials, including nickel, is driving the growth of the market. Moreover, significant technological advancements and innovations in nickel processing and extraction techniques are boosting the growth of the market. Other factors, including expansion of the automotive industry, the increasing demand for lightweight vehicles, rising greenhouse gas (GHG) emissions, increasing investments in infrastructure development, rapid urbanization, rising industrialization, and improvements in mining technologies, such as nickel laterite processing, are creating a positive outlook for the market across the globe.
Who are the Key Players Operating in the Nickel Market?
The competitive landscape of the industry has also been examined with some of the key players.
- Anglo American plc
- BHP
- Cunico Corporation
- Eramet
- Glencore
- Independence Group
- Jinchuan Group International Resources Co. Ltd
- Nornickel
- Pacific Metal Company
- Queensland Nickel
- Sherritt International
- Sumitomo Corporation
- Terrafame Ltd.
- Vale
- Votorantim Group
What is Included in Market Segmentation?
The report has categorized the market based on product type, application, end-use industry and region.
Breakup by Product Type:
- Class I Products
- Class II Products
Based on Application:
- Stainless Steel and Alloy Steel
- Non-ferrous Alloys and Superalloys
- Electroplating
- Casting
- Batteries
- Others
Analyzed by End-Use Industry:
- Transportation & Defense
- Fabricated Metal Products
- Electrical & Electronics
- Chemical
- Petrochemical
- Construction
- Consumer Durables
- Industrial Machinery
- Others
Regional Analysis:
- North America (United States, Canada)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, South Africa, Others)
Key Highlights of The Report:
- Market Performance (2017-2022)
- Market Outlook (2023-2028)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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