USD 18.27 billion
Nickel Market Size, Share, Growth Analysis, By Product type(Class 1 products, and class 2 products), By Application(Stainless steel, batteries, special steels, alloys), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG15J2031 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
64
|Figures:
75
Nickel Market Insights
Nickel Market size was valued at USD 18.27 billion in 2019 and is poised to grow from USD 19.48 billion in 2023 to USD 30.63 billion by 2031, growing at a CAGR of 6.5% in the forecast period (2024-2031).
Nickel (Ni) is a durable, lustrous and silvery-white metal derived from nickel sulfide and garnierite mines. It consists of high electro-magnetic and malleable properties that support casting iron products and manufacturing stainless steel and non-ferrous alloys. Ni and its derivatives are primarily used in purification of water and disposal applications because they need low maintenance and provide water-resistance to the products. The nickel-based batteries serve as a heat, & corrosion-resistant replacement for rechargeable batteries made by using lithium-ion.
The requirement for nickel is growing in automobile batteries, advanced energy storage systems in wind turbines at a nominal cost, which is the main factor for the growth of the market.
The market growth is slowed down by the outbreak of coronavirus, because lockdowns, social distances, and trade sanctions stimulated greater upset to the global supply chain networks. The lockdowns in almost all countries affected very much, and most of the industries or factories had to close for a specific period; all of these heavily impacted on the demand and price of nickel. The top-rated mining companies including Nickel Asia and Global Ferronickel Holdings postponed some of their operations for a definite timeline for COVID-19 pandemic.
US Nickel Market is poised to grow at a sustainable CAGR for the next forecast year.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
class 1 products
Fastest Growth
class 1 products
Growth Rate
6.5% CAGR
Global Nickel Market By product Type ($ Bn)
Country Share for North America Region (%)
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Nickel Market Segmental Analysis
Global Nickel Market is segmented based on the product type, and application. Based on product type, the Nickel Market is segmented into class 1 products, and class 2 products. Based on application, the Nickel Market is segmented into stainless steel, batteries, special steels, alloys, and others. Based on region, the Nickel Market is segmented into North America, Latin America, Europe, Asia Pacific, and MEA.
Nickel Market Analysis by Type
Based on product type, the nickel market is segmented into class 1 products, and class 2 products. Class 1 product (nickel sulphate) is not available in an abundant number, whereas the class 2 products (nickel laterite) are found double than class 1 products, and is commonly used in EV batteries for increasing storage capacities.
Nickel Market Analysis by application
Based on application, nickel market is segmented into stainless steel, batteries, special steels, alloys, and others. Among others, the stainless steel sub-segment holds the largest nickel market share globally. Due to the increasing number of construction & automotive industries and increasing consumer spending on stainless steel products including cutlery, tableware, furniture, and kitchen sinks, it may fuel the adoption of stainless steel; and so, it will increase the demand for nickel in the market.
Due to the increase of upgradation in Ni-containing battery technologies, the electrical & electronic industries are growing faster; as the growing number of electric vehicles will augment the growth of the battery sub-segment.
The finest soft magnetic qualities are seen in alloys with 72-83% of nickel exercised in inductors, transformers, magnetic amplifiers, magnetic shields, and others; and due to this, it will grow the adoption of the product over the forecast period.
Global Nickel Market By product Type
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Nickel Market Regional Insights
Asia-Pacific (APAC) is dominant among all regions in terms of nickel market, which is predominantly because of the availability of the major stainless-steel manufacturing companies and battery manufacturers as well. The growth in the nickel market was possible due to the increase in technological advancement in stainless steel to make it more sustainable. China is holding the largest nickel market share and is also the fastest-developing country in the region. The country is leading in the electric car market with the increasing sales of latest electric vehicles; and electric vehicles (EVs) were sold by a total of 3.3 million units in 2021, with an increase of 154% than the last year. The adoption of nickel in electric vehicles (EVs) is anticipated to boost the market in the region because of a considerable share of nickel demand in the market.
Europe is an emerging region in the consumption of nickel in electric vehicles for the usage of stainless steel. The region is growing fast in terms of nickel in the automotive sector coupled with the increasing technological advancements.
In North America, stainless steel production is increasing due to the expansion of the construction industry, and all thanks goes to its high flexibility, good energy consumption, and explosion-resistance properties; which in turn, increasing the demand for nickel.
Global Nickel Market By Region
- Largest
- Fastest
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Nickel Market Dynamics
Nickel Market Drivers
Nickel’s Usage in Stainless Steel Alloys to Bolster its Demand
- The growth of the nickel market can be attributed to the increasing demand for nickel in stainless steel alloys. At present, about two-thirds of nickel is getting sold each year for stainless steel. The increasing demand for nickel in automobile batteries, energy storage systems in wind turbines and others at an affordable cost is the major driving factor for the market growth. The stainless- steel accounts for more than two-thirds of Ni consumption globally. The growing demand for stainless-steel in various industries is due to its features such as lightweight, durability, easy fabrication, and others.
Nickel Market Restraints
Stringent Regulations to Hinder Market Growth
- The harsh environmental regulations and chances of health risks because of the increasing sulfur-dioxide emissions from the nickel melting process and volatility in nickel prices may hinder the market’s growth.
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Nickel Market Competitive Landscape
Global nickel market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D.
Nickel Market Top Player's Company Profiles
- Vale S.A.
- BHP Billiton
- Norilsk Nickel
- Jinchuan Group International Resources Co. Ltd.
- Sumitomo Metal Mining Co. Ltd.
- Glencore International AG
- Eramet SA
- Western Areas Ltd.
- Independence Group NL
- Lundin Mining Corporation
- Sherritt International Corporation
- Terrafame Group Ltd.
- Anglo American plc
- First Quantum Minerals Ltd.
- China Molybdenum Co., Ltd.
- MMC Norilsk Nickel
- Anglo Pacific Group PLC
- Sibanye-Stillwater
- South32 Limited
- Nickel Mines Limited
Nickel Key Market Trends
- Stainless steel consumption is growing due to the corrosion resistance, durability, and abundance in availability, it is used in sectors including construction, transport, food and beverage, aerospace, medical, chemical, and others.
Nickel Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global nickel market analysis, nickel is a chemical element and a transition metal which is commonly used for high-grade steel manufacturing and the market will grow significantly with the use of stainless steel in electric vehicles in Asia Pacific region coupled with the rapidly growing of construction & automotive industries, research & development activities and also the infrastructure developments.
The growing exploration activities in mining companies fuelled by attractive commodity prices along with the development of high-density nickel batteries for power requirements of the rising population numbers is contributing to the market growth. The increasing demand for corrosion-resistant alloys in the oil and gas industry is another key factor driving the growth of the market by next 10 years.
| Report Metric | Details |
|---|---|
| Market size value in 2019 | USD 18.27 billion |
| Market size value in 2031 | USD 30.63 billion |
| Growth Rate | 6.5% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Nickel Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Nickel Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Nickel Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Nickel Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Nickel Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Nickel Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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