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

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.