What Has Driven the Growth of the Nickel Market in Recent Years?
The nickel market has seen considerable growth due to a variety of factors.
• The size of the nickel market has seen significant growth in the past few years. It is projected to expand from $39.09 billion in 2024 to $42.78 billion in 2025, with a compound annual growth rate (CAGR) of 9.4%.
The historic period's growth can be credited to robust economic expansion in emerging markets, enhanced infrastructure development, rising industrialization, and the escalating demand for stainless steel.
What Is the Forecasted Market Size and Growth Rate for The Nickel Market?
The nickel market is expected to maintain its strong growth trajectory in upcoming years.
• The nickel market is predicted to experience robust expansion in the upcoming years. It's projected to swell to $60.69 billion by 2029 at a compound annual growth rate (CAGR) of 9.1%.
The anticipated growth can be linked to the increasing urbanization, escalating demand for electric cars, supportive government policies, and the growing necessity for nickel in automotive batteries. Key trends for the forecast period encompass a concentration on bolstering investments for establishing new nickel processing plants, an emphasis on the inauguration of new procurement frameworks that advocate for environmentally sound and responsible approaches in nickel mining and processing, the introduction of innovative nickel products, as well as strategic collaborations and mergers and acquisitions to broaden product or service offerings and enlarge their geographical reach.
Which Drivers Are Accelerating Growth In The Nickel Market?
The nickel market is anticipated to expand due to the escalating acceptance of electric vehicles (EVs). EVs, powered by one or more electric motors and employing electrical energy accumulated in rechargeable batteries, are gaining traction. The upsurge in electric vehicle utilization is largely responsible for the surge in nickel demand, specifically in the realm of superior lithium-ion batteries. For example, the France-based intergovernmental organization, the International Energy Agency, highlighted in March 2023 that the electric car market saw an accelerated rate of expansion, with sales eclipsing 10 million in 2022. As per the data, 14% of all brand new cars that were sold in 2022 were electric vehicles, a significant increase from about 9% in 2021. Correspondingly, the sharp rise in the application of electric vehicles is stimulating the expansion of the nickel market.
What Are The Main Segments Of The Global Nickel Market?
The nickel market covered in this report is segmented –
1) By Type: Pentlantide (Sulfide Ore), Laterite
2) By Mining Type: Underground Mining, Surface Mining
Subsegments:
1) By Pentlandite (Sulfide Ore): Concentrates, Intermediate Products
2) By Laterite: Ferronickel, Nickel Matte, Nickel Sulfate
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What Emerging Trends Are Influencing The Growth Of The Nickel Market?
Firms in the nickel market are aiming to bolster their market stance by launching innovative nickel products. Such newly developed products find application across multiple industries. For example, in August 2023, TPC Wire & Cable, a company with U.S. roots that provides industrial automation, auto integrator, and original equipment manufacturers (OEM) with wire, cable, and accessories, brought new products into the Thermo-Trex Wire & Cable line. The Thermo-Trex 2000 Shielded Multi-Conductor, a versatile cable designed for power and control in high-temperature environments, can withstand conductor temperatures soaring to 450°C / 850°F. This cable not only possesses flexible characteristics but is also kitted out with finely stranded conductors consisting of nickel-plated copper, a nickel-plated copper braid shield, and a special glass material outer covering treated with abrasion-resistant coatings. Additionally, the Thermo-Trex 2800 RTD Cable, designed for use in high-temperature Resistance Temperature Detector (RTD) control and instrumentation, can endure the highest conductor temperature of 530°C / 1000°F.
Who Are the Key Players in the Nickel Market?
Major companies operating in the nickel market include:
• Glencore
• Vale
• Sumitomo Metal Mining Co. Ltd
• Erame
• Norilsk Nickel Inc.
• BHP
• Anglo American
• Pacific Metal Company
• Sherritt International Corporation
• INDEPENDENCE GROUP NL
• Tsingshan Holdings Group
• Hindustan Copper Limited
• Jinchuan Group International Resources Co. Ltd
• Huayou Cobalt Co. Ltd
• CNGR Advanced Material Co. Ltd
• Rigqueza International Pte Ltd
• Jindal Stainless Limited
• Vedanta Resources Limited
• Alliance Nickel Limited
• Western Areas Limited
• Jervois Mining
• National Aluminum Company Limited
• Nicomet Industries Limited
• Deutsche Nickel GmbH
• Solway Investment Group Limited
• Société Le Nickel (SLN)
• Sumic Nickel Netherlands B.V
• North American Nickel
• Talon Metals
• PolyMet Mining Corp
• First Quantum Minerals Ltd
• Royal Nickel Corporation
• Turnagain Nickel
• Lundin Mining Corporation
• Wallbridge Mining Co. Ltd
• Atlantic Nickel UK
• Brazilian Nickel PLC
• Mirabela Nickel Ltd
• Mubadala Investment Company
• Ma'aden
• Siyanda Resources
• African Rainbow Minerals
• Africo Resources
• Impala Platinum
• Sibanye Stillwater
What Is The Most Dominant Region In The Nickel Market?
Western Europe was the largest region in the nickel market in 2024. The regions covered in the nickel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
