Nickel Market: By Application (Stainless Steel, Alloys, Electroplating, Plating, Casting, Batteries, Other), End-User Industry (Automotive, Fabricated Metal Products, Electrical & Electronics, Chemical, Petrochemical, Construction, Consumer Durables, Industrial Machinery, Others) and Geography

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Nickel Market was valued at USD 34,820.6 Million in 2022 and is poised to grow at a CAGR of 7.1% over 2023-2029. Nickel is a metallic element with a silvery-white, shiny appearance and is the fifth most prevalent element on earth and is widely distributed in the crust and core of the planet and owing to its outstanding physical and chemical properties, is used in many products. According to the International Nickel Study Group, global nickel demand has increased from 1.123 million tonnes (Mt) in 2000 to 1.465 Mt in 2010 and reached 2.385 million tonnes in 2020, with an annual average growth rate of 3.8% since 2000. The increased stainless-steel production drives the nickel market. About two-thirds of global nickel is consumed for making stainless steel which is utilized in a variety of industries including construction, transportation, aerospace, and consumer goods. Furthermore, the increased adoption of nickel-rich lithium-ion batteries in the electric vehicle market presents a significant opportunity for nickel producers and companies involved in the battery supply chain. Additionally, Nickel recycling initiatives help to reduce the reliance on primary nickel production and promote a circular economy and have proven to be a notable trend in the market. But the uneven distribution of nickel reserves, geopolitical events, trade restrictions, natural disasters, and operational issues in mining and refining operations hinder the market growth. However, the rapidly growing construction & and automotive industries, rising consumer expenditure over stainless steel products, and increasing product adoption to manufacture austenitic are anticipated to propel the market growth during forecasted years.

Nickel Market Key Developments:

  • In April 2023, Lifezone Holdings Limited entered into an agreement with GoGreen Investments Corporation, a publicly traded company on the NYSE to off-take the marketing process with respect to the nickel, copper, and cobalt from the Kabanga nickel project.
  • In September 2022, Premium Nickel Resources Ltd. Announced the Formation of Premium Nickel Resources International Metals Group, a new metals division of the Company.
  • In March 2022, PT Merdeka Copper Gold Tbk acquired new shares equating to 55.67% of the total equity interest worth US$374 million in PT Hamparan Logistik Nusantara through fully controlled Merdeka subsidiary PT Batutua Tembaga Abadi.

Nickel Market Summary

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Nickel Market Dynamics

The market is expected to rise as nickel has become a crucial alloying element in the production of stainless steel. The addition of nickel to stainless steel gives it a number of vital qualities like corrosion resistance, strength, durability, and weldability, that make it a flexible and popular material across a variety of sectors. Stainless steel, with its nickel content, is fully recyclable, making it a sustainable material choice and contributing to a circular economy. More than two-thirds of global nickel production is used to produce stainless steel. Additionally, they are not magnetic, in contrast to normal steel and stainless steel without nickel. This implies that they can be transformed into a remarkable variety of goods, with usage in the chemical business, the health industry, and residential uses. In fact, nickel is so crucial that 75% of stainless-steel manufacturing is composed of grades that contain nickel. The two with the most nickel are Type 316, which has 11% nickel, and Type 304, which has 8% nickel.

Key Features of the Reports

  • The nickel market report provides granular level information about the market size, regional market share, historic market (2018-2022) and forecast (2023-2029)
  • The report covers in-detail insights about the competitor’s overview, company share analysis, key market developments, and their key strategies
  • The report outlines drivers, restraints, unmet needs, and trends that are currently affecting the market
  • The report tracks recent innovations, key developments, and start-up details that are actively working in the market
  • The report provides a plethora of information about market entry strategies, regulatory framework, and reimbursement scenario

Nickel Market Segmentation

By Application
  • Stainless Steel
  • Alloys
  • Electroplating
  • Plating
  • Casting
  • Batteries
  • Other
By End User
  • Automotive
  • Fabricated Metal Products
  • Electrical & Electronics
  • Chemical
  • Petrochemical
  • Construction
  • Consumer Durables
  • Industrial Machinery
  • Others
By Geography
  • North America
  • Europe
  • The Asia Pacific
  • Latin America
  • MEA
  • Rest of MEA

Frequently Asked Questions

The nickel market valued at USD 34,820.6 Million in 2022 and is expected to grow at 7.1% CAGR over the forecast period 2023 – 2029.

The increased adoption of nickel-rich lithium-ion batteries in the electric vehicle market presents a significant opportunity for nickel producers and companies in the nickel market.

Nickel recycling initiatives that help to reduce the reliance on primary nickel production is a key trend in the nickel market.

Anglo American plc, BHP, Eramet, INDEPENDENCE GROUP NL, Norilsk Nickel, Sumitomo Metal Mining Co., Ltd., Glencore, Sherritt International Corporation, Vale, Pacific Metal Company, QUEENSLAND NICKEL SALES, Jinchuan Group International Resources Co. Ltd, Terrafame Ltd. and Cunico Corp. are a few companies operating in nickel market.

  • Anglo American plc
  • BHP
  • Eramet
  • Norilsk Nickel
  • Sumitomo Metal Mining Co., Ltd.
  • Glencore
  • Vale
  • Pacific Metal Company
  • Sherritt International Corporation
  • Jinchuan Group International Resources Co. Ltd
  • Terrafame Ltd.
  • Cunico Corp.