Nickel Market Expected to Exceed USD 59.14 Billion by 2028, Showing a 7.3% CAGR | Report by Fortune Business Insights™
Companies leading the nickel market are Vale (Brazil), Jinchuan Group International Resources Co. Ltd (Hong Kong), BHP (Australia), Eramet (France), Norilsk Nickel (Russia), Sumitomo Metal Mining Co., Ltd. (Japan), Glencore (Switzerland) and more players profiled
Pune, India, Sept. 20, 2023 (GLOBE NEWSWIRE) -- The global nickel market overview was USD 33.31 billion in 2020 and is projected to grow from USD 36.27 billion in 2021 to USD 59.14 billion in 2028 at a CAGR of 7.3% during the 2021-2028 period.
The nickel market, a crucial segment within the broader base metals industry, is witnessing a dynamic and evolving landscape. Nickel, a versatile metal, finds extensive application in various industries due to its exceptional properties such as corrosion resistance, high melting point, and conductivity. Here's an insightful overview of the nickel market, encompassing key drivers, trends, challenges, and future prospects
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*Key Players Profiled in the **Nickel Market** Report:*
· Sherritt International Corporation (Canada)
· Vale (Brazil)
· Jinchuan Group International Resources Co. Ltd (Hong Kong)
· BHP (Australia)
· Eramet (France)
· Norilsk Nickel (Russia)
· Sumitomo Metal Mining Co., Ltd. (Japan)
· Glencore (Switzerland)
**Report Scope & Segmentation: **
*Report Attributes * *Details*
Forecast Period 2021-2028
Forecast CAGR 7.3%
2028 Value Projection 59.14 Billion
Market Size in 2021 USD 36.27 Billion
Historical Data 2017-2019
No. of Pages 250
Report Coverage Revenue Forecast, Company Profiles, Competitive Landscape, Growth Factors and Latest Trends
Segments Covered · By Application
· By Regional
Regions Covered · North America
· Europe
· Asia Pacific
· Latin America
· Middle East and Africa
Nickel Market Growth Drivers Nickel is an indispensable component in stainless steel production
The growing shift towards electric vehicles amplifies the need for nickel
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*Segments-*
Growing Trend for Digitalization will Favor the Electronics Segment
Nickel is used in various electronic components, such as connectors, batteries, and sensors, owing to its conductivity and corrosion resistance.
Based on application, the market is categorized into research & laboratory, nuclear energy, nanomaterials, chemical manufacturing, electronics, and others. The electronics segment will gain traction due to the inclination toward digitalization.
*Report Coverage::*
A comprehensive nickel market report typically covers a range of essential aspects to provide a detailed analysis and insights into the nickel market. Here's a breakdown of what a comprehensive nickel market report might cover:
*Segmentation:*
· Segmentation based on applications (stainless steel, alloys, electroplating, battery manufacturing, chemical industry, etc.).
· Segmentation based on end-user industries (automotive, aerospace and defense, electronics, construction, energy, etc.).
· Geographic segmentation (Asia-Pacific, North America, Europe, Latin America, Middle East & Africa).
*Drivers, Restraints, and Opportunities:*
· Key factors driving the growth of the nickel market.
· Challenges and restraints affecting market growth.
· Opportunities and emerging trends in the nickel industry.
*Supply-Demand Analysis:*
· Analysis of global nickel production and consumption trends.
· Factors affecting supply and demand dynamics.
· Import and export analysis, including major exporting and importing countries.
*Price Trends and Forecast:*
· Historical and current nickel price trends.
· Factors influencing nickel prices.
· Price forecast and predictions for the near and long term.
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*Drivers & Restraints-*
The surge in demand for stainless steel across automotive, consumer goods, and construction sectors will significantly bolster the adoption of the product. According to the esteemed Nickel Institute Organization, stainless steel commands an impressive share, exceeding two-thirds of global nickel utilization. This is attributable to its capability in augmenting the formability, weldability, and ductility of steel. Moreover, when integrated as an alloying constituent, stainless steel imparts heightened corrosion resistance in specialized applications.
The pervasive allure of stainless steel within diverse industries can be attributed to its multifaceted attributes, encompassing its lightweight nature, exceptional tensile strength, enduring durability, and streamlined manufacturability. Consequently, the escalating consumption of stainless steel is poised to invigorate the demand for the product within the projected timeframe.
*Regional Insights-*
During the year 2020, the valuation of the Asia Pacific market stood impressively at USD 26.92 billion. Within the expansive domain of Asia Pacific, the trajectory of the nickel market manifests a burgeoning trend, propelled notably by the heightened strides in technological innovation bolstering the sustainability of stainless steel. Notably, the vanguard in this market terrain is China, commanding the pinnacle of nickel market share and unrivaled pace of growth in the region. This ascendancy is intrinsically tethered to the burgeoning spheres of China's construction and automotive industries, exhibiting an exponential upswing.
*Competitive Landscape-*
Vale, BHP, Anglo American plc, and Eramet are among the market's leading producers. These businesses are involved in product development, capacity expansion, acquisitions, and market collaborations. Anglo American is a mining firm that deals in Ni, diamonds, platinum, copper, and iron ore. Codemin mine produces around 9,000 tonnes of Ni per year for the domestic market.
Overall, the competitive landscape of the nickel market is shaped by the producers' ability to expand their production capacity, reduce costs, and invest in sustainable mining practices to meet the growing demand for nickel from various industries.
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*Detailed Table of Contents:*
· *Introduction*
· Research Scope
· Market Segmentation
· Research Methodology
· Definitions and Assumptions
· *Executive Summary*
· *Market Dynamics*
· Market Drivers
· Market Restraints
· Market Opportunities
· *Key Insights*
· Key Market Trends in the Global Market
· Key Developments: Mergers, Acquisition, Partnership, etc.
· Latest Technological Advancement
· Insights on Regulatory Scenario
· Porters Five Forces Analysis
· *Qualitative Insights Impact of COVID-19 on Global Nickel Market*
· Supply Chain Challenges
· Steps taken by Government/Companies to overcome this impact
· Potential opportunities due to COVID-19 outbreak
· *Global Nickel Market Analysis, Insights and Forecast, 2017-2028*
· Key Findings / Summary
· By Application
· Stainless Steel
· Special Steels
· Batteries
· Electroplating
· Alloys
· Others
· By Region
· North America
· Europe
· Asia Pacific
· South America
· Middle East & Africa
· *North America Nickel Market Analysis, Insights and Forecast, 2017-2028*
· Key Findings / Summary
· By Application
· Stainless Steel
· Special Steels
· Batteries
· Electroplating
· Alloys
· Others
· By Country
· U.S.
· By Application
· Stainless Steel
· Special Steels
· Batteries
· Electroplating
· Alloys
· Others
· Canada
· By Application
· Stainless Steel
· Special Steels
· Batteries
· Electroplating
· Alloys
· Others
· Mexico
· By Application
· Stainless Steel
· Special Steels
· Batteries
· Electroplating
· Alloys
· Others
· *Europe Nickel Market Analysis, Insights and Forecast, 2017-2028*
· Key Findings / Summary
· By Application
· Stainless Steel
· Special Steels
· Batteries
· Electroplating
· Alloys
· Others
· By Country
· Germany
· By Application
· Stainless Steel
· Special Steels
· Batteries
· Electroplating
· Alloys
· Others
*TOC Continued…!*
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