Nickel Procurement Market Set for Strong Growth, Exceeding 3.25M MT by 2023, Reveals ELINT Market Research Analysis
According to ELINT Market Research, the global nickel procurement market is set for robust growth, with refined nickel production expected to reach 3.253 million metric tons by 2023, driven by increased mining activities. Indonesia leads global production with 51%, followed by Russia, New Caledonia, and the Philippines. The report highlights these trends and offers insights for stakeholders.
Albuquerque, May 20, 2024 (GLOBE NEWSWIRE) -- According to an analysis of the global marketplace, the nickel market's growth trajectory is determined by several factors. The Nickel Procurement Market research report by ELINT Market Research has revealed encouraging trends and a positive picture of the industry. By 2023, 3.253 million metric tons of refined nickel products are expected to be produced worldwide, a sharp increase from current estimates. Additionally, it's projected that mining activities would produce 3.389 million metric tons of nickel products during that same time frame. Global demand is predicted to reach up to 3.183 million metric tons by 2023, primarily due to this manufacturing boom.
The composition of the top nickel producers shows how diverse and international the industry is. With 51% of global nickel production, Indonesia leads the world. Russia (7%) is next, followed by New Caledonia (6%) and the Philippines (10%). How manufacturing sources are distributed emphasizes the region's diversity and Indonesia's critical role in determining nickel market dynamics. These crucial players have demonstrated a shared willingness to manage any disruptions and maintain market stability through their coordinated actions. The extensive nickel procurement report from ELINT Market Research explores these market trends in great detail and offers crucial perspectives to stakeholders navigating the changing environment.
*Request a FREE Sample Copy of Nickel Procurement Market here: *https://elintmarketresearch.com/procurement-intelligence/nickel/?utm_source=gnw&utm_medium=raj#request-free-sample
*Dynamic Forces Drive Growth Trajectory of Nickel Market: Economic, Geopolitical, Technological, and Environmental Factors at Play*
Various dynamic factors impact the growth trajectory of the nickel market. Geopolitical, technological, environmental, and economic factors are all included in this list. Economics places great importance on variations in the world's supply and demand, which are frequently the result of industrial processes like the manufacturing of stainless steel and electric cars. Trade policies and geopolitical disputes between primary nickel-producing and consuming governments impact market prices and trading patterns. Technology constantly modifies production capacity and cost structures, affecting market competitiveness. Additionally, the importance of environmental concerns is growing, affecting production methods and contributing to the growth of nickel recycling as a profitable market niche. Sustainable initiatives and legislative frameworks are a couple of examples of these variables.
Numerous dynamic and ever-changing factors influence the growth of the nickel market. Economic factors play a significant role, including shifts in industry supply and demand from industries like producing electric cars and stainless steel. Regional geopolitical conflicts and trade policies between major producing and consuming nations make market pricing and trade dynamics more complex. Technological developments in extraction and processing methods constantly change cost structures and production capacities, which impacts a product's ability to compete in the nickel procurement market. Moreover, evolving regulatory mandates and ecological apprehensions propel transitions towards eco-friendly activities, motivating the creation of nickel reprocessing infrastructure and stimulating advancements in more environmentally friendly manufacturing techniques.
*Key Highlights for the Nickel Procurement Market *
· Stainless steel manufacturing was the leading category with the most significant share, per the nickel market overview for 2022–2023. The stainless steel segment has grown significantly because of its strength, resistance to corrosion, and attractive appearance. Following 2023, more expansion and dominance are predicted for the segment.
· In 2022–2023, the automotive industry remained the leading segment of the nickel market. The automotive industry has always been innovative, and nickel's critical role in developing alloys for parts like batteries and electric car bodies has helped sustain this dominance. Forecasts suggest that the share of this segment will rise after 2023, highlighting its continued importance.
· The demand for electric cars is expected to soar as awareness of cutting carbon emissions and switching to more environmentally friendly energy sources increases. It would substantially transform the nickel market dynamics and raise the demand for nickel, especially for the manufacture of lithium-ion batteries.
*Browse the summary of the report and complete Table of Contents (TOC) here: *https://elintmarketresearch.com/procurement-intelligence/nickel/?utm_source=gnw&utm_medium=raj
*Nickel Procurement Market Regional Scope*
Various regional factors significantly influence the growth trajectory of the nickel market. North America still has a vulnerable supply chain because of its low production capacity and limited nickel reserves. In this case, suppliers would have less influence because meeting demand would require high reliance on imports. Nonetheless, supplier power takes a more moderate position in the European Union (EU), which reflects a more balanced market environment. As a result, providers have less influence over supply and demand dynamics. But it's evident that suppliers, especially in countries like Indonesia and the Philippines, have much power in the Asian market. The higher traction is mainly because these areas have abundant nickel reserves and a high production capability.
However, consumer power takes on diverse forms across the world. For instance, buyer power is meager in North America because of a need for more local output. In contrast, buyer power is significantly more significant within the EU. A crowded consumer market causes this with many options and strong industrial demand. Consequently, consumers in the European Union possess substantial power and can significantly impact market dynamics. Globally, regional differences in the balance between supplier and buyer power ultimately affect the nickel market's expansion.
*Major Developments in the Nickel Procurement Market*
· With the approval of its nickel project in Tanzania, Lifezone Metals, the industry leader in mining, recently achieved a major developmental milestone. Lifezone Metals can now explore Tanzanian nickel deposits thanks to this license. Lifezone Metals can fully utilize the potential of this priceless natural resource thanks to its resources and expertise.
· Reputable multinational electronics giant Samsung SDI revealed that it has invested in a foreign mining company to strengthen its position in high-nickel batteries. To guarantee a steady and adequate nickel supply, Samsung SDI plans to acquire a stake in the mining company. Nickel is a critical component of modern battery technologies that power portable electronics, electric cars, and renewable energy storage solutions.
*Key Players in the Nickel Procurement Market *
Prominent companies in the nickel market include PT Vale Indonesia Tbk., Xinjiang Xinxin Mining Industry Co Ltd., Nickel Asia Corp., BHP Billiton Nickel West Pty Ltd., South32 Ltd., Minara Resources Pty Ltd., Panoramic Resources Ltd., Jinchuan Nickel, Tsingshan Holding Group, Sumitomo Metal Mining Co Ltd., Eramet, Glencore plc, Boliden AB, KGHM International Ldi, Northern Sun Mining Corp., China Minmetals Corp., Jinchuan Nickel, Tsingshan Holding Group, Sumitomo Metal Mining Co Ltd., Global Ferronickel Holdings Inc., Boliden AB, KGHM International Ldi, Boliden AB, KGHM International Ldi, Eramet, Glencore plc, Anglo American plc, Glencore plc, and Anglo American plc.
*For more information, custom requirements, and discounts contact us @* https://elintmarketresearch.com/contact-us/?utm_source=gnw&utm_medium=raj
*Pivotal Aspects Addressed in the Nickel Procurement Market Research Report *
*What are the main factors propelling the nickel market's growth trajectory?*
Key factors include changes in geopolitical situations, technological breakthroughs, global supply and demand variations, and environmental concerns. Political and economic factors also have an impact on the nickel market.
*Which segments dominated the nickel market, and what circumstances led to those segments' dominance?*
In the industry, stainless steel was the most popular material to manufacture due to its strength, resistance to corrosion, and sleek appearance. Because nickel is used to make alloys used to make batteries and the exterior of electric cars, the auto industry has continued to dominate.
*Which nations produce the most nickel, and what proportion of the world's total does each nation contribute?*
The Philippines (10%), New Caledonia (6%), and Russia (7%) are the countries that produce the most nickel globally, with Indonesia leading the pack at 51%.
*More Related Reports:*
Copper and Copper Semis Market
Bentonite Market
Drilling Equipment and Consumables Market
Electrical Steel Market
Excavators Market
*About Us:*
ELINT Market Research is the Procurement Market Intelligence and advisory unit of BE Compliant LLC. Providing accurate and easy-to-consume procurement market intelligence. Accurate category insights and data can be hard to find however with ELINT, pricing data, supplier intelligence and contract strategies are available at a click.
*Address:*
ELINT Market Research, a Unit of Be Compliant LLC, 317 Commercial St. NE, Ste. A, PMB 379, Albuquerque, NM 87102
*Phone:*
USA +1 505-908-9208
Asia +91 893-9803-656
*Email:*
info@elintmarketresearch.com