Global Clean Ni-Co Alloy Extraction Market - 2023-2030

Market Overview

Global Clean Ni-Co Alloy Extraction Market reached US$ 1.2 billion in 2022 and is expected to reach US$ 1.8 million by 2030, growing with a CAGR of 5.2% during the forecast period 2023-2030.

Rising global electric vehicle (EV) production will be a major factor in driving the growth of the global clean Ni-Co alloy extraction market over the forecast period. Global annual EV production surpassed 10 million units for the first time in 2022. Furthermore, according to data from the International Energy Agency (IEA), EVs accounted for 14% of total cars sold in 2022, up from 9% in 2021.

Scientists are undertaking research to develop new, low-energy Ni-Co alloy extraction methods. For instance, a research paper published in October 2022, by scientists from the Southwest University in Chengdu, China, details the development of a new technique to extract Ni-Co alloys at ultra-low temperatures.

Market Dynamics

Growing Demand for Ni-Co Alloys from Emerging Markets

Emerging countries especially in Asia-Pacific, are undergoing experiencing rapid industrialization and economic growth. Starting from the late 1990s and early 2000s, multinational companies began to outsource manufacturing operations to countries in Asia-Pacific to take advantage of cheaper labor and free trade agreements. Countries such as China and India have gradually moved up the value chain and are now engaged in high-tech manufacturing.

With sustained growth of their manufacturing industry, emerging countries are starting to account for a substantial demand for Ni-Co alloys, particularly from the electronics and automotive industry. As more industries continue to relocate to emerging markets for cost optimizations, it will further increase demand for Ni-Co alloys over the medium and long term.

Advancements in Extraction Technologies

Scientists are expanding discover new methods of improving Ni-Co alloy extraction. Improvements in extraction processes result in potentially increased recovery efficiency thereby leading to reduced losses and maximizing the resource usage. Research and development efforts have mainly focused on optimizing various stages of the extraction process such as leaching techniques, solvent extraction systems and refining methods.

Technological advancements have brought forth novel extraction technologies that offer improved efficiency and selectivity. For instance, a research paper published in March 2023, by scientists from the Central South University in Changsha, China, details the extraction of Ni-Co alloys from reductive roasting of laterite ore. The paper explores this extraction method as an economical alternative to currently adopted methods.

Supply Chain Challenges

The market for clean Ni-Co alloy extraction is highly diversified with processors, suppliers and exporters located in different regions. The globalized nature of the industry makes it highly vulnerable to various supply chain challenges. One of the biggest challenges for the market is bottlenecks in transportation and logistics which leads to increased lead times, higher costs and reduced operational efficiency.

The industry relies on multiple suppliers and subcontractors along each stage of the supply chain. This complexity can introduce risks related to supplier reliability, capacity constraints, or financial stability. Disruptions or issues with suppliers can lead to delays, thus increasing costs for producers. Supply chain challenges will continue to affect the growth of the global market.

COVID-19 Impact Analysis

The COVID-19 pandemic had a major impact on the global market. The automotive sector experienced a drastic decline in sales due to reduced consumer spending and lockdown restrictions. Similarly, the aerospace industry also faced a severe downturn, impacting the demand for Ni-Co alloys in aircraft engines and components.

As the global economy gradually recovered from the pandemic, the global demand for Ni-Co alloys has rebounded. Government have instituted stimulus packages, focusing on key industries such as renewable energy, automotive, electronics and aerospace. It presents new growth opportunities for the global market in the post-pandemic period.

Russia-Ukraine War Impact Analysis

The ongoing war between Russia and Ukraine has had major ramifications for the global clean Ni-Co alloy extraction market. The war has led to significant volatility in global metal markets, given Russia's status as a key exporter of several metals and alloys. It has jeopardized investment in Ni-Co alloy extraction projects in the country, with major western companies pulling out due to economic sanctions.

Western sanctions have also hampered Russia's metals exports, prolonging the volatility in the global markets. Russia is utilizing alternatives routes and the grey markets for exporting metals, thereby leading to increased logistical costs and thus increasing costs for end-users. The war-induced volatility in the global markets is unlikely to improve in the short term.

Segment Analysis

The global clean Ni-Co alloy extraction market is segmented based on extraction process, application, end-user and region.

The Automotive Industry is a Key End-User for Ni-Co Alloys

The automotive industry accounts for nearly half of the global market. The global automotive industry has a significantly larger production volume as compared to the electronics and aerospace and defense industries. The global automotive market, with its vast customer base and mass production capabilities, generates major demand for Ni-Co alloys.

Ni-Co alloys are mainly used in the automotive industry for the production of catalytic converters. However, with the growing production of electric vehicles, (EVs), Ni-Co alloys have gained new importance in the industry due to its role in the production of lithium-ion batteries. The demand for Ni-Co alloys from the automotive industry is only expected to rise over the medium and long term.

Geographical Analysis

Expansion of Space Exploration Projects will Propel Market Growth in Asia-Pacific

Asia-Pacific accounts for more than a third of the global market. The region has experienced rapid industrialization over the past two decades and now generates major demand for Ni-Co alloys. While traditional manufacturing industries such as electronics and automotive have always thrived in the region, the expansion of the space industry will generate new opportunities for market growth. Leading countries such as China, India and Japan have lined up various programs over the coming decade.

In May 2023, China launched three astronauts into space to crew its Tiangong space station. China's space agency has unveiled plans to undertake a manned lunar mission before the end of the decade. In July 2023, India's space agency, ISRO, launched its Chandrayaan-3 unmanned lunar exploration mission. Furthermore, India is expected to launch its first manned mission, Gaganyaan in late 2024.

Japan has also lined up a number of space exploration missions, such as the HTV-X space station supply vehicle along with expeditions to Mars and the moons of Jupiter. Ni-Co alloys are extensively used in heat exchangers, electrical connectors, thrusters and propulsion systems. The expansion of national space programs of leading countries in the region is expected to lead to long term demand for Ni-Co alloys in Asia-Pacific.

Competitive Landscape

The major global players include: Vale, Norilsk Nickel, Sumitomo Metal Mining Co., Ltd., Glencore, GEM Co., Ltd, Eramet, Umicore, Anglo American Plc, Sherritt International Corporation and Jinchuan Group International Resources Co. Ltd.

Why Purchase the Report?

• To visualize the global clean Ni-Co alloy extraction market segmentation based on extraction process, application, end-user and region, as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of clean Ni-Co alloy extraction market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The global clean Ni-Co alloy extraction market report would provide approximately 57 tables, 61 figures and 185 Pages.

Target Audience 2023

• Mining & Recycling Companies
• Commodity Traders
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies