PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1094358
PUBLISHER: Stratistics Market Research Consulting | PRODUCT CODE: 1094358
Nickel Market Forecasts to 2028 - Global Analysis By Product Type (Class I Products, Class II Products), Application (Alloys, Batteries, Casting, Electroplating, Stainless Steel), End User (Chemical, Construction), and By Geography
According to Stratistics MRC, the Global Nickel Market is accounted for $36.27 billion in 2021 and is expected to reach $59.39 billion by 2028 growing at a CAGR of 7.3% during the forecast period. Nickel is a chemical element and a transition metal, mostly used for high-grade steel manufacturing. It is a durable, lustrous and silvery-white metal extracted from nickel sulfide and garnierite mines. It has high electro-magnetic and malleable properties, which aid in casting iron products and manufacturing stainless steel and non-ferrous alloys. Nickel and its derivatives are commonly used in water purification and disposal applications as they require low maintenance and offer water-resistance to the products.
Market Dynamics:
Driver:
Advancements in technology
The advancement in Nickel-containing battery technology will drive the growth of the market. This, in turn, promotes the adoption of Ni metal as it aids in delivering greater storage capacity and higher energy density to the batteries at a lower cost. Due to the advanced technology, the demand for nickel plating is associated with its corrosion and wears resistance properties. The product also offers adhesion properties for subsequent coating layers, thereby used as an undercoat for different coatings. According to the Nickel Institute Organization, the best soft magnetic qualities are found in alloys with 72-83% of Ni employed in inductors, transformers, magnetic shields, magnetic amplifiers, and memory storage devices. Hence, such factors will drive product adoption during the review period
Restraint:
Price fluctuations
The price of Nickel is higher, making it an expensive raw material for various applications and end-use industries. The high-grade Ni is a necessary component of the electric vehicle battery. The speculation about rising EV demand has pushed its prices higher. In addition, the Ni metal being a commodity, its prices are determined by supply and demand and are constantly fluctuating. Furthermore, the restrictions on the export of Indonesian nickel by the country's government to maintain their resources have also hindered metal adoption in various applications. Hence, such factors are anticipated to restrict growth of the market.
Opportunity:
Rising demand from automobile industry
The factors such as rapid adoption of electric cars and upward demand for lightweight vehicles owing to rising greenhouse emissions, technological advancements, and consumer expenditures over automobiles have boosted the automotive industry worldwide. This has further fuelled the demand for batteries. Nickel is a significant component in lithium-ion batteries used in electric cars. It allows manufacturers to utilize less cobalt, which is more expensive and has a less transparent supply chain while packing more energy into batteries. According to the Nickel Institute Organization, battery technology is progressing in line with the developing automobile industry, increasing the usage of Ni-containing Li-ion batteries. Thus, these factors would create ample opportunities for the market growth.
Threat:
Disruptions in supply chain
The market growth is hampered by the COVID-19 pandemic, as trade sanctions, lockdowns, and social distances have triggered massive disruptions to global supply chain networks. Due to lockdowns in various countries, most of the industries or factories were temporarily shut down and have impacted the demand and price of nickel. Major mining companies like Nickel Asia and Global Ferronickel Holdings suspended some of their operations in response to COVID-19. Brazil's Vale had cut its 2020 guidance by up to 20,000 metric ton, citing limited ability to keep current maintenance shutdown schedules.
The stainless steel segment is expected to be the largest during the forecast period
The stainless steel segment is estimated to have a lucrative growth owing to a Stainless steel which is used in various sectors, including food and beverage, construction, aerospace, transport, medical, chemical, etc., owing to its corrosion resistance, durability, and abundance in availability. Nickel alloying holds almost two-third of the stainless-steel production process across the world. Moreover, one of the key advantages of nickel in stainless steel is in stabilizing the austenitic structure of steel at room temperature.
The construction segment is expected to have the highest CAGR during the forecast period
The construction segment is anticipated to witness the fastest CAGR growth during the forecast period. Nickel-containing stainless steel rapidly became a popular choice in architecture, building and construction. Many structures using nickel-containing stainless steel have since become architectural design icons. A broad range of surface finishes can be applied to nickel-containing stainless steels, ranging from elegant polishes to combinations of colour and texture. They are corrosion resistant and easily formed and fabricated. The nickel-containing 300 series stainless steels are the most widely-used alloys in use for these applications.
Region with highest share:
Asia Pacific is projected to hold the largest market share during the forecast period owing to the growing consumption rate of nickel and the presence of large stainless steel manufacturing companies and battery manufacturers in the region. The major nickel ore concentrations in the Philippines, New Caledonia, Australia, Indonesia, and China are instrumental to making the region the largest producer of nickel.
Region with highest CAGR:
Middle East & Africa is projected to have the highest CAGR over the forecast period. The rising adoption of stainless steel and nickel alloys in implantable medical devices and orthopedic applications, including joint replacements to stents, will propel the market growth. In addition, the ability to improve the steel's ductility and toughness at low temperatures help provide hardness and strength to the steel.
Key players in the market
Some of the key players profiled in the Nickel Market include Anglo American, BHP, Cunico Corp., Eramet, Glencore, INDEPENDENCE GROUP NL, Jinchuan Group International Resources Co. Ltd, Norilsk Nickel, Pacific Metal Company, QUEENSLAND NICKEL SALES, Sherritt International Corporation, Sumitomo Metal Mining Co. Ltd, Terrafame, Vale, and Votorantim.
Key Developments:
In October 2021, Renault Group and Terrafame have signed a Memorandum of Understanding (MoU) for the future supply of nickel sulphate. With this agreement, Renault Group will secure a significant annual supply of nickel sulphate from Terrafame, representing up to 15 GWh of annual capacity. The cooperation will start by paying particular attention to sustainability systems and defining detailed metrics for traceability beyond solutions currently used for EV battery chemicals production.
In July 2021, BHP has announced the signing of a nickel supply agreement with one of the world's leading sustainable energy companies; Tesla Inc. BHP will supply Tesla Inc. with nickel from its Nickel West asset in Western Australia, one of the most sustainable and lowest carbon emission nickel producers in the world.
Product Types Covered:
- Class I Products
- Class II Products
Applications Covered:
- Alloys
- Batteries
- Casting
- Electroplating
- Stainless Steel
End Users Covered:
- Chemical
- Construction
- Consumer Durables
- Electrical & Electronics
- Fabricated Metal Products
- Industrial Machinery
- Petrochemical
- Transportation & Defense
Regions Covered:
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- Italy
- France
- Spain
- Rest of Europe
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Rest of Asia Pacific
- South America
- Argentina
- Brazil
- Chile
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Qatar
- South Africa
- Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
- Company Profiling
- Comprehensive profiling of additional market players (up to 3)
- SWOT Analysis of key players (up to 3)
- Regional Segmentation
- Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
- Competitive Benchmarking
- Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
- 2.1 Abstract
- 2.2 Stake Holders
- 2.3 Research Scope
- 2.4 Research Methodology
- 2.4.1 Data Mining
- 2.4.2 Data Analysis
- 2.4.3 Data Validation
- 2.4.4 Research Approach
- 2.5 Research Sources
- 2.5.1 Primary Research Sources
- 2.5.2 Secondary Research Sources
- 2.5.3 Assumptions
3 Market Trend Analysis
- 3.1 Introduction
- 3.2 Drivers
- 3.3 Restraints
- 3.4 Opportunities
- 3.5 Threats
- 3.6 Product Analysis
- 3.7 Application Analysis
- 3.8 End User Analysis
- 3.9 Emerging Markets
- 3.10 Impact of Covid-19
4 Porters Five Force Analysis
- 4.1 Bargaining power of suppliers
- 4.2 Bargaining power of buyers
- 4.3 Threat of substitutes
- 4.4 Threat of new entrants
- 4.5 Competitive rivalry
5 Global Nickel Market, By Product Type
- 5.1 Introduction
- 5.2 Class I Products
- 5.3 Class II Products
6 Global Nickel Market, By Application
- 6.1 Introduction
- 6.2 Alloys
- 6.2.1 Non-ferrous Alloys
- 6.2.2 Superalloys
- 6.3 Batteries
- 6.4 Casting
- 6.5 Electroplating
- 6.6 Stainless Steel
7 Global Nickel Market, By End User
- 7.1 Introduction
- 7.2 Chemical
- 7.3 Construction
- 7.4 Consumer Durables
- 7.5 Electrical & Electronics
- 7.6 Fabricated Metal Products
- 7.7 Industrial Machinery
- 7.8 Petrochemical
- 7.9 Transportation & Defense
8 Global Nickel Market, By Geography
- 8.1 Introduction
- 8.2 North America
- 8.2.1 US
- 8.2.2 Canada
- 8.2.3 Mexico
- 8.3 Europe
- 8.3.1 Germany
- 8.3.2 UK
- 8.3.3 Italy
- 8.3.4 France
- 8.3.5 Spain
- 8.3.6 Rest of Europe
- 8.4 Asia Pacific
- 8.4.1 Japan
- 8.4.2 China
- 8.4.3 India
- 8.4.4 Australia
- 8.4.5 New Zealand
- 8.4.6 South Korea
- 8.4.7 Rest of Asia Pacific
- 8.5 South America
- 8.5.1 Argentina
- 8.5.2 Brazil
- 8.5.3 Chile
- 8.5.4 Rest of South America
- 8.6 Middle East & Africa
- 8.6.1 Saudi Arabia
- 8.6.2 UAE
- 8.6.3 Qatar
- 8.6.4 South Africa
- 8.6.5 Rest of Middle East & Africa
9 Key Developments
- 9.1 Agreements, Partnerships, Collaborations and Joint Ventures
- 9.2 Acquisitions & Mergers
- 9.3 New Product Launch
- 9.4 Expansions
- 9.5 Other Key Strategies
10 Company Profiling
- 10.1 Anglo American
- 10.2 BHP
- 10.3 Cunico Corp.
- 10.4 Eramet
- 10.5 Glencore
- 10.6 INDEPENDENCE GROUP NL
- 10.7 Jinchuan Group International Resources Co. Ltd
- 10.8 Norilsk Nickel
- 10.9 Pacific Metal Company
- 10.10 QUEENSLAND NICKEL SALES
- 10.11 Sherritt International Corporation
- 10.12 Sumitomo Metal Mining Co. Ltd
- 10.13 Terrafame
- 10.14 Vale
- 10.15 Votorantim
List of Tables
- Table 1 Global Nickel Market Outlook, By Region (2020-2028) ($MN)
- Table 2 Global Nickel Market Outlook, By Product Type (2020-2028) ($MN)
- Table 3 Global Nickel Market Outlook, By Class I Products (2020-2028) ($MN)
- Table 4 Global Nickel Market Outlook, By Class II Products (2020-2028) ($MN)
- Table 5 Global Nickel Market Outlook, By Application (2020-2028) ($MN)
- Table 6 Global Nickel Market Outlook, By Alloys (2020-2028) ($MN)
- Table 7 Global Nickel Market Outlook, By Non-ferrous Alloys (2020-2028) ($MN)
- Table 8 Global Nickel Market Outlook, By Superalloys (2020-2028) ($MN)
- Table 9 Global Nickel Market Outlook, By Batteries (2020-2028) ($MN)
- Table 10 Global Nickel Market Outlook, By Casting (2020-2028) ($MN)
- Table 11 Global Nickel Market Outlook, By Electroplating (2020-2028) ($MN)
- Table 12 Global Nickel Market Outlook, By Stainless Steel (2020-2028) ($MN)
- Table 13 Global Nickel Market Outlook, By End User (2020-2028) ($MN)
- Table 14 Global Nickel Market Outlook, By Chemical (2020-2028) ($MN)
- Table 15 Global Nickel Market Outlook, By Construction (2020-2028) ($MN)
- Table 16 Global Nickel Market Outlook, By Consumer Durables (2020-2028) ($MN)
- Table 17 Global Nickel Market Outlook, By Electrical & Electronics (2020-2028) ($MN)
- Table 18 Global Nickel Market Outlook, By Fabricated Metal Products (2020-2028) ($MN)
- Table 19 Global Nickel Market Outlook, By Industrial Machinery (2020-2028) ($MN)
- Table 20 Global Nickel Market Outlook, By Petrochemical (2020-2028) ($MN)
- Table 21 Global Nickel Market Outlook, By Transportation & Defense (2020-2028) ($MN)
- Table 22 North America Nickel Market Outlook, By Country (2020-2028) ($MN)
- Table 23 North America Nickel Market Outlook, By Product Type (2020-2028) ($MN)
- Table 24 North America Nickel Market Outlook, By Class I Products (2020-2028) ($MN)
- Table 25 North America Nickel Market Outlook, By Class II Products (2020-2028) ($MN)
- Table 26 North America Nickel Market Outlook, By Application (2020-2028) ($MN)
- Table 27 North America Nickel Market Outlook, By Alloys (2020-2028) ($MN)
- Table 28 North America Nickel Market Outlook, By Non-ferrous Alloys (2020-2028) ($MN)
- Table 29 North America Nickel Market Outlook, By Superalloys (2020-2028) ($MN)
- Table 30 North America Nickel Market Outlook, By Batteries (2020-2028) ($MN)
- Table 31 North America Nickel Market Outlook, By Casting (2020-2028) ($MN)
- Table 32 North America Nickel Market Outlook, By Electroplating (2020-2028) ($MN)
- Table 33 North America Nickel Market Outlook, By Stainless Steel (2020-2028) ($MN)
- Table 34 North America Nickel Market Outlook, By End User (2020-2028) ($MN)
- Table 35 North America Nickel Market Outlook, By Chemical (2020-2028) ($MN)
- Table 36 North America Nickel Market Outlook, By Construction (2020-2028) ($MN)
- Table 37 North America Nickel Market Outlook, By Consumer Durables (2020-2028) ($MN)
- Table 38 North America Nickel Market Outlook, By Electrical & Electronics (2020-2028) ($MN)
- Table 39 North America Nickel Market Outlook, By Fabricated Metal Products (2020-2028) ($MN)
- Table 40 North America Nickel Market Outlook, By Industrial Machinery (2020-2028) ($MN)
- Table 41 North America Nickel Market Outlook, By Petrochemical (2020-2028) ($MN)
- Table 42 North America Nickel Market Outlook, By Transportation & Defense (2020-2028) ($MN)
- Table 43 Europe Nickel Market Outlook, By Country (2020-2028) ($MN)
- Table 44 Europe Nickel Market Outlook, By Product Type (2020-2028) ($MN)
- Table 45 Europe Nickel Market Outlook, By Class I Products (2020-2028) ($MN)
- Table 46 Europe Nickel Market Outlook, By Class II Products (2020-2028) ($MN)
- Table 47 Europe Nickel Market Outlook, By Application (2020-2028) ($MN)
- Table 48 Europe Nickel Market Outlook, By Alloys (2020-2028) ($MN)
- Table 49 Europe Nickel Market Outlook, By Non-ferrous Alloys (2020-2028) ($MN)
- Table 50 Europe Nickel Market Outlook, By Superalloys (2020-2028) ($MN)
- Table 51 Europe Nickel Market Outlook, By Batteries (2020-2028) ($MN)
- Table 52 Europe Nickel Market Outlook, By Casting (2020-2028) ($MN)
- Table 53 Europe Nickel Market Outlook, By Electroplating (2020-2028) ($MN)
- Table 54 Europe Nickel Market Outlook, By Stainless Steel (2020-2028) ($MN)
- Table 55 Europe Nickel Market Outlook, By End User (2020-2028) ($MN)
- Table 56 Europe Nickel Market Outlook, By Chemical (2020-2028) ($MN)
- Table 57 Europe Nickel Market Outlook, By Construction (2020-2028) ($MN)
- Table 58 Europe Nickel Market Outlook, By Consumer Durables (2020-2028) ($MN)
- Table 59 Europe Nickel Market Outlook, By Electrical & Electronics (2020-2028) ($MN)
- Table 60 Europe Nickel Market Outlook, By Fabricated Metal Products (2020-2028) ($MN)
- Table 61 Europe Nickel Market Outlook, By Industrial Machinery (2020-2028) ($MN)
- Table 62 Europe Nickel Market Outlook, By Petrochemical (2020-2028) ($MN)
- Table 63 Europe Nickel Market Outlook, By Transportation & Defense (2020-2028) ($MN)
- Table 64 Asia Pacific Nickel Market Outlook, By Country (2020-2028) ($MN)
- Table 65 Asia Pacific Nickel Market Outlook, By Product Type (2020-2028) ($MN)
- Table 66 Asia Pacific Nickel Market Outlook, By Class I Products (2020-2028) ($MN)
- Table 67 Asia Pacific Nickel Market Outlook, By Class II Products (2020-2028) ($MN)
- Table 68 Asia Pacific Nickel Market Outlook, By Application (2020-2028) ($MN)
- Table 69 Asia Pacific Nickel Market Outlook, By Alloys (2020-2028) ($MN)
- Table 70 Asia Pacific Nickel Market Outlook, By Non-ferrous Alloys (2020-2028) ($MN)
- Table 71 Asia Pacific Nickel Market Outlook, By Superalloys (2020-2028) ($MN)
- Table 72 Asia Pacific Nickel Market Outlook, By Batteries (2020-2028) ($MN)
- Table 73 Asia Pacific Nickel Market Outlook, By Casting (2020-2028) ($MN)
- Table 74 Asia Pacific Nickel Market Outlook, By Electroplating (2020-2028) ($MN)
- Table 75 Asia Pacific Nickel Market Outlook, By Stainless Steel (2020-2028) ($MN)
- Table 76 Asia Pacific Nickel Market Outlook, By End User (2020-2028) ($MN)
- Table 77 Asia Pacific Nickel Market Outlook, By Chemical (2020-2028) ($MN)
- Table 78 Asia Pacific Nickel Market Outlook, By Construction (2020-2028) ($MN)
- Table 79 Asia Pacific Nickel Market Outlook, By Consumer Durables (2020-2028) ($MN)
- Table 80 Asia Pacific Nickel Market Outlook, By Electrical & Electronics (2020-2028) ($MN)
- Table 81 Asia Pacific Nickel Market Outlook, By Fabricated Metal Products (2020-2028) ($MN)
- Table 82 Asia Pacific Nickel Market Outlook, By Industrial Machinery (2020-2028) ($MN)
- Table 83 Asia Pacific Nickel Market Outlook, By Petrochemical (2020-2028) ($MN)
- Table 84 Asia Pacific Nickel Market Outlook, By Transportation & Defense (2020-2028) ($MN)
- Table 85 South America Nickel Market Outlook, By Country (2020-2028) ($MN)
- Table 86 South America Nickel Market Outlook, By Product Type (2020-2028) ($MN)
- Table 87 South America Nickel Market Outlook, By Class I Products (2020-2028) ($MN)
- Table 88 South America Nickel Market Outlook, By Class II Products (2020-2028) ($MN)
- Table 89 South America Nickel Market Outlook, By Application (2020-2028) ($MN)
- Table 90 South America Nickel Market Outlook, By Alloys (2020-2028) ($MN)
- Table 91 South America Nickel Market Outlook, By Non-ferrous Alloys (2020-2028) ($MN)
- Table 92 South America Nickel Market Outlook, By Superalloys (2020-2028) ($MN)
- Table 93 South America Nickel Market Outlook, By Batteries (2020-2028) ($MN)
- Table 94 South America Nickel Market Outlook, By Casting (2020-2028) ($MN)
- Table 95 South America Nickel Market Outlook, By Electroplating (2020-2028) ($MN)
- Table 96 South America Nickel Market Outlook, By Stainless Steel (2020-2028) ($MN)
- Table 97 South America Nickel Market Outlook, By End User (2020-2028) ($MN)
- Table 98 South America Nickel Market Outlook, By Chemical (2020-2028) ($MN)
- Table 99 South America Nickel Market Outlook, By Construction (2020-2028) ($MN)
- Table 100 South America Nickel Market Outlook, By Consumer Durables (2020-2028) ($MN)
- Table 101 South America Nickel Market Outlook, By Electrical & Electronics (2020-2028) ($MN)
- Table 102 South America Nickel Market Outlook, By Fabricated Metal Products (2020-2028) ($MN)
- Table 103 South America Nickel Market Outlook, By Industrial Machinery (2020-2028) ($MN)
- Table 104 South America Nickel Market Outlook, By Petrochemical (2020-2028) ($MN)
- Table 105 South America Nickel Market Outlook, By Transportation & Defense (2020-2028) ($MN)
- Table 106 Middle East & Africa Nickel Market Outlook, By Country (2020-2028) ($MN)
- Table 107 Middle East & Africa Nickel Market Outlook, By Product Type (2020-2028) ($MN)
- Table 108 Middle East & Africa Nickel Market Outlook, By Class I Products (2020-2028) ($MN)
- Table 109 Middle East & Africa Nickel Market Outlook, By Class II Products (2020-2028) ($MN)
- Table 110 Middle East & Africa Nickel Market Outlook, By Application (2020-2028) ($MN)
- Table 111 Middle East & Africa Nickel Market Outlook, By Alloys (2020-2028) ($MN)
- Table 112 Middle East & Africa Nickel Market Outlook, By Non-ferrous Alloys (2020-2028) ($MN)
- Table 113 Middle East & Africa Nickel Market Outlook, By Superalloys (2020-2028) ($MN)
- Table 114 Middle East & Africa Nickel Market Outlook, By Batteries (2020-2028) ($MN)
- Table 115 Middle East & Africa Nickel Market Outlook, By Casting (2020-2028) ($MN)
- Table 116 Middle East & Africa Nickel Market Outlook, By Electroplating (2020-2028) ($MN)
- Table 117 Middle East & Africa Nickel Market Outlook, By Stainless Steel (2020-2028) ($MN)
- Table 118 Middle East & Africa Nickel Market Outlook, By End User (2020-2028) ($MN)
- Table 119 Middle East & Africa Nickel Market Outlook, By Chemical (2020-2028) ($MN)
- Table 120 Middle East & Africa Nickel Market Outlook, By Construction (2020-2028) ($MN)
- Table 121 Middle East & Africa Nickel Market Outlook, By Consumer Durables (2020-2028) ($MN)
- Table 122 Middle East & Africa Nickel Market Outlook, By Electrical & Electronics (2020-2028) ($MN)
- Table 123 Middle East & Africa Nickel Market Outlook, By Fabricated Metal Products (2020-2028) ($MN)
- Table 124 Middle East & Africa Nickel Market Outlook, By Industrial Machinery (2020-2028) ($MN)
- Table 125 Middle East & Africa Nickel Market Outlook, By Petrochemical (2020-2028) ($MN)
- Table 126 Middle East & Africa Nickel Market Outlook, By Transportation & Defense (2020-2028) ($MN)
