Nickel Global Market Report 2024

Nickel extraction, also known as nickel mining, is the process of extracting nickel from mines. This process involves crushing and grinding sulfide ores to release nickel particles, which are then selectively floated from the byproducts. The flotation process includes stirring the ore with specific chemicals and using mechanical and pneumatic equipment to generate air bubbles, facilitating the separation of nickel.

The primary types of nickel ores are pentlandite (a sulfide ore) and laterite. Pentlandite is a mineral, a nickel sulfide occurring in bronze-colored granular aggregates, commonly found alongside pyrrhotite, which is the principal source of nickel. Various end-users benefit from nickel applications, including industries involved in building and construction, iron and steel production, agriculture, and chemicals. The mining methods employed for nickel extraction encompass both underground mining and surface mining.

The nickel market research report is one of a series of new reports from The Business Research Company that provides nickel market statistics, including the nickel industry global market size, regional shares, competitors with a nickel market share, detailed nickel market segments, market trends and opportunities, and any further data you may need to thrive in the nickel industry. This nickel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The nickel market size has grown strongly in recent years. It will grow from $36.7 billion in 2023 to $40.27 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The expansion observed in the historical period can be attributed to strong economic growth in emerging markets, an increase in infrastructure development, a rise in industrialization, and an increase in demand for stainless steel.

The nickel market size is expected to see strong growth in the next few years. It will grow to $57.5 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The anticipated growth in the forecast period can be attributed to rising urbanization, a growing demand for electric vehicles, increased government support, and the rising demand for nickel in automobile batteries. Key trends projected for the forecast period include a focus on increasing investments to establish new plants for nickel processing, efforts to introduce new sustainable procurement frameworks promoting responsible and environmentally friendly practices in nickel mining and processing, a concentration on the development of new nickel products, and a focus on strategic partnerships and mergers and acquisitions to expand product or service portfolios and geographic presence.

The anticipated surge in the adoption of electric vehicles is poised to drive the growth of the nickel market in the coming years. Electric vehicles (EVs), powered by electric motors utilizing energy stored in rechargeable batteries, are a key factor in the increased demand for nickel, particularly in advanced lithium-ion batteries. As of March 2023, the International Energy Agency reported a remarkable expansion in the electric car market, with sales exceeding 10 million in 2022. Electric vehicles constituted 14% of all new car sales in 2022, reflecting a substantial rise from approximately 9% in 2021. Consequently, the growing adoption of electric vehicles stands as a significant driver for the expansion of the nickel market.

The escalating demand for nickel in the manufacturing of automobile batteries is expected to further boost the growth of the nickel market in the forecast period. Modern automotive batteries, especially those utilized in electric vehicles, feature nickel-rich cathodes that significantly contribute to the overall demand for nickel. According to the International Energy Agency, the demand for automotive lithium-ion (Li-ion) batteries witnessed a substantial surge in 2022, experiencing a growth of around 65% to reach 550 GWh (Gigawatt hour). This surge was primarily attributed to the increased sales of electric passenger cars, marking a 55% growth in new registrations in 2022 compared to the preceding year, 2021. Thus, the escalating demand for nickel in automotive batteries continues to drive the market's growth in the forecast period.

Companies operating in the nickel market are strategically introducing new nickel-based products to enhance their market positions. Innovations in nickel applications across various industries are a focal point for these companies. For instance, TPC Wire & Cable, a US-based company specializing in wire, cable, and accessories, introduced new additions to the Thermo-Trex Line of Wire & Cable in August 2023. Notable among them is the Thermo-Trex 2000 Shielded Multi-Conductor, designed for power and control in high-temperature environments, featuring flexible properties, finely stranded nickel-plated copper conductors, a nickel-plated copper braid shielding layer, and an outer jacket woven from special glass materials with abrasion-resistant coatings. Another introduction is the Thermo-Trex 2800 RTD Cable, tailored for high-temperature Resistance Temperature Detector (RTD) control and instrumentation applications, capable of withstanding a maximum conductor temperature of 530°C / 1000°F.

Companies in the nickel market are actively increasing their investments with a focus on establishing new nickel processing plants. As an illustration, in September 2023, Atlas Materials, a US-based startup, secured $27 million in funding to construct a plant in North America. The plant will utilize the company's innovative waste-free technology designed to process low-grade nickel specifically for use in electric vehicle batteries. This groundbreaking technology developed by Atlas Materials processes saprolite nickel ores, constituting approximately one-third of global nickel resources, transforming them into mixed hydroxide precipitate (MHP) for batteries, all without generating any waste products.

In May 2023, PT Merdeka Battery Materials, based in Indonesia and a provider of nickel units for miner Merdeka Copper Gold, completed the acquisition of PT Huaneng Metal Industry for an undisclosed amount. This acquisition is anticipated to enable PT Merdeka Battery Materials to capture additional profit margins through the production and sale of high-grade nickel matte. Furthermore, it facilitates the transition of its extensive Rotary Kiln Electric Furnace (RKEF) asset base to class 1 nickel production. PT Huaneng Metal Industry, the acquired entity, is a facility specializing in nickel processing.

Major companies operating in the nickel market report are Glencore, Vale, Sumitomo Metal Mining Co. Ltd., Eramet, Norilsk Nickel Inc., BHP, Anglo American, Pacific Metal Company, Sherritt International Corporation, INDEPENDENCE GROUP NL, Tsingshan Holdings Group, Hindustan Copper Limited, Jinchuan Group International Resources Co. Ltd., Huayou Cobalt Co. Ltd., CNGR Advanced Material Co., Ltd., Rigqueza International Pte Ltd., Jindal Stainless Limited, Vedanta Resources Limited, Alliance Nickel Limited, Western Areas Limited, Jervois Mining, National Aluminum Company Limited, Nicomet Industries Limited, Deutsche Nickel GmbH, Solway Investment Group Limited, Societe Le Nickel (SLN), Sumic Nickel Netherlands B.V, North American Nickel, Talon Metals, PolyMet Mining Corp, First Quantum Minerals Ltd., Royal Nickel Corporation, Turnagain Nickel, Lundin Mining Corporation, Wallbridge Mining Co. Ltd., Atlantic Nickel UK, Brazilian Nickel PLC, Mirabela Nickel Ltd., Mubadala Investment Company, Ma'aden, Siyanda Resources, African Rainbow Minerals, Africo Resources, Impala Platinum, Sibanye Stillwater.

Western Europe was the largest region in the nickel market in 2023. The regions covered in the nickel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the nickel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

The nickel market includes revenues earned by entities by giving other metals the hardness, strength, and corrosion resistance they require. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Nickel Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on nickel market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for nickel? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The nickel market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of covid 19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Pentlandite (Sulfide Ore); Laterite
• 2) By Mining Type: Underground Mining; Surface Mining
• Companies Mentioned: Glencore; Vale; Sumitomo Metal Mining Co. Ltd; Eramet; Norilsk Nickel Inc.
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
• Delivery Format: PDF, Word and Excel Data Dashboard.