Global Nickel Market Forecast to Reach USD 3.52 Billion by 2033, Growing at an 8.12% CAGR
Evolve Business Intelligence has published a research report on the Global Nickel Market, 2023–2033. The global Nickel Market is projected to exhibit a CAGR of around 8.12%during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Nickel Market: BHP, Eramet, First Quantum Minerals Ltd., Glencore, Independence Group NL, Jinchuan Group International Resources Co. Ltd., Lundin Mining Corporation, Metallurgical Corporation of China Ltd., MMC Norilsk Nickel and Rio Tinto.
Market Highlights
The Nickel Market is projected to be valued at USD 3.52 Billion by 2033, recording a CAGR of around 8.12% during the forecast period. The Nickel Market is a crucial segment of the global metals industry, primarily driven by its extensive applications in stainless steel production, batteries, and various industrial uses. Nickel is traded on commodity exchanges, most notably the London Metal Exchange (LME).
The nickel market is experiencing steady growth, driven by increasing demand from the stainless steel and electric vehicle (EV) industries. The nickel market is a complex network of producers, consumers, and traders, with its activity heavily influenced by global industrial trends and technological advancements.
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Segmental Analysis
The Nickel Market has been segmented based on Product Type and Application.
Based on Class Type, the Nickel Market is segmented into Class 1 (99.8%), Class 2 (Less than 99.8%), Nickel Alloys. The Class 1 (99.8%) segment is anticipated to dominate the market.
Based on Application, the Nickel Market is segmented into Stainless Steel, Special Steels, Batteries, Electroplating, Alloys, Others. The Stainless-Steel segment is anticipated to dominate the market.
Regional Analysis
The Nickel Market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. In North America region, Canada is a major nickel producer, with high-grade deposits in Ontario and Quebec. U.S. demand is rising due to increased EV production and energy storage applications. Investment in EV battery supply chains, with North American manufacturers seeking local sourcing and Strong demand for nickel-based superalloys in aerospace and defense. In Europe region Russia is a top global producer, with Norilsk Nickel as a major supplier of Class 1 nickel. Germany and Norway are leading nickel consumers due to their strong automotive and battery industries and Finland is a key refining hub, producing battery-grade nickel for European markets. Asia-Pacific region holds the largest share of the global nickel market, driven by substantial demand from stainless steel and battery manufacturing. China is a major consumer and processor of nickel, while Indonesia and the Philippines are key producers. In Latin America region, Brazil is a leading nickel producer, with large reserves and strong mining infrastructure and Nickel is a key export for regional economies, with demand increasing from global battery and stainless steel markets.