The
global Nickel Market size is expected to reach USD 29.15 billion by
2030, according to a new report by Grand View Research, Inc., expanding at a
CAGR of 5.2% over the forecast period. The market is likely to be driven by
investments in the stainless steel
industry, as
nickel is one of the key materials required for the production of stainless
steel (SS). In September 2023, Jindal Stainless announced an investment of USD
1 billion in Rathi Super Steel to focus on the infrastructure sector. Earlier
this year, Jindal acquired Rathi Super Steel for USD 2 billion and plans to
expand the company’s production capacity from 150 kilotons to 200 kilotons. The
company also aims to diversify its product portfolio to produce bars and
rebars. The government policies to reduce the dependence on China for raw
materials are expected to benefit the nickel producers in other countries.
For
instance, in July 2023, the Indian government initiated a new stainless-steel
policy, which aims to increase the current domestic SS production capacity from
6.6 million tons to 30 million tons by 2047. The country expected to diversify
its supply portfolio for nickel, chromium, and silicon from China to other
countries. This is anticipated to boost the nickel demand over the long term.
Construction & infrastructure investments are projected to boost the
stainless-steel demand, thus positively impacting the market growth. For
instance, in August 2023, the Brazilian government announced its plan to spend
USD 200 billion on transportation, energy, and infrastructure over the next
four years. This move aims to boost Brazil’s economic growth and create new
employment in the country.
Investments
in mining companies to secure the nickel supply chain are expected to remain a
major trend in the market. In November 2022, U.S. President Joe Biden revealed
the country’s new investment of USD 30 million in TechMet, a mining company in
Brazil. The company processes nickel and cobalt minerals. This move of the U.S.
government aims to reduce the dependency on materials from China. In August
2023, Wave Nickel announced an investment of USD 440 million for the refinery
to produce nickel sulfate for EV batteries. The company expects to produce 40
kilotons of precipitate to produce, enough to manufacture 20 kilotons of
nickel. The company aims to secure the supply of strategic minerals in the
U.S., as there are limited projects in this space.
List
of Key Players in Nickel Market
- Anglo
American Plc
- BHP
- Eramet
- Glencore
- IGO Limited
- Metallurgical
Corporation of China Ltd
- Norlisk
Nickel
- Rio Tinto
- South32
Limited
- Vale
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summary: Nickel Market Report
Nickel
Market Report Highlights
- The
non-ferrous application segment is expected to grow at a lucrative CAGR
from 2023 to 2030. The demand for nickel-based superalloys in marine,
aerospace & defense, and machinery industries is projected to assist
the market growth
- The SS
segment dominated the market with a revenue share of over 63% in 2022. The
segment growth is attributed to the rising demand from the consumer
durables, automotive, and construction industries
- Asia Pacific
was the largest regional market in 2022 with a revenue share of over 71%.
The product demand in the region is driven by large industry sectors in
countries, such as China, India, Japan, and South Korea
- The global
market is fragmented with medium- and large-scale companies having a
strong presence in Australia, Russia, South Africa, and Canada
Nickel
Market Segmentation
Grand
View Research has segmented the global nickel market on the basis of
application, and region:
Nickel
Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- Stainless-steel
- Non-ferrous
Alloys
- Plating
- Batteries
- Others
Nickel
Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Russia
- Asia Pacific
- China
- Japan
- India
- South Korea
- Central &
South America
- Brazil
- Middle East
& Africa
- South Africa
About Us:
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, the
company offers market intelligence studies ensuring relevant and fact-based
research across a range of industries including technology, chemicals,
materials, healthcare and energy.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415- 349-0058
Toll Free: 1-888- 202-9519
Email: sales@grandviewresearch.com
For More Information: https://www.grandviewresearch.com
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