The nickel market size is predicted to reach USD 59.14 billion by 2028 and exhibit a CAGR of 7.3%
during the forecast period. Fortune
Business InsightsTM has presented this information in its report
titled, “India Nickel Market, 2021-2028”. Nickel
(Ni) is a naturally occurring silvery-white, shiny metallic element. Because of
its remarkable physical and chemical qualities, the substance is a required
component in a variety of products. Its principal use is alloying stainless and
heat-resistant steels, particularly with chromium and other metals. Lower-grade
Ni ore can now be processed because of advances in mining, smelting, and
refining technology. Furthermore, rising exploratory operations by mining
corporations, fueled by low commodity prices, are expected to enhance Ni metal
uptake. Furthermore, increasing technological advancements in stainless steel
and rising consumer spending on Ni-based items, such as alloys and batteries,
would boost global market expansion over the anticipated timeline.
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Segments
On the basis of application, the market is fragmented into special
steels, stainless steel, batteries, alloys, electroplating, and others.
Geographically, the market is classified into Asia Pacific, South America,
North America, Europe, Asia Pacific, the Middle East & Africa.
Drivers & Restraints-
Increasing Demand for
Stainless Steel to Augment Market Growth
Product adoption will be aided by rising stainless steel demand in
automotive, consumer goods, and construction industries. Stainless steel
accounts for more than two-thirds of global Ni use, according to the Nickel
Institute Organization. The product enhances the steel's formability,
weldability, and ductility. When utilized as an alloying element, it also
provides corrosion resistance in specific applications. Stainless steel's
strong demand in numerous industries can also be ascribed to its many features,
including its lightweight, high tensile strength, durability, and ease of
manufacture. As a result, increased stainless steel consumption will boost
product demand during the anticipated timeframe. Ni's price has risen, making
it a more expensive raw material for a variety of uses and industries.
Regional Insights-
Technological
Advancements in Asia Pacific to make it a Leading Region
In 2020, the Asia Pacific market was valued at USD 26.92 billion. In
Asia Pacific, the nickel market growth has been supported by increased
technological advancement in stainless steel to make it more sustainable. China
has the largest nickel market share and is the fastest-growing country in the
region. The rise is linked to China's fast-increasing construction and
automotive industries, as well as rising research and development activities
and rapid infrastructure projects, all of which are helping to stimulate
product demand.
Stainless steel is mostly used in electric vehicles in Europe. The
product demand in this region will be fueled by rapid growth of the automobile
sector as well as increased technological advancement. The U.S. is a leading
country in North America. Stainless steel production in this region has been
spurred by rapid expansion of the building industry. The increased demand for
Ni metal can be due to its high flexibility, good energy absorption, and
explosion-resistant qualities.
The product's consumption can be found in special steels across the
Middle East and Africa. Steels' capacity to enhance ductility and toughness at
low temperatures contributes to their hardness and strength. The South America
market will rise due to increasing use of stainless steel and Ni alloys in
implanted medical devices and orthopedic applications such as joint
replacements and stents.
Competitive Landscape-
Companies Expand their
Business as a Strategic Initiative
Vale, BHP, Anglo American plc, and Eramet are among the market's leading
producers. These businesses are involved in product development, capacity
expansion, acquisitions, and market collaborations. Anglo American is a mining
firm that deals in Ni, diamonds, platinum, copper, and iron ore. Codemin mine
produces around 9,000 tonnes of Ni per year for the domestic market.
Industry Development-
December 2021: Nicomet, a leading
nickel and cobalt (Co) company, was acquired by Vedanta. Nicomet has a
production capacity of 7.5 tonnes of Ni and Co per year. This purchase will
assist the company in meeting the growing demand for batteries and stainless
steel.
List of Key Market
Players:
·
Anglo American plc (U.K.)
·
BHP (Australia)
·
Eramet (France)
·
Norilsk Nickel (Russia)
·
Sumitomo Metal Mining Co., Ltd. (Japan)
·
Glencore (Switzerland)
·
Sherritt International Corporation (Canada)
·
Vale (Brazil)
·
Jinchuan Group International Resources Co. Ltd (Hong Kong)
· Terrafame Ltd. (Finland)
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