Over the study period, the global nickel market is projected to grow at breakneck speed owing to surging utilization in diverse industries. Nickel alloy is highly strong, ductile, malleable, and resistant to corrosion. Several end-use industries incorporate nickel for specialized applications. A major section of nickel production is consumed in the manufacturing of steel. Besides, demand for nickel alloy is also attributed to its use in nuclear power plants and the aerospace industry.
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Amidst the past decade, the automotive industry has undergone seismic shifts from fuel-based vehicles to electric vehicles. The idea behind the transition is to adopt cleaner energy with a notable emphasis on minerals. This radical shift towards clean energy has set an incessant momentum for electric mobility. Strong uptake of nickel in battery components, solar panels and wind turbines are widening the horizons of nickel application. The aforementioned facts have boosted the demand for nickel across the world.
Comprehensive Application Across Diverse Industries Augurs Well for Nickel Alloys
On the basis of application, the nickel market breaks down to alloys, stainless steel, plating, batteries, aircraft, automotive, pharmaceuticals, steam turbine, nuclear power, chemical & petrochemical, casting, and others. The nickel market has witnessed positive dynamics on strong grounds of pliability, durability and electro-magnetic properties. Due to high resistance to corrosion, nickel is extensively used in the oil and gas industry. However stainless steel manufactures remain consistent end users of nickel alloys. Besides, it also finds its application across non-ferrous alloys, and other casting iron products.
The nickel market growth is further augmented by the burgeoning consumption of nickel and its derivatives in desalination plants alongside water purification and disposal industries. The acceleration in demand for nickel alloys are also attributed to the rechargeable lithium-ion batteries. As the EV market begins to scale up, the demand for efficient and enhanced batteries with corrosion and heat resistance has surged incessantly. Overall, the application of nickel across the construction, architecture, and marine industries are prophesied to observe sharp inclination by the end of the forecasted period.
Asia Pacific Gains Supremacy in the Regional Dynamics of Global Nickel Market
Projections foresee momentous growth of the nickel market across the regions of Asia Pacific. This growth is attributed to perpetual steel consumption encompassing all the verticals viz food and beverages, aerospace, healthcare, automotive, to name a few. China, being the production hub of stainless steel, consumes approximately half of the world’s primary nickel production. India is following the footsteps of China, while other regions meet the nickel demand via stainless steel scrap. Additionally, the nickel producers in the APAC region are also expected to reap the gains from the presence of the biggest battery manufacturing sector.
Overall, Asia Pacific region is thriving at the behest of increased demand for nickel in steel, battery and automobile batteries manufacturing sectors. The market is anticipated to flourish with growth and development opportunities over the coming years.
Leading players in the global nickel market include Anglo American plc, BHP, Independence Group, Sherritt International, Glencore, Cunico Corporation, Votorantim Group, Jinchuan Group International Resources Co. Ltd., Vale, Sumitomo Corporation, Queensland Nickel, Pacific Metal Company, Nornickel, Eramet, and Terrafame Ltd.
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