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Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand f.....
Nickel Market was valued at US$ 38,730.7 Million in 2023 and is poised to grow at a CAGR of 7.1% over 2023-2030. Nickel is a metallic element with a silvery-white, shiny appearance and is the fifth most prevalent element on earth and is widely distributed in the crust and core of the planet and owing to its outstanding physical and chemical properties, is used in many products. According to the International Nickel Study Group, global nickel demand has increased from 1.123 million tonnes (Mt) in 2000 to 1.465 Mt in 2010 and reached 2.385 million tonnes in 2020, with an annual average growth rate of 3.8% since 2000.
The increased stainless-steel production drives the nickel market. About two-thirds of global nickel is consumed for making stainless steel which is utilized in a variety of industries including construction, transportation, aerospace, and consumer goods. Furthermore, the increased adoption of nickel-rich lithium-ion batteries in the electric vehicle market presents a significant opportunity for nickel producers and companies involved in the battery supply chain. Additionally, Nickel recycling initiatives help to reduce the reliance on primary nickel production and promote a circular economy and have proven to be a notable trend in the market. But the uneven distribution of nickel reserves, geopolitical events, trade restrictions, natural disasters, and operational issues in mining and refining operations hinder the market growth. However, the rapidly growing construction & and automotive industries, rising consumer expenditure over stainless steel products, and increasing product adoption to manufacture austenitic are anticipated to propel the market growth during forecasted years.
Study Period
2024-2030Base Year
2023CAGR
7.10%Largest Market
Asia-PacificFastest Growing Market
Asia-Pacific
The market is expected to rise as nickel has become a crucial alloying element in the production of stainless steel. The addition of nickel to stainless steel gives it a number of vital qualities like corrosion resistance, strength, durability, and weldability, that make it a flexible and popular material across a variety of sectors. Stainless steel, with its nickel content, is fully recyclable, making it a sustainable material choice and contributing to a circular economy. More than two-thirds of global nickel production is used to produce stainless steel. Additionally, they are not magnetic, in contrast to normal steel and stainless steel without nickel. This implies that they can be transformed into a remarkable variety of goods, with usage in the chemical business, the health industry, and residential uses. In fact, nickel is so crucial that 75% of stainless-steel manufacturing is composed of grades that contain nickel. The two with the most nickel are Type 316, which has 11% nickel, and Type 304, which has 8% nickel.
Asia Pacific dominates the nickel market and the market expansion has been driven by the rising technical advancement in stainless steel to make it more environmentally friendly. China and Australia are countries with the biggest market share and the quickest economic growth in this area. According to Nickel Institute, Australia has about 19.6% of total world nickel reserves i.e., about 21,000,000 tonnes and China has about 2.6% of total world nickel reserves i.e., about 2,800,000 tonnes. The rise is also attributed to the expanding R&D and infrastructure sectors, as well as to the expanding construction and automotive industries, all of which are driving up product demand in China.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2024-2030 |
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Market CAGR |
7.10% |
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By Application |
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By End User |
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By Region |
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Download Free Sample Report
The nickel market valued at US$ 38,730.7 Million in 2023 and is expected to grow at 7.1% CAGR over the forecast period 2024 – 2030.
The increased adoption of nickel-rich lithium-ion batteries in the electric vehicle market presents a significant opportunity for nickel producers and companies in the nickel market.
Nickel recycling initiatives that help to reduce the reliance on primary nickel production is a key trend in the nickel market.
Anglo American plc, BHP, Eramet, INDEPENDENCE GROUP NL, Norilsk Nickel, Sumitomo Metal Mining Co., Ltd., Glencore, Sherritt International Corporation, Vale, Pacific Metal Company, QUEENSLAND NICKEL SALES, Jinchuan Group International Resources Co. Ltd, Terrafame Ltd. and Cunico Corp. are a few companies operating in nickel market.
| 1.Executive Summary |
| 2.Global Nickel Market Introduction |
| 2.1.Global Nickel Market - Taxonomy |
| 2.2.Global Nickel Market - Definitions |
| 2.2.1.Application |
| 2.2.2.End User |
| 2.2.3.Geography |
| 2.2.4.Region |
| 3.Global Nickel Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Nickel Market Analysis, 2019 - 2023 and Forecast 2024 - 2030 |
| 4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Nickel Market By Application, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 5.1. Stainless Steel |
| 5.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Alloys |
| 5.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. Electroplating |
| 5.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 5.4. Plating |
| 5.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.4.3. Market Opportunity Analysis |
| 5.5. Casting |
| 5.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.5.3. Market Opportunity Analysis |
| 5.6. Batteries |
| 5.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.6.3. Market Opportunity Analysis |
| 5.7. Other |
| 5.7.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 5.7.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.7.3. Market Opportunity Analysis |
| 6.Global Nickel Market By End User, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 6.1. Automotive |
| 6.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Fabricated Metal Products |
| 6.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. Electrical & Electronics |
| 6.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 6.4. Chemical |
| 6.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.4.3. Market Opportunity Analysis |
| 6.5. Petrochemical |
| 6.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.5.3. Market Opportunity Analysis |
| 6.6. Construction |
| 6.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.6.3. Market Opportunity Analysis |
| 6.7. Consumer Durables |
| 6.7.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.7.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.7.3. Market Opportunity Analysis |
| 6.8. Industrial Machinery |
| 6.8.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.8.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.8.3. Market Opportunity Analysis |
| 6.9. Others |
| 6.9.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 6.9.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.9.3. Market Opportunity Analysis |
| 7.Global Nickel Market By Geography, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 7.1. North America |
| 7.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Europe |
| 7.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 7.3. The Asia Pacific |
| 7.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.3.3. Market Opportunity Analysis |
| 7.4. Latin America |
| 7.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.4.3. Market Opportunity Analysis |
| 7.5. MEA |
| 7.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.5.3. Market Opportunity Analysis |
| 7.6. Rest of MEA |
| 7.6.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 7.6.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.6.3. Market Opportunity Analysis |
| 8.Global Nickel Market By Region, 2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 8.1. North America |
| 8.1.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Europe |
| 8.2.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 8.3. Asia Pacific (APAC) |
| 8.3.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.3.3. Market Opportunity Analysis |
| 8.4. Middle East and Africa (MEA) |
| 8.4.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.4.3. Market Opportunity Analysis |
| 8.5. Latin America |
| 8.5.1. Market Analysis, 2019 - 2023 and Forecast, 2024 - 2030, (Sales Value USD Million) |
| 8.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.5.3. Market Opportunity Analysis |
| 9.North America Nickel Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 9.1. Application Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.1.1.Stainless Steel |
| 9.1.2.Alloys |
| 9.1.3.Electroplating |
| 9.1.4.Plating |
| 9.1.5.Casting |
| 9.1.6.Batteries |
| 9.1.7.Other |
| 9.2. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.2.1.Automotive |
| 9.2.2.Fabricated Metal Products |
| 9.2.3.Electrical & Electronics |
| 9.2.4.Chemical |
| 9.2.5.Petrochemical |
| 9.2.6.Construction |
| 9.2.7.Consumer Durables |
| 9.2.8.Industrial Machinery |
| 9.2.9.Others |
| 9.3. Geography Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.3.1.North America |
| 9.3.2.Europe |
| 9.3.3.The Asia Pacific |
| 9.3.4.Latin America |
| 9.3.5.MEA |
| 9.3.6.Rest of MEA |
| 9.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 9.4.1.United States of America (USA) |
| 9.4.2.Canada |
| 10.Europe Nickel Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 10.1. Application Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Stainless Steel |
| 10.1.2.Alloys |
| 10.1.3.Electroplating |
| 10.1.4.Plating |
| 10.1.5.Casting |
| 10.1.6.Batteries |
| 10.1.7.Other |
| 10.2. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.Automotive |
| 10.2.2.Fabricated Metal Products |
| 10.2.3.Electrical & Electronics |
| 10.2.4.Chemical |
| 10.2.5.Petrochemical |
| 10.2.6.Construction |
| 10.2.7.Consumer Durables |
| 10.2.8.Industrial Machinery |
| 10.2.9.Others |
| 10.3. Geography Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.North America |
| 10.3.2.Europe |
| 10.3.3.The Asia Pacific |
| 10.3.4.Latin America |
| 10.3.5.MEA |
| 10.3.6.Rest of MEA |
| 10.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.4.1.Germany |
| 10.4.2.France |
| 10.4.3.Italy |
| 10.4.4.United Kingdom (UK) |
| 10.4.5.Spain |
| 11.Asia Pacific (APAC) Nickel Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 11.1. Application Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Stainless Steel |
| 11.1.2.Alloys |
| 11.1.3.Electroplating |
| 11.1.4.Plating |
| 11.1.5.Casting |
| 11.1.6.Batteries |
| 11.1.7.Other |
| 11.2. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Automotive |
| 11.2.2.Fabricated Metal Products |
| 11.2.3.Electrical & Electronics |
| 11.2.4.Chemical |
| 11.2.5.Petrochemical |
| 11.2.6.Construction |
| 11.2.7.Consumer Durables |
| 11.2.8.Industrial Machinery |
| 11.2.9.Others |
| 11.3. Geography Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.North America |
| 11.3.2.Europe |
| 11.3.3.The Asia Pacific |
| 11.3.4.Latin America |
| 11.3.5.MEA |
| 11.3.6.Rest of MEA |
| 11.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.4.1.China |
| 11.4.2.India |
| 11.4.3.Australia and New Zealand (ANZ) |
| 11.4.4.Japan |
| 11.4.5.Rest of APAC |
| 12.Middle East and Africa (MEA) Nickel Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 12.1. Application Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.Stainless Steel |
| 12.1.2.Alloys |
| 12.1.3.Electroplating |
| 12.1.4.Plating |
| 12.1.5.Casting |
| 12.1.6.Batteries |
| 12.1.7.Other |
| 12.2. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.Automotive |
| 12.2.2.Fabricated Metal Products |
| 12.2.3.Electrical & Electronics |
| 12.2.4.Chemical |
| 12.2.5.Petrochemical |
| 12.2.6.Construction |
| 12.2.7.Consumer Durables |
| 12.2.8.Industrial Machinery |
| 12.2.9.Others |
| 12.3. Geography Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.North America |
| 12.3.2.Europe |
| 12.3.3.The Asia Pacific |
| 12.3.4.Latin America |
| 12.3.5.MEA |
| 12.3.6.Rest of MEA |
| 12.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.4.1.GCC Countries |
| 12.4.2.South Africa |
| 12.4.3.Rest of MEA |
| 13.Latin America Nickel Market ,2019 - 2023 and Forecast 2024 - 2030 (Sales Value USD Million) |
| 13.1. Application Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1.Stainless Steel |
| 13.1.2.Alloys |
| 13.1.3.Electroplating |
| 13.1.4.Plating |
| 13.1.5.Casting |
| 13.1.6.Batteries |
| 13.1.7.Other |
| 13.2. End User Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.2.1.Automotive |
| 13.2.2.Fabricated Metal Products |
| 13.2.3.Electrical & Electronics |
| 13.2.4.Chemical |
| 13.2.5.Petrochemical |
| 13.2.6.Construction |
| 13.2.7.Consumer Durables |
| 13.2.8.Industrial Machinery |
| 13.2.9.Others |
| 13.3. Geography Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.3.1.North America |
| 13.3.2.Europe |
| 13.3.3.The Asia Pacific |
| 13.3.4.Latin America |
| 13.3.5.MEA |
| 13.3.6.Rest of MEA |
| 13.4. Country Analysis 2019 - 2023 and Forecast 2024 - 2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.4.1.Brazil |
| 13.4.2.Mexico |
| 13.4.3.Rest of LA |
| 14. Competition Landscape |
| 14.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 14.2.1.Anglo American plc |
| 14.2.2.BHP |
| 14.2.3.Eramet |
| 14.2.4.INDEPENDENCE GROUP NL |
| 14.2.5.Norilsk Nickel |
| 14.2.6.Sumitomo Metal Mining Co., Ltd. |
| 14.2.7.Glencore |
| 14.2.8.Vale |
| 14.2.9.Pacific Metal Company |
| 14.2.10.QUEENSLAND NICKEL SALES |
| 14.2.11.Sherritt International Corporation |
| 14.2.12.Jinchuan Group International Resources Co. Ltd |
| 14.2.13.Terrafame Ltd. |
| 14.2.14.Cunico Corp. |
| 15. Research Methodology |
| 16. Appendix and Abbreviations |
Key Market Players
Author
Prem Kumar with profound experience and sound knowledge across a wide range of market forecasting methods, demand forecasting, and pricing analysis, I am able to make precise projections. I have extensive practical knowledge in Time Series Analysis (TSA), Simple Linear Regression (SLR), Multiple Linear Regression (MLR), Seasonality & Trend Forecasting, and Forecasting Models for New Products, among others. Additionally, I have hands-on experience with tools such as Power BI and SQL. I am highly committed, self-motivated, and possess a strong entrepreneurial spirit. Over the past 8 years, my team and I have built a robust clientele in various sectors, including Packaging, Pharma, Medical Devices, Oil & Gas, and Chemicals & Materials. We have provided a wide range of services, from management consulting to market forecasting and survey-related projects. I am particularly proud to have provided consulting services to one of the industry’s leading COVID-19 vaccine manufacturers for a packaging-related project. In the packaging space, I have served clients across a range of segments, including packaging printing, consumer packaging, flexible packaging, rigid packaging, and pharmaceutical packaging, to name a few. I deeply appreciate the efforts of my team and am grateful to our clients for their continued trust.