Nickel Market: By Application (Stainless Steel, Alloys, Electroplating, Plating, Casting, Batteries, Other), By End-User Industry (Automotive, Fabricated Metal Products, Electrical & Electronics, Chemical, Petrochemical, Construction, Consumer Durables, Industrial Machinery, Others) and Geography

Nickel Market was valued at USD 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.

Nickel Market Key Developments:

• In April 2023, Lifezone Holdings Limited entered into an agreement with GoGreen Investments Corporation, a publicly traded company on the NYSE to off-take the marketing process with respect to the nickel, copper, and cobalt from the Kabanga nickel project.
• In September 2022, Premium Nickel Resources Ltd. Announced the Formation of Premium Nickel Resources International Metals Group, a new metals division of the Company.
• In March 2022, PT Merdeka Copper Gold Tbk acquired new shares equating to 55.67% of the total equity interest worth US$374 million in PT Hamparan Logistik Nusantara through fully controlled Merdeka subsidiary PT Batutua Tembaga Abadi.