Fairfield Market Research Nickel Market Size, Share, Growth, Insights, Trends 2023-2030

Nickel Market

Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 - By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa)

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Industry: Chemicals & Materials


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Nickel Production and Demand to Snowball as Clean Energy Transition Attains Pace

Roughly a US$20+ Bn annual industry, global nickel market continues to see dominance of stainless steel. While a majority of nickel production goes to steelmakers, Nickel Institute expects nickel to garner heavy traction in battery making over the period of next few years. With the strong rise of electric mobility, and anticipated entry of electric vehicles (EVs) in the mainstream, battery technology has been consistently advancing over the past decade. Nickel, being increasingly considered as one of the critical battery components, is thus expected to experience healthy demand in future, influencing the dynamics of conventional nickel industry to a large extent. Besides EV batteries, nickel is expected to see demand coming from solar panels, and wind turbines. 

As the world has been constantly striving to accelerate its journey toward a potentially low-carbon future, all the components that can complement or support clean energy technologies are likely to witness robust demand. Some of the key minerals, as well as metals will especially be gaining stronger ground as the transition to clean energy will be mineral-intensive. Nickel, being among the key components here, is thus projected to see a noteworthy hike in production, and demand. World Bank in one of its reports (Minerals for Climate Action: The Mineral Intensity for the Clean Energy Transition) has estimated nickel production to proliferate by around 500% toward the end of 2050 in line with consistently soaring clean energy demand worldwide.

Nickel Market Continues to Benefit from a Broad Application Base

High durability, malleability, and electro-magnetic properties of nickel continue to account for its growing demand across industries worldwide. Majorly consumed by manufacturers of stainless steel, casting iron products, and non-ferrous alloys, nickel finds extensive application in oil and gas industry owing to its corrosion-resistant attribute. Soaring consumption of nickel and derivatives for application in water disposal, and purification further drives the growth of nickel market. Nickel also continues to witness rising demand (for usage in combination with copper) from desalination plants, which is another factor expected to uphold the sustained performance of global nickel market in future. While rechargeable lithium-ion batteries have been experiencing a boom in demand in the light of flourishing EV market, high-density nickel-based batteries are coming to the fore as a corrosion- and heat-resistant solution to cater to swelling power demand. Besides, application of nickel in construction, architecture, and marine industries is also likely to elevate growth prospects of nickel market.

However, uncertain pricing remains another strong challenge likely to be facing nickel participants in long run. Growing stringency of regulatory guidelines around the potential health hazards of sulphur dioxide emissions during the process of nickel melting also continues to limit rapid growth of nickel market worldwide.

Laterites Gaining Preference; Underfunding Continues to Challenge Greenfield Nickel Projects

Currently estimated to be around 300 MT, over half the world’s nickel resource is concentrated in Australia, South Africa, Indonesia, Philippines, Canada, and Russia. While 25-30 countries across the globe participate in nickel mining, and brownfield production, the nickel volume newly produced, and consumed each year is more than 2 MT. Traditional mindsets of investors in favour of nickel sulphide deposits are gradually showing signs of shifting away, toward the laterite counterpart. The former has historically been an easier, and more convenient alternative in terms of processing. It also has been a preferred alternative owing to its cheaper operational cost that keeps its overall pricing down. However, nickel laterites are recently emerging highly lucrative for investors based on their even cheaper operational costs. As far as greenfield production is concerned, nickel industry is yet to explore its complete investment potential. Despite fostering scenario of greenfield mining explorations, greenfield nickel remains a relatively underinvested sector. Highly time-consuming, greenfield nickel projects thus have a limited pipeline.

COVID-19 Compelled Nickel Industry to Hold back for a While

The COVID-19 pandemic has hit a majority of industries to cast a lasting impact still under recovery. Nickel market also suffered a heavy plunge as most of the key end-use industries saw a significant setback amid the initial months of the pandemic, which led to restricted demand for nickel from all the major application segments. With a lot of uncertainty hovering over the production scenes, and substantial disruptions along the supply chain networks, nickel market too faced severe challenge to its growth throughout the year 2020. The activity is likely to pick pace through the end of 2021 as end-use industries have been exhibiting strong revival over the past six months. However, the temporary shutdown for a while amid peak period of the pandemic has certainly influenced the demand, and pricing game. As a result, some of the leaders in global nickel market like Global Ferronickel Holdings, and Nickel Asia even announced suspension of a part of their operations in response to the potential loss due to the viral outbreak, and consecutive lockdown measures. Vale also declared a measurable cut in its 2020 guidance.

Asia Pacific Tops Global Nickel Landscape

Incessant consumption of steel in a number of verticals, including healthcare and medical, manufacturing, automotive and transportation, building and construction, food and beverages, chemicals, and aerospace warrants sustained growth of nickel market. China’s stainless steelmakers reign supreme, recording consumption of over half the world’s primary nickel production. Although there are several other steelmaking regions as well, most of them tend to meet their nickel demand from stainless steel scrap. With China dominating demand dynamics, followed by India, Asia Pacific is likely to lead its way in global nickel market. In addition to steelmaking businesses, nickel producers are also expected to reap major benefits from the largest battery manufacturing sector in the region. China’s thriving EV market will remain instrumental in strengthening of the top nickel market across Asia Pacific.

Competition Analysis

BHP, Anglo American plc, Cunico Corporation, Nornickel, Glencore, Sumitomo Corporation, Eramet, Independence Group, Vale, Jinchuan Group International Resources Co. Ltd., Queensland Nickel, Pacific Metal Company, Sherritt International, Votorantim Group, and Terrafame Ltd. represent some of the key companies driving competition in the global nickel landscape. Vale Indonesia made an announcement regarding its US$5 Bn investment in nickel projects (August 2019), around half of which targets battery-grade nickel projects in partnership with Chinese, and Japanese leaders. The report would offer an in-depth assessment of the competition structure with an intent to unleash financial and strategic profiles of the key participants in nickel market.

Regional Classification of the Global Nickel Market is Listed Below:

North America

  • U.S.
  • Canada

Europe

  • Germany
  • France
  • Spain
  • U.K.
  • Italy
  • Russia
  • Rest of Europe

Asia Pacific

  • China
  • Japan
  • India
  • Southeast Asia
  • Rest of Asia Pacific

 Latin America

  • Brazil
  • Mexico
  • Rest of Latin America

Middle East and Africa

  • GCC
  • South Africa
  • Rest of Middle East & Africa

*Regions and countries are subject to change based on data availability.

Key Elements Included In The Study: Global Nickel Market

  • Nickel Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value and Volume, 2018 - 2022
  • Volume Consumption at Regional and Country Level, 2023 - 2030
  • Market Dynamics and Economic Overview
  • Market Size in Value and Volume, Growth Rates, and Forecast Figures, 2023 - 2030
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Production Output Analysis (Major Producing Regions)
  • Key Trade Statistics (Import and Export)
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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1. Executive Summary
     1.1. Global Nickel Market Snapshot
     1.2. Key Market Trends
     1.3. Future Projections
     1.4. Analyst Recommendations

2. Market Overview
     2.1. Market Definitions and Segmentations
     2.2. Market Dynamics
            2.2.1. Drivers
                   2.2.1.1. Driver A
                   2.2.1.2. Driver B
                   2.2.1.3. Driver C
            2.2.2. Restraints
                   2.2.2.1. Restraint 1
                   2.2.2.2. Restraint 2
            2.2.3. Market Opportunities Matrix
     2.3. Value Chain Analysis
     2.4. Porter’s Five Forces Analysis
     2.5. Covid-19 Impact Analysis
            2.5.1. Pre-covid and Post-covid Scenario
            2.5.2. Supply Impact
            2.5.3. Demand Impact
     2.6. Government Regulations
     2.7. Technology Landscape
     2.8. Raw Material Analysis
     2.9. Impact of EV on the Nickel Market
     2.10. Economic Analysis

3. Production Output and Trade Statistics, 2018 - 2022
     3.1. Supply-Demand Analysis
     3.2. Regional Production Statistics
            3.2.1. North America
            3.2.2. Europe
            3.2.3. Asia Pacific
            3.2.4. Latin America
            3.2.5. Middle East & Africa

4. Trade Statistics

5. Price Trends Analysis and Future Projects, 2018 - 2030

     5.1. Key Highlights
     5.2. Prominent Factors Affecting Prices
     5.3. By Grade
     5.4. By Applications
     5.5. By Region

6. Global Nickel Market Outlook, 2018 - 2030
     6.1. Global Nickel Market Outlook, by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
            6.1.1. Key Highlights
                   6.1.1.1. Class 1
                   6.1.1.2. Class 2
            6.1.2. BPS Analysis/Market Attractiveness Analysis
     6.2. Global Nickel Market Outlook, by Applications, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
            6.2.1. Key Highlights
                   6.2.1.1. Stainless Steel
                   6.2.1.2. Alloys
                   6.2.1.3. Special Steels
                   6.2.1.4. Electroplating
                   6.2.1.5. Batteries
                   6.2.1.6. Misc. (Chemicals, etc.)
            6.2.2. BPS Analysis/Market Attractiveness Analysis
     6.3. Global Nickel Market Outlook, by Region, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
            6.3.1. Key Highlights
                   6.3.1.1. North America
                   6.3.1.2. Europe
                   6.3.1.3. Asia Pacific
                   6.3.1.4. Latin America
                   6.3.1.5. Middle East & Africa
            6.3.2. BPS Analysis/Market Attractiveness Analysis

7. North America Nickel Market Outlook, 2018 - 2030
     7.1. North America Nickel Market Outlook, by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
            7.1.1. Key Highlights
                   7.1.1.1. Class 1
                   7.1.1.2. Class 2
     7.2. North America Nickel Market Outlook, by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
            7.2.1. Key Highlights
                   7.2.1.1. Stainless Steel
                   7.2.1.2. Alloys
                   7.2.1.3. Special Steels
                   7.2.1.4. Electroplating
                   7.2.1.5. Batteries
                   7.2.1.6. Misc. (Chemicals, etc.)
     7.3. North America Nickel Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
            7.3.1. Key Highlights
                   7.3.1.1. U.S.
                   7.3.1.2. Canada
            7.3.2. BPS Analysis/Market Attractiveness Analysis

8. Europe Nickel Market Outlook, 2018 - 2030
     8.1. Europe Nickel Market Outlook, by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
            8.1.1. Key Highlights
                   8.1.1.1. Class 1
                   8.1.1.2. Class 2
            8.1.2. BPS Analysis/Market Attractiveness Analysis
     8.2. Europe Nickel Market Outlook, by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
            8.2.1. Key Highlights
                   8.2.1.1. Stainless Steel
                   8.2.1.2. Alloys
                   8.2.1.3. Special Steels
                   8.2.1.4. Electroplating
                   8.2.1.5. Batteries
                   8.2.1.6. Misc. (Chemicals, etc.)
     8.3. Europe Nickel Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
            8.3.1. Key Highlights
                   8.3.1.1. Germany
                   8.3.1.2. France
                   8.3.1.3. U.K.
                   8.3.1.4. Italy
                   8.3.1.5. Spain
                   8.3.1.6. Turkey
                   8.3.1.7. Russia
                   8.3.1.8. Rest of Europe
            8.3.2. BPS Analysis/Market Attractiveness Analysis

9. Asia Pacific Nickel Market Outlook, 2018 - 2030
     9.1. Asia Pacific Nickel Market Outlook, by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
            9.1.1. Key Highlights
                   9.1.1.1. Class 1
                   9.1.1.2. Class 2
     9.2. Asia Pacific Nickel Market Outlook, by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
            9.2.1. Key Highlights
                   9.2.1.1. Stainless Steel
                   9.2.1.2. Alloys
                   9.2.1.3. Special Steels
                   9.2.1.4. Electroplating
                   9.2.1.5. Batteries
                   9.2.1.6. Misc. (Chemicals, etc.)
     9.3. Asia Pacific Nickel Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
            9.3.1. Key Highlights
                   9.3.1.1. China
                   9.3.1.2. Japan
                   9.3.1.3. South Korea
                   9.3.1.4. India
                   9.3.1.5. Southeast Asia
                   9.3.1.6. Rest of Asia Pacific
            9.3.2. BPS Analysis/Market Attractiveness Analysis

10. Latin America Nickel Market Outlook, 2018 - 2030
     10.1. Latin America Nickel Market Outlook, by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
            10.1.1. Key Highlights
                   10.1.1.1. Class 1
                   10.1.1.2. Class 2
     10.2. Latin America Nickel Market Outlook, by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
            10.2.1. Key Highlights
                   10.2.1.1. Stainless Steel
                   10.2.1.2. Alloys
                   10.2.1.3. Special Steels
                   10.2.1.4. Electroplating
                   10.2.1.5. Batteries
                   10.2.1.6. Misc. (Chemicals, etc.)
     10.3. Latin America Nickel Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
            10.3.1. Key Highlights
                   10.3.1.1. Brazil
                   10.3.1.2. Mexico
                   10.3.1.3. Rest of Latin America
            10.3.2. BPS Analysis/Market Attractiveness Analysis

11. Middle East & Africa Nickel Market Outlook, 2018 - 2030
     11.1. Middle East & Africa Nickel Market Outlook, by Grade, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
            11.1.1. Key Highlights
                   11.1.1.1. Class 1
                   11.1.1.2. Class 2
     11.2. Middle East & Africa Nickel Market Outlook, by Application, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
            11.2.1. Key Highlights
                   11.2.1.1. Stainless Steel
                   11.2.1.2. Alloys
                   11.2.1.3. Special Steels
                   11.2.1.4. Electroplating
                   11.2.1.5. Batteries
                   11.2.1.6. Misc. (Chemicals, etc.)
            11.2.2. BPS Analysis/Market Attractiveness Analysis
     11.3. Middle East & Africa Nickel Market Outlook, by Country, Volume (Kilo Tons) and Value (US$ Mn), 2018 - 2030
            11.3.1. Key Highlights
                   11.3.1.1. GCC
                   11.3.1.2. South Africa
                   11.3.1.3. Rest of Middle East & Africa
            11.3.2. BPS Analysis/Market Attractiveness Analysis

12. Competitive Landscape
     12.1. Company Market Share Analysis, 2021
     12.2. Competitive Dashboard
     12.3. Product vs Application Heatmap
     12.4. Company Profiles
            12.4.1. Nornickel
                   12.4.1.1. Company Overview
                   12.4.1.2. Product Portfolio
                   12.4.1.3. Financial Overview
                   ḍ12.4.1.4. Business Strategies and Development
(*Note: Above details would be available for below list of companies based on availability)
            12.4.2. Vale
            12.4.3. Jinchuan
            12.4.4. Glencore
            12.4.5. BHP
            12.4.6. Sheritt
            12.4.7. Sumitomo Metal Mining
            12.4.8. Tsingshan Group
            12.4.9. Shandong Xinhai
            12.4.10. Jiangsu Delong
            12.4.11. Anglo American

13. Appendix
     13.1. Research Methodology
     13.2. Report Assumptions
     13.3. Acronyms and Abbreviations

Our Research Methodology

Considering the volatility of business today, traditional approaches to strategizing a game plan can be unfruitful if not detrimental. True ambiguity is no way to determine a forecast. A myriad of predetermined factors must be accounted for such as the degree of risk involved, the magnitude of circumstances, as well as conditions or consequences that are not known or unpredictable. To circumvent binary views that cast uncertainty, the application of market research intelligence to strategically posture, move, and enable actionable outcomes is necessary.

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