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The global nickel production volume is projected to reach 2,507 kilo tonnes in 2023, growing at a CAGR of 2.3%, for the period spanning from 2019 to 2023. The factors such as upsurge in energy storage system (ESS), increasing electric vehicles penetration, rising demand for stainless steel, growing use of nickel in batteries and increasing nickel mine production countries are expected to drive the market growth. However, growth of the industry would be challenged by underinvestment in sulphide ores and deficit expanding. A few notable trends include government support, rising NPI capacity, favorable pricing, nickel-intensive technologies and high nickel demand in Europe.
Nickel is widely used in a number of products for consumer, industrial, military, transport/aerospace, marine and architectural applications. Nickel has been commonly used in coins because of its bright, durable and corrosion resistant coatings applied on steel. The biggest use of nickel is as an alloying metal along with chromium and other metals in the production of stainless and heat-resisting steels to increase the tensile strength, toughness and elastic limit of product.
The fastest growing regional market is China, owing to surge in the production capacities of domestic metal extracting plants and increasing trend of industrialists shifting towards high-end metal refining machines over traditional refining machines.
Scope of the report:
- The report provides a comprehensive analysis of the global nickel market report with focus on EV batteries.
- The major regional markets (China, Indonesia and US) have been analysed.
- The market dynamics such as growth drivers, market trends and challenges are analysed in-depth.
- The competitive landscape of the market, along with the company profiles of leading players i.e. The Norilsk Nickel Group, Vale S.A., BHP Billiton Limited, Jinchuan Group International Resources Co. Ltd, Glencore PLC and Sherritt International Corporation are also presented in detail.
Key Target Audience:
- Nickel/EV Manufacturers
- Raw Material/Component Suppliers
- End Users
- Consulting Firms
- Investment Banks
- Government Bodies & Regulating Authorities