Which is the fastest growing region in Nickel Market?

Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029). Read More

Which region has the biggest share in Nickel Market?

In 2024, the Asia Pacific accounts for the largest market share in Nickel Market. Read More

What years does this Nickel Market cover?

The report covers the Nickel Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Nickel Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

Which application segment accounts for the largest share of the Nickel Market?

Based on application segment Stainless Steel accounts for the largest share of the Nickel Market. Read More

Nickel Market Size

Market Size of Nickel Industry

Study Period	2019 - 2029
Base Year For Estimation	2023
CAGR (2024 - 2029)	> 4.80 %
Fastest Growing Market	Asia Pacific
Largest Market	Asia Pacific
Market Concentration	Low
Major Players *Disclaimer: Major Players sorted in no particular order

Nickel Market Analysis

The Nickel Market is expected to register a CAGR of greater than 4.80% during the forecast period.

The nickel market was valued at more than 2.1 million tons in 2021.

The outbreak of the COVID-19 pandemic and the resultant lockdowns, social distancing norms, and trade sanctions triggered massive disruptions across the global supply chain networks, severely hampering the growth of the nickel market. The extended lockdowns across major economies resulted in a slowdown in industrial activity, thereby impacting the demand and price of nickel. Major mining companies like Nickel Asia and Global Ferronickel Holdings suspended some of their operations in response to the pandemic, with some players citing the limited ability to keep current maintenance shutdown schedules. However, with the steady recovery of the industrial sector and the resumption of mining activities, demand for nickel is anticipated to rise during the forecast period.

Over the medium term, the growth of the nickel market is likely to be driven by the increasing demand for nickel in stainless steel alloys. Currently, about two-thirds of nickel sold each year goes into stainless steel. Also, increasing demand for nickel in automobile batteries, energy storage systems in wind turbines, or solar panels at a lower cost is the major driving factor for the market growth.
Stringent environmental regulations and possible health risks due to increasing sulfur dioxide emissions from the nickel melting process and volatility in nickel prices are likely to hinder the market's growth.
The growing popularity of electric vehicles and the emerging application of nickel in the medical industry are likely to act as opportunities in the future.
Asia-Pacific is expected to dominate the nickel market in the future, due to the high consumption rate of nickel and the presence of large stainless steel manufacturing companies and battery manufacturers in this region. Furthermore, burgeoning demand in China and India is expected to boost the prospects of the metal market.

Nickel Industry Segmentation

Nickel is a chemical element and a transition metal, mostly used for high-grade steel manufacturing. The nickel market is segmented by application and geography. By application, the market is segmented into stainless steel, alloys, plating, casting, batteries, and other applications. The report also covers the market size and forecasts for the Nickel market in 15 countries across major regions. For each segment, the market sizing and forecasts have been done on the basis of volume (kilotons).

By Application
		Stainless Steel
		Alloys
		Plating
		Casting
		Batteries
		Other Applications

Geography

Asia-Pacific
	China
	India
	Japan
	South Korea
	Rest of Asia-Pacific

North America
	United States
	Canada
	Mexico

Europe
	Germany
	United Kingdom
	Italy
	France
	Rest of Europe

South America
	Brazil
	Argentina
	Rest of South America

Middle-East and Africa
	Saudi Arabia
	South Africa
	Rest of Middle-East and Africa

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Nickel Market Size Summary

The nickel market is poised for growth, driven by its essential role in stainless steel production and increasing demand in various industries. The market experienced disruptions due to the COVID-19 pandemic, which affected global supply chains and led to a temporary decline in demand and pricing. However, as industrial activities resume and mining operations recover, the market is expected to regain momentum. The primary driver of growth is the rising demand for nickel in stainless steel alloys, which constitute a significant portion of nickel consumption. Additionally, the expanding use of nickel in electric vehicle batteries and renewable energy storage systems presents further growth opportunities. Despite challenges such as environmental regulations and price volatility, the market's prospects remain positive, particularly with the growing popularity of electric vehicles and emerging applications in the medical industry.

The Asia-Pacific region is anticipated to dominate the nickel market, supported by its high consumption rates and the presence of major stainless steel and battery manufacturers. Countries like China and India are significant contributors to this demand, with China leading in electric vehicle sales, thereby boosting nickel consumption. The region's abundant nickel reserves, particularly in Indonesia, the Philippines, and Australia, further bolster its market position. The fragmented nature of the nickel market sees major players like Norilsk Nickel, Vale, and Glencore actively engaging in strategic partnerships and investments to meet the growing demand. Initiatives such as Tata Motors' investment in electric vehicles and Renault Group's supply agreements highlight the industry's dynamic nature and its response to evolving market demands. As recovery continues across various end-use sectors, the nickel market is expected to experience sustained growth during the forecast period.

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Nickel Market Size - Table of Contents

1. MARKET DYNAMICS
1. 1.1 Drivers
  1. 1.1.1 Rising Demand for Corrosion Resistant Alloys in the Oil and Gas Industry
  2. 1.1.2 Other Drivers
2. 1.2 Restraints
  1. 1.2.1 Volatility in the Supply Demand Scenario
  2. 1.2.2 Environmental Considerations During Mining Activities
3. 1.3 Industry Value Chain Analysis
4. 1.4 Porter's Five Forces Analysis
  1. 1.4.1 Bargaining Power of Suppliers
  2. 1.4.2 Bargaining Power of Consumers
  3. 1.4.3 Threat of New Entrants
  4. 1.4.4 Threat of Substitute Products and Services
  5. 1.4.5 Degree of Competition
2. MARKET SEGMENTATION (Market Size in Volume)
1. 2.1 By Application
  1. 2.1.1 Stainless Steel
  2. 2.1.2 Alloys
  3. 2.1.3 Plating
  4. 2.1.4 Casting
  5. 2.1.5 Batteries
  6. 2.1.6 Other Applications
2. 2.2 Geography
  1. 2.2.1 Asia-Pacific
    1. 2.2.1.1 China
    2. 2.2.1.2 India
    3. 2.2.1.3 Japan
    4. 2.2.1.4 South Korea
    5. 2.2.1.5 Rest of Asia-Pacific
  2. 2.2.2 North America
    1. 2.2.2.1 United States
    2. 2.2.2.2 Canada
    3. 2.2.2.3 Mexico
  3. 2.2.3 Europe
    1. 2.2.3.1 Germany
    2. 2.2.3.2 United Kingdom
    3. 2.2.3.3 Italy
    4. 2.2.3.4 France
    5. 2.2.3.5 Rest of Europe
  4. 2.2.4 South America
    1. 2.2.4.1 Brazil
    2. 2.2.4.2 Argentina
    3. 2.2.4.3 Rest of South America
  5. 2.2.5 Middle-East and Africa
    1. 2.2.5.1 Saudi Arabia
    2. 2.2.5.2 South Africa
    3. 2.2.5.3 Rest of Middle-East and Africa