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 |
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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.
