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According to IMARC Group’s latest report, titled “Nickel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027”, the global market size reached US$ 31.5 Billion in 2021. Nickel (Ni) refers to a durable, lustrous, and silvery-white metal extracted from nickel sulfide and garnierite mines. It exhibits optimal electro-magnetic and malleable properties that assist in casting iron products and producing stainless steel and non-ferrous alloys. Nickel and its derivatives are mainly utilized in water purification and disposal applications as they require low maintenance and provide water resistance to products. When mixed with copper, nickel is also used in desalination plants to convert seawater into freshwater. As a result, nickel finds extensive utilization across various sectors, such as transportation, chemical, defense, electronics, construction, industrial machinery, petrochemical, etc.
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The escalating demand for corrosion-resistant alloys in the oil and gas industry is among the primary factors driving the nickel market. Besides this, the development of high-density batteries to meet the power necessities of the growing population across countries is further augmenting the market growth. Apart from this, the elevating need for several stainless-steel products, including spoons, forks, saucepans, kitchen sinks, etc., is also catalyzing the global market. Moreover, the increasing popularity of nickel in various sectors, such as marine, construction, architecture, etc., is acting as another significant growth-inducing factor. In addition to this, the expanding product requirement in wind turbines and solar panels for generating electricity is also stimulating the market growth. Furthermore, the inflating technological advancements, including the integration of green mining procedures and the incorporation of hydrometallurgy, are expected to propel the nickel market in the coming years. Looking forward, IMARC Group expects the nickel market to reach US$ 43.8 Billion by 2027, exhibiting a growth rate (CAGR) of 5.57% during 2022-2027.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviors of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
Competitive Landscape with Key Players:
- Anglo American plc
- Cunico Corporation
- Independence Group
- Jinchuan Group International Resources Co. Ltd
- Pacific Metal Company
- Queensland Nickel
- Sherritt International
- Sumitomo Corporation
- Terrafame Ltd.
- Votorantim Group
Key Market Segmentation:
Breakup by Product Type:
- Class I Products
- Class II Products
Breakup by Application:
- Stainless Steel and Alloy Steel
- Non-ferrous Alloys and Superalloys
Breakup by End-Use Industry:
- Transportation & Defense
- Fabricated Metal Products
- Electrical & Electronics
- Consumer Durables
- Industrial Machinery
Breakup by Region:
- Asia Pacific
- South Korea
- United Kingdom
- North America
- United States
- Latin America
- Middle East and Africa
- Saudi Arabia
- United Arab Emirates
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022-2027)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
- Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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