New York, US, May 12, 2022 (GLOBE NEWSWIRE) -- Refined Nickel Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Refined Nickel Market Information by Application, End-User, and Region - Forecast till 2027”, the market is estimated to grow at a CAGR of 4.8% from 2022 to 2027.
Market Scope
Nickel refers to an element found naturally in the earth's crust in two different forms sulfidic and lateritic ores. The latter is smelted or processed to make a refined nickel. The major characteristics of nickel are a high melting point, recyclability, resistance against corrosion, and good ductility. Therefore, considering these properties, it is commonly used across a wide range of end-use industry applications, from metallurgy to electronics and healthcare. Particularly, the stainless-steel industry is the prime accountable for over half of the refined nickel demand. Several market dynamics depend on stainless steel demand and future perspective.
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Competitive Analysis
The global market for refined nickel has prominent players such as:
- Glencore (Switzerland)
- Norilsk Nickel (Russia)
- Minara Resources (Australia)
- Vale (Brazil)
- Sherritt International Corporation (Canada)
- BHP (Australia)
- Ambatovy (US)
- Jinchuan Group International Resources Co. Ltd (China)
- Anglo American (US)
- Sumitomo Metal Mining Co. (Japan)
Market USP Covered
Market Drivers
The global market for refined nickel has witnessed a rapid surge in the growth rate in the last few years. The market's growth is mainly attributed to the demand for stainless steel and alloys of stainless steel across various industry sectors such as building and construction, automotive, industrial machinery, and others. Nickel is a vital element used in the manufacturing of stainless steel, as it improves the corrosion resistance properties of steel, thus enhancing the value of the final product. Thus, rapid urbanization and industrialization across the emerging economies are likely to boost the growth of the refined nickel market over the assessment era. In addition, the growing demand for nickel in the fabrication of batteries used in electric vehicles (EVs) is also projected to impact the market's growth over the assessment timeframe positively. Moreover, the increasing adoption of nickel in the healthcare industry for applications like implants and devices is anticipated to catalyze the market's growth over the forecasted timeframe.
Market Restraints
On the other hand, the less demand for stainless steel across the developed countries is likely to restrain the market's growth.
COVID-19 Impact
The COVID-19 pandemic has had an adverse impact on the refined nickel market's growth. The covid-19 norms imposed, such as trade sanctions, social distances, and lockdowns, have caused the disruption of the global market's supply chain networks. Given the lockdowns in several nations, most industries or factories were temporarily on halt, affecting the demand and price of nickel.
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Segment Analysis
The global market for refined nickel has been segregated into various segments based on end-use industry, application, and region.
Based on application, the global market for refined nickel is split into batteries, plating, stainless steel, alloy steel & casting, non-ferrous alloy, and others.
The global refined nickel market is split into building and construction, metallurgy, automotive and transportation, electronics, industrial machinery, and others based on the end-use industry.
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Regional Analysis
The global market for refined nickel is studied across five major regions: North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa.
The MRFR analysis suggests that the Asia-Pacific region led the global refined nickel market in 2018. The regional market's growth is the result of urbanization and industrialization across the developing economies such as Japan, China, China, and South-East Asian countries. The rapid growth in automotive production is another crucial aspect propelling the regional market's growth. Furthermore, factors like the growing number of EV battery manufacturers and increasing infrastructural activities across the region are also projected to impact the regional market's growth positively.
The North American region is another prime region likely to grow substantially over the assessment era. The regional market's growth is attributed mainly to the growing adoption of EVs. Furthermore, the growth of the automotive sector in recent years across the region is also projected to propel the regional market's growth. Furthermore, the factors such as the significant presence of renowned refined nickel producers and increasing construction activities across the region are also projected to catalyze the regional market's growth over the forecasted timeframe. In addition, the increasing demand for refined nickel in the healthcare sector is also anticipated to boost the regional market's growth over the assessment timeframe.
The refined nickel market for the European region is anticipated to secure the second position globally in terms of tonnage over the forecasted timeframe. The regional market's growth is primarily attributed to the demand for advanced high-strength steel among the leading automotive producers across the region. Furthermore, the increasing demand for EVs across the region is likely to boost the regional market's growth over the coming years.
The Latin American regional market for refined nickel is anticipated to witness significant growth over the assessment timeframe. The major aspect causing an upsurge in the regional market's growth is the surge in demand for stainless steel in the automotive, machinery, and infrastructure industries across the regions.
The Middle East & African regional market for refined nickel is also projected to register substantial growth over the assessment era.
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