Nickel Market Growth Outlook Through 2024-2033

Overview and Scope
Nickel refers to the process of extraction of nickel from mines. In this process, sulfide ores are crushed and ground to release nickel particles through selective flotation from the byproducts. This procedure involves stirring the ore with specific chemicals while using mechanical and pneumatic equipment to create air bubbles.

Sizing and Forecast
The nickel market size has grown strongly in recent years. It will grow from $36.7 billion in 2023 to $40.27 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increase in infrastructure development, increase in industrialization and increase in demand for stainless steel.

The nickel market size is expected to see strong growth in the next few years. It will grow to $57.5 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to rising urbanization, growing demand for electric vehicles, rising government support and increasing demand for nickel in automobile batteries. Major trends in the forecast period include focus on increasing investments to set up new plants for nickel processing, focus on the introduction of new sustainable procurement frameworks to promote responsible and environmentally friendly practices in the mining and processing of nickel, focus on the introduction of new products of nickel and focus on strategic partnerships and mergers and acquisitions to expand product or service portfolio and geographic presence.

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Segmentation & Regional Insights
The nickel market covered in this report is segmented –

1) By Type: Pentlantide (Sulfide Ore), Laterite
2) By Mining Type: Underground Mining, Surface Mining

Western Europe was the largest region in the nickel market in 2023. The regions covered in the nickel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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Major Driver Impacting Market Growth
The increasing adoption of electric vehicles is expected to propel the growth of the nickel market going forward. Electric vehicles (EVs) are automobiles that are powered by one or more electric motors, using electrical energy stored in rechargeable batteries. The rise of electric vehicles is a significant driver for increased nickel demand, particularly in the context of advanced lithium-ion batteries. For instance, in March 2023, according to the International Energy Agency, a France-based intergovernmental organization, the electric car market experienced exponential growth as sales surpassed 10 million in 2022. A total of 14% of all new cars sold were electric in 2022, reflecting a substantial increase from approximately 9% in 2021. Therefore, the increasing adoption of electric vehicles is driving the growth of the nickel market.

Key Industry Players

Major companies operating in the nickel market report are Glencore, Vale, Sumitomo Metal Mining Co. Ltd., Erame, Norilsk Nickel Inc., BHP, Anglo American, Pacific Metal Company, Sherritt International Corporation, INDEPENDENCE GROUP NL, Tsingshan Holdings Group, Hindustan Copper Limited, Jinchuan Group International Resources Co. Ltd., Huayou Cobalt Co. Ltd., CNGR Advanced Material Co., Ltd., Rigqueza International Pte Ltd., Jindal Stainless Limited, Vedanta Resources Limited, Alliance Nickel Limited, Western Areas Limited, Jervois Mining, National Aluminum Company Limited, Nicomet Industries Limited, Deutsche Nickel GmbH, Solway Investment Group Limited, Société Le Nickel (SLN), Sumic Nickel Netherlands B.V, North American Nickel, Talon Metals, PolyMet Mining Corp, First Quantum Minerals Ltd., Royal Nickel Corporation, Turnagain Nickel, Lundin Mining Corporation, Wallbridge Mining Co. Ltd., Atlantic Nickel UK, Brazilian Nickel PLC, Mirabela Nickel Ltd., Mubadala Investment Company, Ma’aden, Siyanda Resources, African Rainbow Minerals, Africo Resources, Impala Platinum, Sibanye Stillwater.

The nickel market report table of contents includes:

1. Executive Summary
2. Nickel Market Characteristics
3. Nickel Market Trends And Strategies
4. Nickel Market – Macro Economic Scenario
5. Global Nickel Market Size and Growth
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31. Nickel Market Other Major And Innovative Companies
32. Global Nickel Market Competitive Benchmarking
33. Global Nickel Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Nickel Market
35. Nickel Market Future Outlook and Potential Analysis
36.Appendix

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