Nickel Market Size, Share & Trends Analysis Report By Application (SS, Non-ferrous Alloys, Plating, Batteries), By Region (Asia Pacific, North America, MEA, Central & South America), And Segment Forecasts, 2023 - 2030

Nickel Market Size & Trends

The global nickel market size was estimated at USD 20.04 billion in 2022 and is projected to grow at a compound annual growth rate (CAGR) of 5.2% from 2023 to 2030. The growing usage of stainless steel (SS) in vehicles is projected to push the demand for nickel. SS is an alloy formed using iron, nickel, chromium, and titanium among others. It has a number of applications in automobiles, including exhaust systems, fuel tanks, suspension systems, gas tanks, gaskets, and body & frame parts. SS offers several advantages, such as high strength, corrosion & heat resistance, durability, sustainability, and aesthetics.

SS consumption and production in the U.S. drives the demand for nickel and related products. SS consumption in the Americas region has been growing at a significant rate for the past few years; it increased by 21.7% in 2021 and 3.1% in 2022 on a year-on-year basis, as reported by the International Stainless Steel Forum. However, SS melt shop production observed a fall of 14.8% in 2022 on a year-on-year basis. Investment in the manufacturing of nickel-based batteries is expected to benefit the demand for nickel. For instance, in June 2023, Samsung SDI and General Motors announced an investment of USD 3 billion for the production of EV cell batteries in Indiana, the U.S.

The construction of the plant is scheduled to start in 2026 and is expected to create over 1,700 jobs. The aforementioned plant is likely to manufacture high-nickel cylindrical battery cells and is anticipated to have a capacity of 30 gigawatt hours (GWh). General Motors (GM) is expected to manufacture 400 thousand electric vehicles in the U.S. from 2022 to 2024 and is anticipated to increase its capacity to 1 million vehicles in North America by 2025. As reported by news agencies, GM is considering 2 additional plants to meet these production needs.

Regional Insights

Asia Pacific emerged as the largest regional market with a revenue share of over 71% in 2022. SS melt production drives the demand for nickel in the region. The region accounted for a share of nearly 70% of the world’s SS melt production. In 2022, China accounted for a share of 80% in Asia Pacific, as reported by the International Stainless Steel Forum. Moreover, China is also the largest consumer of SS products in the world, with more than half of the world’s demand. Investments associated with nickel metal and chemicals are projected to push the market demand in the Middle East & Africa region.

For instance, in May 2023, EV Metals Group announced an investment of USD 1.27 million to set up a nickel and lithium chemicals complex in Saudi Arabia. The group has signed an agreement with Saudi Arabia’s Royal Commission for Yanb to lease industrial land. Europe region has observed sluggish demand in the recent past, as it was highly impacted by the energy crisis and limited Russian supply of different materials, including nickel. This also impacted the operation costs of SS manufacturers leading to temporary and permanent shutdowns. For instance, in May 2022, Aperam closed its SS mill at Genk, Belgium amidst high energy costs.

Application Insights

Stainless steel was the largest application segment and accounted for a revenue share of over 63% in 2022. Moderate but consistent demand from the construction & infrastructure sector is expected to keep the positive momentum for SS demand. SS products are used in roofing, reinforcement bars, structural, and cladding applications. The plating application segment is expected to grow at a lucrative CAGR over the forecast period. Nickel (Ni) plays a crucial role in plating applications, wherein a thin layer of nickel is applied on the surface of a component.

This provides wear resistance, corrosion resistance, durability, and decorative finish to plated components. Some examples of plating include electroless Ni-plating, Ni-Co plating, Ni-Tin plating, and Ni-P-PTFE (Polytetrafluoroethylene) plating among others. The non-ferrous alloys segment is expected to benefit from the demand from oil & gas, energy, machinery & equipment, marine, and aerospace industries. Nickel (Ni)-based alloys include superalloys, Ni-Cu alloys, Ni-Al-Bronze, Ni-Ti, and Ni-Ag alloys. These alloys are used in rocket propulsion systems, gas turbines, jet engines, marine propellers, heat exchangers, and musical instruments among others.

Key Companies & Market Share Insights

In terms of supply, the market is scattered in different countries. The global nickel sources are widely distributed and estimated to be nearly 300 million tons. Indonesia, Australia, Russia, South Africa, and Canada account for more than 50% share of the world’s resources. Over 2 million tons of nickel produced or mined in 25 countries of the world. The market has been observing under-investment therefore, there are a limited number of nickel projects in the pipeline over the short term. Greenfield projects require around 10 years to move from feasibility and exploration to the production phase. The limited supply over the coming years may result in rising product prices.

Nickel Market Report Scope

Global Nickel Market Report Segmentation

This report forecasts revenue and volume growth at global, regional, and country levels and provides an analysis of the latest trends in each of the sub-segments from 2018 to 2030. For this study, Grand View Research has segmented the global nickel market report on the basis of application, and region:

• Application Outlook (Volume, Kil0tons; Revenue, USD Million, 2018 - 2030)

  • Stainless Steel

  • Non-ferrous Alloys

  • Plating

  • Batteries

  • Others

• Regional Outlook (Volume, Kil0tons; Revenue, USD Million, 2018 - 2030)

  • North America

    • U.S.

    • Canada

    • Mexico

  • Europe

    • Germany

    • U.K.

    • France

    • Russia

  • Asia Pacific

    • China

    • Japan

    • India

    • South Korea

  • Central & South America

    • Brazil

  • Middle East & Africa

    • South Africa