Nickel Market To Reach $29.15 Billion By 2030 | CAGR: 5.2%

Nickel Market Growth & Trends

The global nickel market size is expected to reach USD 29.15 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 5.2% over the forecast period. The market is likely to be driven by investments in the stainless steel industry, as nickel is one of the key materials required for the production of stainless steel (SS). In September 2023, Jindal Stainless announced an investment of USD 1 billion in Rathi Super Steel to focus on the infrastructure sector. Earlier this year, Jindal acquired Rathi Super Steel for USD 2 billion and plans to expand the company’s production capacity from 150 kilotons to 200 kilotons. The company also aims to diversify its product portfolio to produce bars and rebars. The government policies to reduce the dependence on China for raw materials are expected to benefit the nickel producers in other countries.

For instance, in July 2023, the Indian government initiated a new stainless-steel policy, which aims to increase the current domestic SS production capacity from 6.6 million tons to 30 million tons by 2047. The country expected to diversify its supply portfolio for nickel, chromium, and silicon from China to other countries. This is anticipated to boost the nickel demand over the long term. Construction & infrastructure investments are projected to boost the stainless-steel demand, thus positively impacting the market growth. For instance, in August 2023, the Brazilian government announced its plan to spend USD 200 billion on transportation, energy, and infrastructure over the next four years. This move aims to boost Brazil’s economic growth and create new employment in the country.

Investments in mining companies to secure the nickel supply chain are expected to remain a major trend in the market. In November 2022, U.S. President Joe Biden revealed the country’s new investment of USD 30 million in TechMet, a mining company in Brazil. The company processes nickel and cobalt minerals. This move of the U.S. government aims to reduce the dependency on materials from China. In August 2023, Wave Nickel announced an investment of USD 440 million for the refinery to produce nickel sulfate for EV batteries. The company expects to produce 40 kilotons of precipitate to produce, enough to manufacture 20 kilotons of nickel. The company aims to secure the supply of strategic minerals in the U.S., as there are limited projects in this space.

 Request a free sample copy or view report summary: Nickel Market Report

Nickel Market Report Highlights

• The non-ferrous application segment is expected to grow at a lucrative CAGR from 2023 to 2030. The demand for nickel-based superalloys in marine, aerospace & defense, and machinery industries is projected to assist the market growth

• The SS segment dominated the market with a revenue share of over 63% in 2022. The segment growth is attributed to the rising demand from the consumer durables, automotive, and construction industries

• Asia Pacific was the largest regional market in 2022 with a revenue share of over 71%. The product demand in the region is driven by large industry sectors in countries, such as China, India, Japan, and South Korea

• The global market is fragmented with medium- and large-scale companies having a strong presence in Australia, Russia, South Africa, and Canada

Nickel Market Segmentation

Grand View Research has segmented the global nickel market on the basis of application, and region:

Nickel Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Stainless-steel

• Non-ferrous Alloys

• Plating

• Batteries

• Others

Nickel Regional Outlook (Volume, Kilotons; 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

List of Key Players in Nickel Market

• Anglo American Plc

• BHP

• Eramet

• Glencore

• IGO Limited

• Metallurgical Corporation of China Ltd

• Norlisk Nickel

• Rio Tinto

• South32 Limited

• Vale