The global nickelmarket size was USD 41.61 billion in 2023 and is projected to grow from USD44.59 billion in 2024 to USD 73.15 billion by 2032 at a CAGR of 7.3% during the
forecast period. Fortune Business InsightsTM has presented thisinformation in its report titled, “NickelMarket, 2024-2032”. Nickel (Ni) is a naturally occurring silvery-white,shiny metallic element. Because of its remarkable physical and chemical
qualities, the substance is a required component in a variety of products. Its
principal use is alloying stainless and heat-resistant steels, particularly
with chromium and other metals. Lower-grade Ni ore can now be processed because
of advances in mining, smelting, and refining technology.
Segments-
On the basis of application, the market is fragmentedinto special steels, stainless steel, batteries, alloys, electroplating, and
others. Geographically, the market is classified into Asia Pacific, South
America, North America, Europe, Asia Pacific, the Middle East & Africa.
Report Coverage-
The research study offers a thorough examination ofthe industry, focusing on critical factors such as top companies and
applications. It also provides quantitative data in terms of volume and value,
market analysis, market data research methodology, and industry trend insights.
It focuses on important industry advancements as well as the competitive
landscape. In addition to the causes listed above, the research includes a
number of other variables that have contributed to the market's recent
expansion.
Drivers & Restraints-
Increasing Demand forStainless Steel to Augment Market Growth
Product adoption will be aided by rising stainlesssteel demand in automotive, consumer goods, and construction industries.
Stainless steel accounts for more than two-thirds of global Ni use, according
to the Nickel Institute Organization. The product enhances the steel's
formability, weldability, and ductility. When utilized as an alloying element,
it also provides corrosion resistance in specific applications.
Stainless steel's strong demand in numerous industriescan also be ascribed to its many features, including its lightweight, high
tensile strength, durability, and ease of manufacture. As a result, increased
stainless steel consumption will boost product demand during the anticipated
timeframe. Ni's price has risen, making it a more expensive raw material for a
variety of uses and industries.
Regional Insights-
TechnologicalAdvancements in Asia Pacific to make it a Leading Region
In 2020, the Asia Pacific market was valued at USD26.92 billion. In Asia Pacific, the nickel market growth has been supported by
increased technological advancement in stainless steel to make it more
sustainable. China has the largest nickel market share and is the
fastest-growing country in the region.
The rise is linked to China's fast-increasingconstruction and automotive industries, as well as rising research and
development activities and rapid infrastructure projects, all of which are
helping to stimulate product demand.
