Market Summary
The global demand for refined
nickel has increased since the past few years. The growth in the demand is
primarily driven by the increasing demand for stainless steel in an array of
end-use industries from equipment manufacturers to automotive. Furthermore, the
ongoing initiatives to promote and commercialize electric vehicles (EVs) across
the globe is also expected to fuel the demand for refined nickel during the
forecast period.
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Competitive Analysis
·
Norilsk Nickel
·
Vale
·
BHP
·
Jinchuan Group International Resources Co. Ltd
·
Sumitomo Metal Mining Co.
·
Anglo American
·
Ambatovy
·
Sherritt International Corporation
·
Minara Resources
·
Glencore
Regional Analysis
The global refined
nickel market, by region, has been segregated into North America,
Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
Asia-Pacific held the largest market share followed by Europe and North
America. The surge in automobile production, infrastructural activities, and
increasing demand for batteries in EVs are some of the prominent market factors
driving the demand for refined nickel across the globe.
Segment Analysis
Based on applications, the global
market has been segmented into stainless steel, non-ferrous alloys, plating,
alloy steel & casting, batteries, and others. The Stainless Steel segment
accounted for over 70% of the global demand for refined nickel in terms tonnage
and value, refined nickel is a key element that enhances the shine and
corrosion resistance properties of steel. Thus, an optimistic outlook for
stainless steel across the globe owing to the industrial growth and
infrastructural development is expected to drive the demand for refined nickel.
The batteries is expected to be the fastest growing segment during the forecast
period. The growth is attributed to the booming lithium-ion battery industry
and subsequent demand for nickel cathodes.
Based on end-use industry, the
global market has been divided into metallurgy, industrial machinery,
electronics, automotive and transportation, building and construction, and
others. The industrial machinery segment accounted for the largest market share
owing to the increasing adoption of stainless steel in the manufacturing of
various machinery. Likewise, the demand for stainless steel in automobile
production is further expected to propel the demand for stainless steel and
consequently for refined nickel.
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