Press release
Clean Ni-Co Alloy Extraction Market Size, Trend, Volume, Industry, Market Forecast 2023-2030
Clean Ni-Co Alloy Extraction Market - DataM Intelligence 4Market Research
The Global Clean Ni-Co Alloy Extraction Market reached USD 1.2 billion in 2022 and is expected to reach USD 1.8 million by 2030, growing with a CAGR of 5.2% during the forecast period 2023-2030. Increasing focus on sustainability in mining operations will augment global clean Ni-Co alloy extraction market growth during the forecast period.
Mining activities contribute considerably to carbon emissions and also pollute the environment. The growth of clean Ni-Co alloy extraction will aid in the reduction of emissions and contaminants.
The development of novel Ni-Co alloys with distinct features is also expected to drive market expansion during the projected period. For example, scientists at the Oak Ridge National Laboratory in Tennessee, United States, reported in December 2022 the creation of a new Ni-Co alloy with the greatest fracture resistance of any material known on Earth. The fracture resistance rises as the temperature decreases, indicating its possible applicability in cryogenic conditions.
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Market Drivers
Growing Global Demand for Electric Vehicles (EVs)
Global manufacturing of electric vehicles (EVs) has increased due to increased demand for clean, zero-emission transportation options. For the first time, worldwide annual EV manufacturing will top 10 million units in 2022. However, the availability of Ni-Co alloys has not kept pace with the fast increase in worldwide demand. Despite mining corporations' efforts to enhance production, demand has surged tremendously.
As a result, mining firms are conducting clean extraction of Ni-Co alloys from waste metal fragments in order to supplement world supply. Ni-Co alloys are used to make important components of lithium-ion batteries, which are the primary source of power in electric vehicles. Companies are anticipated to boost up clean extraction to keep up with the expanding global output of electric vehicles since new mines may take years to come online.
Market Segmentation
The global Clean Ni-Co Alloy Extraction Market is segmented by Extraction Process, Application, and End User.
By Extraction Process
• Hydrometallurgical Process
• Pyrometallurgical Process
• Bioleaching
By Application
• Batteries
• Aircraft Engines
• Catalytic Converters
• Heat Exchangers
• Semiconductors
• Others
By End-User
• Aerospace & Defence
• Electrical & Electronics
• Automotive & Transportation
• Others
Regional Insights
North America is expected to account for more than a third of the global market. The region's countries, such as the United States and Canada, have a large concentration of high-technology businesses such as electronics, aerospace, and military. As a result, North America accounts for a significant portion of worldwide demand for Ni-Co alloys. In the medium and long term, the continuous process of onshore semiconductor production in the United States will produce significant demand for Ni-Co alloys.
Competitive Landscape
The major companies profiled in the Clean Ni-Co Alloy Extraction Market are Vale, Norilsk Nickel, Sumitomo Metal Mining Co., Ltd., Glencore, GEM Co., Ltd, Eramet, Umicore, Anglo American Plc, Sherritt International Corporation and Jinchuan Group International Resources Co. Ltd.
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