Nickel Industry is Expected to Reach $ 47.2 Billion by 2031 - Glencore, Vale SA, Eramet SA, Sherritt International Corp

Global Nickel Market reached US$ 33.6 billion in 2022 and is expected to reach US$ 47.2 billion by 2031, growing with a CAGR of 5.5% during the forecast period 2024-2031.

Nickel and its derivatives are widely used in water and wastewater purification due to their durability, low maintenance, and chemical resistance. A significant portion of nickel production is allocated to alloying, batteries, coatings, transportation, and other uses. The Asia-Pacific region is projected to experience the highest CAGR in the global nickel market, driven by its abundant nickel reserves. According to the Nickel Institute, Asia-Pacific economies account for over 70% of global nickel mining production, with substantial ore deposits in China, the Philippines, Indonesia, and other countries fueling regional growth.

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Key Developments:

• In August 2022, NMDC Ltd., an Indian state-owned metal exploration company, announced plans to explore international mining opportunities for lithium, nickel, and cobalt to meet India's growing demand. The company aims to start operations in Australia, where it holds a 90.02% stake in Legacy Iron Ore Ltd.

• In October 2021, Renault Group, a French multinational automotive manufacturer, signed a Memorandum of Understanding with Terrafame, a global leader in nickel and cobalt production. The agreement ensures Renault will receive a yearly supply of nickel sulfate from Terrafame, with an annual capacity of up to 15 GWh.

• In July 2021, BHP, an Australian mining, and energy corporation, secured a nickel supply agreement with Tesla Inc. for deliveries from its Nickel West facility in Western Australia.

Market Trends:

The growing electric vehicle (EV) market is driving up demand for nickel, a key component in lithium-ion battery cathodes. Nickel enhances the energy density and performance of these batteries, making it crucial for the development of EVs. As the EV sector expands globally, nickel's role in powering vehicles, aviation starter motors, and medical devices becomes increasingly significant. According to the India Brand Equity Foundation, India's EV market is projected to reach $7.09 billion by 2025, with substantial growth in two- and three-wheelers.

Segment Covered in the Nickel Market:

By Source: Pentlandite, Laterite.

By Mining Method: Underground, Surface.

By Class: Nickel Class I, Nickel Class II.

By Application: Stainless Steel, Alloys, Plating, Foundry, Batteries, Others.

By End-User: Metal Goods, Electric and Electronics, Engineering, Building & Construction, Transportation, Others.

Major Key Players

• Glencore
• Vale SA
• Eramet SA
• Sherritt International Corp.
• Sumitomo Metal Mining Co.
• Anglo American
• MMC Norilsk Nickel
• Jinchuan Group Ltd.
• BHP Billiton Ltd
• Pacific Metal Company

*Note:

Additionally, I wanted to highlight that the full version of the report includes an in-depth analysis of emerging players and startups, which will provide valuable insights into the evolving market landscape and key strategies being adopted.

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