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Nickel Global Market Report 2024 To 2033 | Glencore, Vale, Sumitomo Metal Mining Co. Ltd, Erame, Norilsk Nickel Inc., BHP, Anglo American, Pacific Metal Company
Nickel Market Share
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According to The Business Research Company's, The nickel market size has grown strongly in recent years. It will grow from $36.7 billion in 2023 to $40.27 billion in 2024 at a compound annual growth rate (CAGR) of 9.7%. The growth in the historic period can be attributed to strong economic growth in emerging markets, increase in infrastructure development, increase in industrialization and increase in demand for stainless steel.
The nickel market size is expected to see strong growth in the next few years. It will grow to $57.5 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The growth in the forecast period can be attributed to rising urbanization, growing demand for electric vehicles, rising government support and increasing demand for nickel in automobile batteries. Major trends in the forecast period include focus on increasing investments to set up new plants for nickel processing, focus on the introduction of new sustainable procurement frameworks to promote responsible and environmentally friendly practices in the mining and processing of nickel, focus on the introduction of new products of nickel and focus on strategic partnerships and mergers and acquisitions to expand product or service portfolio and geographic presence.
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Market Drivers and Trends:
The increasing adoption of electric vehicles is expected to propel the growth of the nickel market going forward. Electric vehicles (EVs) are automobiles that are powered by one or more electric motors, using electrical energy stored in rechargeable batteries. The rise of electric vehicles is a significant driver for increased nickel demand, particularly in the context of advanced lithium-ion batteries. For instance, in March 2023, according to the International Energy Agency, a France-based intergovernmental organization, the electric car market experienced exponential growth as sales surpassed 10 million in 2022. A total of 14% of all new cars sold were electric in 2022, reflecting a substantial increase from approximately 9% in 2021. Therefore, the increasing adoption of electric vehicles is driving the growth of the nickel market.
Companies in the nickel market are focusing on the introduction of new products of nickel to strengthen their position in the market. New products with nickel are being developed for applications in various industries. For instance, in August 2023, TPC Wire & Cable, a US-based company that specializes in providing wire, cable and accessories for industrial automation, auto integrator and original equipment manufacturers (OEM), introduced new products to the Thermo-Trex Line of Wire & Cable. Thermo-Trex 2000 Shielded Multi-Conductor is a versatile cable designed for power and control purposes in high-temperature environments, capable of enduring conductor temperatures reaching up to 450°C / 850°F. This cable boasts flexible properties and is equipped with finely stranded conductors made of nickel-plated copper, a shielding layer of nickel-plated copper braid and an outer jacket woven from special glass materials treated with abrasion-resistant coatings. The Thermo-Trex 2800 RTD Cable is designed for applications involving high-temperature Resistance Temperature Detector (RTD) control and instrumentation. It can endure a maximum conductor temperature of 530°C / 1000°F.
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Major Key Players of the Market:
LG Chem, SK Innovation, Samsung SDI Co. Ltd, BYD Company Ltd, Sunwoda Electronic Co. Ltd, Panasonic Corporation, Zhuhai CosMX Battery Co. Ltd., Contemporary Amperex* Technology Limited, Murata Manufacturing Co. Ltd., TWS, DESAY Battery Co. Ltd., Amperex* Technology Limited (ATL), China BAK Battery, Exide Industries Limited, HBL Power Systems Limited, Samwha Capacitor Group, Hello Bom, BSLBATT, Amron Batteries, Varta AG, Saft Groupe S.A., Leclanché, BMZ Group, Accutronics Ltd, Northvolt, SibPribor, Kursk Battery Plant, RUSNANO Group, Zavod AIT LLC, American Crane & Equipment Corp, Scott's Emergency Lighting and Power Generation, Dantona Industries Inc, Tenergy Corporation, Motion Industries Inc., Hollingsworth & Vose Co, EnerSys, Energizer Holdings Inc, Eveready Batteries, Duracell Inc, Acumuladores Moura S. A, Sertrading (Br) Ltda, Flextronics International Tecnologia Ltda, Clarion Energy Solutions Brasil Ltda, Industrias Tudor Sp De Bateriais Ltda, Abu Abdul Hakim Automotive Parts Est, Precision Electro Mech Est, AASP General Trading, Abbas Liaqat Trading LLC, Agetco General Trading LLC, First National Battery.
Nickel Market 2024 Key Insights:
• The nickel market size is expected to see strong growth in the next few years. It will grow to $57.5 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%.
• Surge In Electric Vehicle Adoption Boosts Nickel Market Growth
• Tpc Wire & Cable Unveils New Nickel-Based Products For High-Temperature Applications
• Western Europe was the largest region in the nickel market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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