Press release
Surging Nickel Market Growth: A Comprehensive Examination of Key Market Trends, Major Players, and Market Size Predictions for 2024-2029
Nickel Market
""Projecting Strong Market Growth Due to Industrialization, Urbanization, and Rising Adoption of Electric Vehicles.""
What Is The Projected Market Size Of The Global Nickel Market And Its Growth Rate?
The global nickel market has been witnessing considerable growth over the past few years and is expected to maintain this trend in the foreseeable future. Key market statistics include:
•The market size was $39.09 billion in 2024 and is projected to grow to $42.78 billion in 2025 at a compound annual growth rate (CAGR) of 9.4%.
•A persistent growth is predicted, with the market surpassing $60.69 billion by 2029, growing at a CAGR of 9.1%.
•The market growth attributes to various factors such as strong economic growth in emerging markets and rising demand for stainless steel.
What Is Driving The Growth In The Nickel Market?
The shift towards electric vehicles (EVs) is a significant driver for the nickel market's growth. EVs, which use renewable energy stored in rechargeable batteries, demand a considerable quantity of nickel, especially for developing advanced lithium-ion batteries. As per the International Energy Agency, the sales of electric cars surpassed 10 million in 2022, with 14% of all new cars sold being electric. This sharp rise in the adoption of EVs is projected to boost the nickel market.
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Who Are the Key Players Driving Nickel Market Growth?
The dominant players in the nickel market include:
• Glencore
• Vale
• Sumitomo Metal Mining Co. Ltd
• Erame
• Norilsk Nickel Inc.
• BHP
• Anglo American
• Pacific Metal Company
• Sherritt International Corporation,
• INDEPENDENCE GROUP NL
What Are The Key Trends In The Nickel Market?
• Focus on increasing investments to set up new plants for nickel processing
• Introduction of new sustainable procurement frameworks to promote responsible and environmentally friendly practices in the mining and processing of nickel
• Introduction of new nickel products
• Strategic partnerships and mergers and acquisitions to expand product or service portfolio and geographic presence
What Are The Segments Of The Global Nickel Market?
The global nickel market is mainly segmented by:
1) Type: Pentlantide (Sulfide Ore), Laterite
2) Mining Type: Underground Mining, Surface Mining
Which Region Leads The Nickel Market?
Western Europe was the largest region in the nickel market in 2024, maintaining significant market dominance. The nickel market report covers various regions including Asia-Pacific, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Nickel Market Global Market Report?
• Market Size Analysis: Analyze the Nickel Market size by key regions, countries, product types, and applications.
• Market Segmentation Analysis: Identify various subsegments within the Nickel Market for effective categorization.
• Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
• Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
• Market Contribution: Evaluate contributions of different segments to the overall Nickel Market growth.
• Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
• Industry Challenges: Analyze challenges and risks affecting the Nickel Market.
• Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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