Nickel Market Expansion Continues, with Forecast Valuation of $41.13 Billion by 2029

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Nickel Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The size of the nickel market has been expanding swiftly in the past few years. It is projected to escalate from $22.2 billion in 2024 to $24.83 billion in 2025, with a compound annual growth rate (CAGR) of 11.8%. This substantial growth in the historical stretch is credited to the powerful economic enhancement in developing markets, a surge in infrastructure growth, a rise in industrialization, and an amplified demand for stainless steel.

Nickel Market Size Forecast: What's the Projected Valuation by 2029?
Over the coming years, the nickel market is projected to achieve rapid expansion. It's forecasted to escalate to a worth of $41.13 billion by the end of 2029, experiencing a compound annual growth rate (CAGR) of 13.5%. This anticipated growth within the forecast period is attributed to several factors such as accelerated urbanization, increasing demand for electric cars, elevated government backing, and a raised need for nickel in automotive batteries. Notable trends during the forecast period include the heightened focus on escalating investments to establish new nickel processing plants, emphasis on introducing new sustainable procurement frameworks to encourage responsible and green practices within nickel mining and processing, concentration on launching novel nickel products, and a strategic focus on partnerships and corporate buyouts to broaden both product or service offerings and geographical reach.

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What Are the Drivers Transforming the Nickel Market?
The nickel market is projected to experience robust growth due to the rising uptake of electric vehicles. Electric vehicles (EVs) refer to cars that utilize one or more electric motors, powered by electric energy conserved in rechargeable batteries. The escalating interest in electric vehicles is instrumental for enhancing the demand for nickel, particularly regarding the advanced lithium-ion batteries. For instance, in March 2023, the International Energy Agency, a France-based intergovernmental organization, reported that the electric car market saw explosive growth, with sales exceeding 10 million in 2022. In 2022, electric cars accounted for 14% of all new sales, a significant leap from nearly 9% in 2021. Consequently, the growing popularity of electric vehicles is triggering the expansion of the nickel market.

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What Are the Key Trends Driving Nickel Market Growth?
To solidify their standing in the nickel market, firms are concentrating on the launch of innovative nickel products. They are developing new nickel-based products for usage across a spectrum of industries. For instance, TPC Wire & Cable, a U.S-based firm specializing in the supply of wire, cable, and peripherals for industrial automation, auto integration, and Original Equipment Manufacturers (OEM), unveiled new additions to their Thermo-Trex Line of Wire & Cable in August 2023. The Thermo-Trex 2000 Shielded Multi-Conductor, a versatile cable, is ideal for both power and control functionalities in contexts with high temperatures, sustaining conductor temperatures of up to 450°C / 850°F. This cable possesses flexibility and consists of finely stranded conductors made of nickel-plated copper, a shielding cover of nickel-plated copper weaving, and an exterior jacket knitted from distinct glass materials with a coating to withstand wear and tear. The Thermo-Trex 2800 RTD Cable caters specifically to high-temperature Resistance Temperature Detector (RTD) control and instrumentation applications and is able to withstand peak conductor temperatures of 530°C / 1000°F.

Which Segments in the Nickel Market Offer the Most Profit Potential?
The nickel market covered in this report is segmented -

1) By Type: Pentlantide (Sulfide Ore), Laterite
2) By Mining Type: Underground Mining, Surface Mining

Subsegments:
1) By Pentlandite (Sulfide Ore): Concentrates; Intermediate Products
2) By Laterite: Ferronickel; Nickel Matte; Nickel Sulfate

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Which Firms Dominate the Nickel Market by Market Share and Revenue in 2025?
Major companies operating 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, Tsingshan Holdings Group, Hindustan Copper Limited, Jinchuan Group International Resources Co. Ltd, Huayou Cobalt Co. Ltd, CNGR Advanced Material Co., Ltd, Rigqueza International Pte Ltd, Jindal Stainless Limited, Vedanta Resources Limited, Alliance Nickel Limited, Western Areas Limited, Jervois Mining, National Aluminum Company Limited, Nicomet Industries Limited, Deutsche Nickel GmbH, Solway Investment Group Limited, Société Le Nickel (SLN), Sumic Nickel Netherlands B.V, North American Nickel, Talon Metals, PolyMet Mining Corp, First Quantum Minerals Ltd, Royal Nickel Corporation, Turnagain Nickel, Lundin Mining Corporation, Wallbridge Mining Co. Ltd, Atlantic Nickel UK, Brazilian Nickel PLC, Mirabela Nickel Ltd, Mubadala Investment Company, Ma'aden, Siyanda Resources, African Rainbow Minerals, Africo Resources, Impala Platinum, Sibanye Stillwater

Which Regions Offer the Highest Growth Potential in the Nickel Market?
Western Europe was the largest region in the nickel market in 2024. The regions covered in the nickel market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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