According to the market recent analysis report, the global refined nickel market has been expected to reach a CAGR of 4.8% with a value of more than 2 billion tons during the estimated the forecasting year of 2022-2027.
Nickel is generally sold for the primary use of refined metals like cathode, powder, briquette, and ferronickel. Approximately 65% of nickel is consumed in the western world, hugely utilized in making austenitic stainless steel. The other 12% goes into the superalloys or nonferrous alloys industry. Both families of alloys are widely used in several factories to refine the metals just because of the corrosion resistance. The aerospace industry is a leading consumer of nickel-based superalloys because such industries are widely required this nickel in making airplanes. Whether in the turbine blades, discs, and other parts of the jet engines, such nickel is very helpful to make such an important part of a plane. Nickel base superalloys are also used in land-based combustion turbines like those found at electric power generation stations.
The global refined nickel market growth is expected to drive the increasing demand for nickel in stainless steel alloys. Almost two-thirds of the nickel sold out every year goes into stainless steel in the present world. The increasing demand for stainless steel as well as nickel in the automobile sector is so huge. Every year the automobile sector manufactures several verities of products for which such industries extensively require stainless steel metal in making manufacturing products. Furthermore, the rising demand for nickel in automobile batteries, energy storage systems in wind turbines, and solar panels is the key factor driving this entire refined nickel market tremendously. Some of the strict environmental rules and regulations and the possible health risks due to the raising sulfur dioxide emissions from the nickel melting process and the on-growing cost in the nickel prices are expected to grow the global refined nickel market. Nickel is a chemical element and transition metal that are commonly used in factory-like high-grade steel manufacturing.
Covid-19 Analysis:
Due to the growth of the Covid-19 pandemic, the governments of several nations have issued a strict lockdown restriction. The sanctioned commercial business has triggered a massive fall in the supply chain network across the world. Due to the lockdown, most manufacturing facilities shave been bound to stop their production work. Several industries and factories were temporarily shut down their business, and as a result, the entire global refined nickel market faced a huge loss during the period. According to this demand, nickel's cost price has also increased significantly. International business sectors and the financial and economic sectors have also faced a huge loss in the revenue section. Most companies in several regions have tried to focus on production to overcome such different situations. Due to the stoppage of international cargo vehicles, several industries' production work has been stopped for a long period of time. Investors and shareholders also face huge losses during the lockdown time.
Chief Existing Factors in the Market:
Cumulative Evaluation of the Market:
Due to the revenue and business sectors' loss, most investors have compromised their business facilities with the big companies. The investors also want to implement their investment with the new business faces in the global refined nickel market size. Most of the industry's key players have continuously tried to overcome the current situation during the global epidemic. The fall of the global refined nickel market sharehas hugely impacted international business activities. But after the lockdown, the global market also has several facing competition between the industrial sectors. Every company and manufacturing industry is willing and trying to focus on generating the maximum production number. Due to this, most countries also give a chance to the market players to establish their business.
Due to the implementation of lockdown, several nations have been bound to stop and shield their entire nation as well as the international borders. Furthermore, the cargo carriers didn't cross the borders. As a result, several issues occur in the industrial sectors like insufficient raw materials, insufficient modern factory accessories, and the lack of labor, which hugely affected the international industrial facilities.
Market Segmentation:
According to the refined nickel market analysis report, the entire global market has been segmented into application, end-use industry, and regional basis. Based on the application, the global market has been segmented into six sections: stainless steel, nonferrous alloy, plating, alloy steel & casting, batteries, and others. The global refined nickel market value has been classified into six sections metallurgy, industrial machinery, electronics, automotive and transportation, building and construction, and others in the end-use industry. According to the geographical section, the market is divided into five parts: Asia-Pacific, Europe, North America, South America, and Middle East & Africa.
Global Refined Nickel Market Share, by Application, 2017 (%) 
Source: MRFR Analysis
Regional Analysis:
Asia-Pacific holds the leading refined nickel market share in nickel and stainless steel consumption. This is commonly due to the large stainless steel manufacturing industries and battery manufacturers. The major market of nickel ore concentrations in the Philippines, New Caledonia, Australia, Indonesia and China and such nations are leaders in making the largest factories as well as the large infrastructure development. According to the analysis report, Indonesia has the world's largest nickel store, with a mine production quantity of around 760 thousand metric tons in 2020. Moreover, the Philippines, China & Australia have a combination of the largest mine production infrastructure, where approximately 610 thousand metric tons of nickel have been produced.
The increasing consumption rate of nickel in the electric vehicle manufacturing industry also raises to boost the market in the region. China is the global leader in the electric vehicle market with the sales of new electric vehicles, which are four times higher than the US. A total of 3.3 million units of electric vehicles were sold out in China in the year 2021, which is registering an increase of 154% compared to the 1.3 million units sold in the year 2020.
Competitive Intensity in the Market:
Due to the on-growing demand for the production rate, the competition level also increased so high. The global production work also raised hugely due to the increase of new technology as well as advanced manufacturing products. According to this, most of the new industrial players have come up in the refined nickel market to generate more production. Due to the increase in advanced production facilities, most of the new and key refined nickel market players are continuously increasing their production. Some of the major industrial players are listed below:
Recent Market Development:
The BHP has terminated its support agreement which offers to acquire Noront Resources Limited, a mining company. In December 2021, the Mitsui & Co. Mineral Resources Development Corp and Sojitz announced that they would start selling the CBNC. With the sales of the shares, the SMM’s shareholding ratio has also placed the CBNC, which will grow from the current 54% of the outstanding shares to 90%.
Report Overview:
All the analysis reports placed a piece of detailed information about the global refined nickel market and the revenue as well as the growth rate of the global market. The report also presents the market analysis of the current market condition, which is also mentioned in the report. What is the impact of the global epidemic, and how the international commercial market has been affected hugely also mentioned in the market? This analysis also presents all the market segmentation, market challenges, market drivers, and even the key opportunities.
Key Industrial Segmentation:
Application:
End-Use Industry:
Regional Basis:
| Report Attribute/Metric | Details |
| Market Size | 2022: USD 2 Million 2030: Significant Value |
| CAGR | 4% (2017-2024) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Million) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | application, end-use industry, and region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | Norilsk Nickel (Russia), Vale (Brazil), BHP (Australia), Jinchuan Group International Resources Co. Ltd (China), Sumitomo Metal Mining Co.(Japan), Anglo American (US), Ambatovy (US), Sherritt International Corporation (Canada), Minara Resources (Australia), and Glencore (Switzerland). |
| Key Market Opportunities | The increasing demand for nickel in the manufacturing of batteries used in electric vehicles (EVs) is expected to drive the global market |
| Key Market Drivers | The demand for stainless steel and alloys of stainless steel in various end-use industries such as industrial machinery, automotive, building and construction, and others. |
Refined Nickel Market Highlights:
Frequently Asked Questions (FAQ) :
The growth rate of the global refined nickel market is at a CAGR of 4.8%, with a value of more than 2 billion tons over the estimated forecasting period.
The APAC region is projected to lead the refined nickel market.
Stainless steel will lead the refined nickel market.
Industrial machinery will dominate the refined nickel market.
Increasing use in various end use industries and growing industrialization in developing economies are the key factors driving the refined nickel market growth.
Research Analyst Level I In her 3 years of experience in the market research field, she has handled critical cross-domain projects. she has an in-depth knowledge of market estimation & analysis, problem-solving, primary as well as secondary research, and team management.she holds an engineering degree and is an mba professional from a well-known university, capable of evaluating the market and competitive conditions. an exceptional strategist with excellent communication skills and a passion for delivering cutting-edge & practical insights for the market. proficient in multi-tasking, and can successfully deal with competing demands, while maintaining complete confidentiality. generated business through active client and project development, networking, and high-quality responses. her knowledge and skills have helped in making solid business decisions, securing funding from investors, and avoiding business failures.
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