Nickel Industry

The global nickel market size is projected to reach USD 29.15 billion by 2030, according to a new report published by Grand View Research, Inc. The market is expected to grow at a compound annual growth rate (CAGR) of 5.2% during the forecast period. This anticipated growth is largely attributed to rising investments in the stainless steel industry, as nickel serves as a crucial raw material in the production of stainless steel (SS). For example, in September 2023, Jindal Stainless announced a substantial investment of USD 1 billion in Rathi Super Steel, with the strategic intent to strengthen its presence in the infrastructure segment. Earlier in the year, Jindal acquired Rathi Super Steel for USD 2 billion and unveiled plans to increase the company’s production capacity from 150 kilotons to 200 kilotons. Additionally, the company intends to diversify its range of offerings by venturing into the manufacturing of bars and rebars. These developments are expected to further stimulate nickel demand.

Government-led initiatives aimed at reducing dependence on China for critical raw materials are also expected to offer growth opportunities for nickel producers based in other regions. For instance, in July 2023, the Indian government introduced a new stainless-steel policy that outlines a long-term objective of expanding the country’s domestic stainless-steel production capacity from 6.6 million tons to 30 million tons by the year 2047. As part of this policy, India plans to broaden its sourcing base for essential elements like nickel, chromium, and silicon by reducing reliance on imports from China and exploring alternative supply channels. This shift is likely to support a sustained rise in nickel demand over the long term.

Moreover, rising investments in the construction and infrastructure sectors are anticipated to significantly contribute to the growth of the stainless-steel industry, which in turn will drive the nickel market forward. For example, in August 2023, the Brazilian government declared its intention to invest USD 200 billion over a four-year period to develop the country's transportation, energy, and infrastructure systems. This large-scale investment is aimed at accelerating Brazil’s economic development and generating employment, thereby indirectly supporting the expansion of the nickel market through higher stainless-steel demand.

Another key trend shaping the market is the strategic investment in mining companies to ensure a stable and secure nickel supply chain. In November 2022, U.S. President Joe Biden announced a federal investment of USD 30 million in TechMet, a mining firm based in Brazil that specializes in processing nickel and cobalt minerals. This initiative is part of the U.S. government's broader strategy to decrease its reliance on raw materials sourced from China. In a similar move, Wave Nickel revealed in August 2023 its plan to invest USD 440 million in the development of a refinery aimed at producing nickel sulfate specifically for electric vehicle (EV) battery applications. The refinery is expected to yield 40 kilotons of precipitate, which is sufficient to produce 20 kilotons of nickel. Through this project, the company aims to secure a long-term supply of critical minerals within the U.S. domestic market, especially considering the limited number of active projects in this segment.

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Nickel Market Segments Highlights:

• The non-ferrous application segment is expected to grow at a lucrative CAGR from 2023 to 2030. The demand for nickel-based superalloys in marine, aerospace & defense, and machinery industries is projected to assist the market growth
• The SS segment dominated the market with a revenue share of over 63% in 2022. The segment growth is attributed to the rising demand from the consumer durables, automotive, and construction industries
• Asia Pacific was the largest regional market in 2022 with a revenue share of over 71%. The product demand in the region is driven by large industry sectors in countries, such as China, India, Japan, and South Korea
• The global market is fragmented with medium- and large-scale companies having a strong presence in Australia, Russia, South Africa, and Canada

Nickel Market Report Segmentation

Grand View Research has segmented the global nickel market on the basis of application, and region:

Nickel Application Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Stainless-steel
• Non-ferrous Alloys
• Plating
• Batteries
• Others

Nickel Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Russia
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
• Central & South America
  • Brazil
• Middle East & Africa
  • South Africa

Key Nickel Company Insights

• Anglo American Plc
• BHP
• Eramet
• Glencore
• IGO Limited
• Metallurgical Corporation of China Ltd
• Norlisk Nickel
• Rio Tinto
• South32 Limited
• Vale

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