Technavio, a leading provider of market research reports, has released its latest study on Nickel Market. This report offers a comprehensive analysis of the current market trends, emerging opportunities, and key challenges.
The Nickel Market is a segment of the larger Global Diversified Metals and Mining Market, according to Technavio's classification within the broader Global Materials Market. This market encompasses businesses involved in the production or extraction of various metals and minerals, including non-ferrous metals like nickel, as well as salt, borate, phosphate rock, and diversified mining operations. Technavio calculates the market size based on the combined revenue generated by these companies in the non-ferrous metals sector and their diversified mining operations. - The Nickel Market is experiencing significant growth, fueled by the Rising demand for nickel in stainless steel industry. Businesses are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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The market size is estimated to grow by USD 16.55 billion, at a CAGR of 4.06% during the forecast period. Increasing focus on recycling process of nickel | Growing strategic expansion by vendors | Expanding electroplating applications of nickel
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In the APAC region, Indonesia and China are pivotal players in the global nickel market, collectively accounting for a substantial portion of worldwide production. Indonesia, with its vast nickel reserves, is a primary supplier, contributing significantly to APAC's production levels in 2023. The US Geological Survey reported that Indonesia held the largest nickel mining reserve globally, amounting to 21 million tons in 2021. The Philippines, China, and Australia collectively possess a combined 28 million tons of nickel reserves.
In the global market, nickel (element) plays a significant role in various industries, including food and beverage and the medical industry, due to its antimicrobial properties. In the manufacturing sector, nickel is extensively used in the production of special steels, alloys, and electroplating for vehicles and consumer goods. Sulfur dioxide emissions from nickel casting and plating processes pose health risks, necessitating stringent regulations. The renewable energy sector, such as solar panels, wind turbines, and energy storage systems, also relies on nickel for its high energy density and long-lasting performance in batteries. Lithium-ion batteries, in particular, use nickel, cobalt, and manganese in their cathodes. Nickel's demand is driven by the growing trend towards lightweight vehicles and the shift towards electric cars, which require large batteries. The market for nickel is expected to grow significantly due to the increasing demand for green technologies and the reduction of greenhouse emissions. In summary, nickel's versatility and unique properties make it an essential element in various industries, from food and beverage to renewable energy and transportation. Its demand is expected to continue growing due to the increasing focus on sustainability and reducing greenhouse gas emissions.
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