Market Summary
The global demand for refined nickel has increased since the
past few years. The growth in the demand is primarily driven by the increasing
demand for stainless steel in an array of end-use industries from equipment
manufacturers to automotive. Furthermore, the ongoing initiatives to promote
and commercialize electric vehicles (EVs) across the globe is also expected to
fuel the demand for refined nickel during the forecast period.
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Competitive Analysis
Some of the key players operating in the global refined
nickel market are 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).
Segment Analysis
Based on applications, the refined
nickel market has been segmented
into stainless steel, non-ferrous alloys, plating, alloy steel & casting,
batteries, and others. The Stainless-Steel segment accounted for over 70% of
the global demand for refined nickel in terms tonnage and value, refined nickel
is a key element that enhances the shine and corrosion resistance properties of
steel. Thus, an optimistic outlook for stainless steel across the globe owing
to the industrial growth and infrastructural development is expected to drive
the demand for refined nickel. The batteries is expected to be the fastest
growing segment during the forecast period. The growth is attributed to the
booming lithium-ion battery industry and subsequent demand for nickel cathodes.
Based on end-use industry, the global market has been
divided into metallurgy, industrial machinery, electronics, automotive and
transportation, building and construction, and others. The industrial machinery
segment accounted for the largest market share owing to the increasing adoption
of stainless steel in the manufacturing of various machinery. Likewise, the
demand for stainless steel in automobile production is further expected to
propel the demand for stainless steel and consequently for refined nickel.
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Regional Analysis
The global refined nickel market, by region, has been
segregated into North America, Europe, Asia-Pacific, Latin America, and the Middle
East & Africa. Asia-Pacific held the largest market share followed by
Europe and North America. The surge in automobile production, infrastructural
activities, and increasing demand for batteries in EVs are some of the
prominent market factors driving the demand for refined nickel across the
globe.
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