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Global Nickel Market Surpasses $33.5 Billion in 2022, Predicting a Strong 5.4% CAGR for 2023-2028, Reaching $46.2 Billion
Global Nickel Market
Dublin, Nov. 01, 2023 (GLOBE NEWSWIRE) -- The "Nickel Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global nickel market has reached impressive heights, boasting a market size of US$ 33.5 Billion in 2022. Leading industry projections indicate a continuous upward trajectory, with a projected Compound Annual Growth Rate (CAGR) of 5.4% from 2023 to 2028, ultimately reaching an estimated US$ 46.2 Billion.
Nickel: The Versatile Silvery-White Metal
Nickel, represented by Ni, is a resilient, lustrous, silvery-white metal extracted from nickel sulfide and garnierite mines. It possesses remarkable electromagnetic and malleable properties, making it essential for casting iron products, manufacturing stainless steel, and creating non-ferrous alloys.
Nickel and its derivatives play a pivotal role in various water purification and disposal applications due to their low maintenance requirements and water-resistant characteristics. When combined with copper, nickel finds applications in desalination plants, facilitating the conversion of seawater into freshwater.
Key Drivers Fueling Market Growth:
Corrosion-Resistant Alloys in Oil and Gas: The increasing demand for corrosion-resistant alloys within the oil and gas industry stands as a key driver for market expansion.
High-Density Nickel-Based Batteries: The development of high-density nickel-based batteries to address growing power needs among the population is bolstering market growth. These batteries offer a heat- and corrosion-resistant alternative to lithium-ion rechargeable batteries.
Rise of Electric Vehicles: The emergence of electric vehicles is further propelling market growth, as nickel is used in their construction. Additionally, nickel is utilized in wind turbines and solar panels for electricity generation.
Stainless Steel Demand: Rising demand for stainless steel products, such as kitchen utensils, marine components, architectural materials, and construction applications, is driving the need for nickel-based products.
Technological Advancements: Technological advancements in nickel production through environmentally-friendly mining procedures, including principles of hydrometallurgy, are expected to contribute significantly to market growth.
Key Market Segmentation:
The global nickel market report provides an in-depth analysis of key trends within each segment, along with forecasts at the global, regional, and country levels from 2023 to 2028. The market is categorized based on product type, application, end-use industry, and region.
Product Type Insights:
Class I Products
Class II Products
Application Insights:
Stainless Steel and Alloy Steel
Non-ferrous Alloys and Superalloys
Electroplating
Casting
Batteries
Others
End-Use Industry Insights:
Transportation & Defense
Fabricated Metal Products
Electrical & Electronics
Chemical
Petrochemical
Construction
Consumer Durables
Industrial Machinery
Others
Regional Insights:
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
North America (United States, Canada)
Latin America (Brazil, Mexico, Argentina, Colombia, Chile, Peru, Others)
Middle East and Africa (Turkey, Saudi Arabia, Iran, United Arab Emirates, Others)
Competitive Landscape:
The competitive landscape within the industry has been thoroughly examined, featuring key players such as Anglo American Plc, BHP Group Limited, Cunico Corporation, Eramet Group, Glencore Plc, IGO Limited, Jinchuan Group International Resources Co. Ltd., Norilsk Nickel, Pacific Metal Company, Queensland Nickel Group, Sherritt International Corporation, Sumitomo Corporation, Terraframe Ltd., Vale S.A., and Votorantim SA.
Key Questions Answered in This Report:
What was the size of the global nickel market in 2022?
What is the expected growth rate of the global nickel market during 2023-2028?
What are the key factors driving the global nickel market?
What has been the impact of COVID-19 on the global nickel market?
How is the market segmented based on product type, application, end-use industry, and region?
Which product type holds the most promise in the global nickel market?
What applications dominate the global nickel market?
Which end-use industries exhibit the highest growth potential in the global nickel market?
What is the competitive landscape of the global nickel market?
Key Attributes:
Report Attribute | Details |
No. of Pages | 138 |
Forecast Period | 2022 - 2028 |
Estimated Market Value (USD) in 2022 | $33.5 Billion |
Forecasted Market Value (USD) by 2028 | $46.2 Billion |
Compound Annual Growth Rate | 5.5% |
Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/3ga4g3
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ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
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