(EnergyIndustry.Net, April 14, 2020 ) Market Overview The Nickel Market is expected to grow at a high CAGR during the forecasting period (2019-2026) Nickel is the heavy metal, with chemical symbol Ni and atomic number 28. Nickel is silvery-white with a slight golden tinge that takes a high polish. It is one of the four elements that are magnetic at room temperature and is hard and ductile. It is a chemical element and as such very stable.
Market Dynamics Increasing demand for nickel in batteries helps to deliver higher energy density and greater storage capacity at a lower cost is the major driving factor for the market growth. According to Tawaki SRL, nickel makes up 33.3% of the battery, and its concentration will increase in the future because it can significantly increase energy density. For this reason, the automotive industry is to bring nickel to 80% of the mass in Nickel Cobalt Aluminium (NCA) and Nickel Manganese Cobalt (NMC) cathodes, used by companies like Chevy and Tesla. Further, nickel-containing battery technology is also playing a vital role in energy storage systems linked to renewable energy sources. Wind turbines or solar panels generate electricity; modern battery technology allows this energy to be stored for use as and when required. These reasons are some of the key driving factors which may fuel the demand over the forecast period. On the other hand, the only major bottleneck is lithium ion battery is high in cost. Typically they are around 40% more costly to manufacture than nickel-cadmium cells. This is a major factor when considering their use in mass-produced consumer items somewhere additional costs are a major issue for the items.
Market Segmentation Global nickel market is segmented by its an application such as stainless steel, alloys, plating, casting, batteries, and others. Of these, stainless steel dominates the market due to higher demand arising from strong stainless steel consumption in various end users such as automotive, power generation, construction industry and so on. According to the Nickel Institute, most nickel is combined with other metals to form different alloys that are used in over 300,000 products for consumer, industrial, military, transport, aerospace, marine, and architectural applications. Currently, stainless steel alloys are the main source of nickel consumption; about two-thirds of all new nickel sold each year goes into stainless steel. Despite the recession and uncertainties in Europe, global industrial output growth is recovering, as reflected in the rising demand for stainless steel. According to the International Stainless Steel Forum (ISSF), stainless steel production was 48.08 million metric tonnes in 2017.
Geographical Analysis Global nickel market is segmented into various regions such as North America, South America, Europe, Asia Pacific, and RoW. Of these, Asia Pacific dominates the market in terms of production and consumption. According to United States Geological Survey report in 2018, Indonesia and the Philippines, were the top countries for nickel production. Indonesia experienced a massive jump in nickel production with its output increasing from 199,000 MT in 2016 to 400,000 MT in 2017. The country banned exports of nickel in 2014, and production dropped significantly, along with its rank in the top-producers list. In January 2017, the country relaxed its ban on low-grade nickel ore exports in an attempt to boost its economy. Under the new rules, miners can export up to 5.2 million tonnes of nickel ore a year. For instance, in December 2018, Indonesia has granted permission for two commodity companies in the country to restart exports of nickel ore.
Competitive Trends Global Nickel Market is fragmented with the presence of many local and international players. However, Vale, Norilsk Nickel, and Glencore hold major market share in the market. Vale is the market leader with approximately 13% of the total market followed by Norilsk Nickel and Glencore with YY% and YY% respectively.
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