Global Refined Nickel Market Research Report 2023

Nickel is primarily sold for first use as refined metal (cathode, powder, briquet, etc.) or ferronickel. About 65% of the nickel consumed in the Western World is used to make austenitic stainless steel. Another 12% goes into superalloys (e.g., Inconel 600) or nonferrous alloys (e.g., cupronickel). Both families of alloys are widely used because of their corrosion resistance. The aerospace industry is a leading consumer of nickel-base superalloys. Turbine blades, discs and other critical parts of jet engines are fabricated from superalloys.

Nickel-base superalloys are also used in land-based combustion turbines, such those found at electric power generation stations. The remaining 23% of consumption is divided between alloy steels, rechargeable batteries, catalysts and other chemicals, coinage, foundry products, and plating. The principal commercial chemicals are the carbonate (NiCO3), chloride (NiCl2), divalent oxide (NiO), and sulfate (NiSO4). In aqueous solution, the divalent nickel ion has an emerald-green color.

The global Refined Nickel market was valued at US$ million in 2022 and is anticipated to reach US$ million by 2029, witnessing a CAGR of % during the forecast period 2023-2029. The influence of COVID-19 and the Russia-Ukraine War were considered while estimating market sizes.

The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges.

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The refined nickel market refers to the industry involved in the production, processing, and trading of high-purity nickel metal, commonly known as refined or electrolytic nickel. Refined nickel is a crucial material used in various industries, particularly in the production of stainless steel, alloys, and batteries.

Key aspects of the refined nickel market include:

Production and Refining: Refined nickel is primarily produced through the refining of nickel ores or concentrates. The most common refining process is the extraction of nickel from sulfide ores through smelting and refining techniques, such as pyrometallurgical or hydrometallurgical processes. These processes aim to eliminate impurities and achieve high purity levels of nickel metal.

Stainless Steel Production: Stainless steel is the largest consumer of refined nickel, accounting for a significant portion of global nickel demand. Refined nickel is alloyed with iron and other elements to enhance the corrosion resistance, strength, and durability of stainless steel used in various industries, including construction, automotive, and manufacturing.

Alloy Production: Refined nickel is an essential component in the production of numerous alloys. Nickel-based alloys, such as Inconel, Monel, and Hastelloy, offer excellent heat resistance, corrosion resistance, and mechanical properties, making them suitable for high-temperature applications in aerospace, chemical processing, and energy sectors.

Battery Materials: With the rise of electric vehicles (EVs) and renewable energy storage, the demand for refined nickel as a battery material has grown significantly. Nickel is used in the cathode of lithium-ion batteries, where it contributes to the energy density and overall performance of the battery.

Global Market Dynamics: The refined nickel market is influenced by various factors, including global economic conditions, industrial growth, stainless steel demand, EV adoption rates, government policies, and mining and production costs. Changes in these factors can impact the supply and demand dynamics and consequently affect the price of refined nickel.

Market Participants: The refined nickel market involves a range of participants, including mining companies, smelters, refineries, traders, stainless steel producers, alloy manufacturers, battery producers, and end-users across different industries.

Key players in the refined nickel market include mining companies like Norilsk Nickel, Vale, Glencore, BHP, and Anglo American, as well as major stainless steel producers, such as Outokumpu, Acerinox, and POSCO. Additionally, battery manufacturers and electric vehicle companies play an increasing role in the demand for refined nickel.

The refined nickel market is influenced by both global economic trends and sector-specific factors. Economic growth, infrastructure development, urbanization, and advancements in EV technology are expected to drive the demand for refined nickel in the future. Moreover, the transition towards sustainable energy and the focus on reducing carbon emissions are likely to increase the demand for refined nickel as a key component in energy storage systems.V

Key Segmentations
By Company
Company
MMC Norilsk Nickel
Vale SA
BHP Billiton
Jinchuan Group
Glencore
Sherritt International Corp
Eramet SA
Sumitomo Metal Mining
Anglo American
Minara Resources

Segment by Type
Nickeliferous Limonite Smelting
Garnierite Smelting

Segment by Application
Steel Industry
Aerospace Industry
Electroplating Industry
Chemical Industry

Production by Region
North America
Europe
China
Japan

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SIMILAR REPORT

https://reports.valuates.com/market-reports/QYRE-Auto-15G14119/global-hydrodemetallization-hdm-catalyst

https://reports.valuates.com/market-reports/QYRE-Auto-27M13942/global-residue-hydrodemetalization-catalysts

https://reports.valuates.com/market-reports/QYRE-Auto-30Z7254/china-nickel

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