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Nickel purchasing market ready for strong growth, bigger than ever

Albuquerque, May 20, 2024 (GLOBE NEWSWIRE) — According to an analysis of the global market, the growth trajectory of the nickel market is determined by several factors. The Nickel purchasing market research report from ELINT Market Research has revealed encouraging trends and a positive view of the sector. In 2023, 3.253 million tons of refined nickel products are expected to be produced worldwide, a sharp increase from current estimates. Furthermore, mining activities are expected to produce 3.389 million tonnes of nickel products in the same time frame. Global demand is forecast to reach 3.183 million tonnes by 2023, mainly due to this boom in production.

The composition of the top nickel producers shows how diverse and international the industry is. With 51% of global nickel production, Indonesia is the world leader. Russia (7%) follows, followed by New Caledonia (6%) and the Philippines (10%). The way production resources are distributed highlights the diversity of the region and Indonesia’s crucial role in determining nickel market dynamics. These key players have demonstrated a shared willingness to address any disruptions and maintain market stability through their coordinated actions. ELINT Market Research’s comprehensive nickel sourcing report examines these market trends in detail and provides crucial perspectives for stakeholders navigating the changing environment.

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Dynamic Forces Driving the Nickel Market Growth Trajectory: Economic, Geopolitical, Technological and Environmental Factors at Play

Several dynamic factors influence the growth trajectory of the nickel market. Geopolitical, technological, environmental and economic factors are all included in this list. Economics attaches great importance to variations in supply and demand in the world, which are often the result of industrial processes such as the production of stainless steel and electric cars. Trade policies and geopolitical disputes between primary nickel producing and consuming governments affect market prices and trade patterns. Technology is constantly changing production capacity and cost structures, affecting competitiveness in the market. In addition, the importance of environmental considerations is increasing, impacting production methods and contributing to the growth of nickel recycling as a profitable market niche. Sustainable initiatives and legislative frameworks are some examples of these variables.

Numerous dynamic and ever-changing factors influence the growth of the nickel market. Economic factors play an important role, including shifts in industry supply and demand from sectors such as electric car and stainless steel production. Regional geopolitical conflicts and trade policies between major producing and consuming countries make market prices and trade dynamics more complex. Technological developments in extraction and processing methods are constantly changing cost structures and production capabilities, impacting a product’s ability to compete in the nickel sourcing market. Additionally, evolving regulatory mandates and environmental concerns are driving the transition to environmentally friendly operations, motivating the establishment of nickel reprocessing infrastructure and driving advances in more environmentally friendly production techniques.

Key highlights for the nickel purchasing market

  • Stainless steel production was the leading category with the largest share, according to the nickel market overview for 2022-2023. The stainless steel segment has grown significantly due to its strength, corrosion resistance and attractive appearance. After 2023, more expansion and dominance are predicted for the segment.
  • In 2022–2023, the automotive industry remained the leading segment of the nickel market. The automotive industry has always been innovative, and nickel’s crucial role in the development of alloys for parts such as batteries and electric car bodies has helped maintain this dominance. Forecasts indicate that this segment’s share will increase after 2023, underscoring its continued importance.
  • Demand for electric cars is expected to skyrocket as awareness about reducing CO2 emissions and switching to more environmentally friendly energy sources increases. It would significantly change the dynamics of the nickel market and increase demand for nickel, especially for lithium-ion battery production.

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Regional scope of the nickel purchasing market

Several regional factors significantly influence the growth trajectory of the nickel market. North America still has a vulnerable supply chain due to low production capacity and limited nickel reserves. In this case, suppliers would have less influence because meeting demand would require a heavy dependence on imports. Nevertheless, supplier power in the European Union (EU) is taking a more moderate position, reflecting a more balanced market environment. As a result, providers have less influence on the dynamics of supply and demand. But it is clear that suppliers, especially in countries such as Indonesia and the Philippines, have a lot of power in the Asian market. The higher traction is mainly due to the fact that these areas have abundant nickel reserves and high production capacity.

However, consumer power takes different forms around the world. For example, buying power in North America is scarce due to the need for more local production. In contrast, buyer power within the EU is considerably greater. This is caused by a crowded consumer market with many options and strong industrial demand. Consequently, consumers in the European Union have significant power and can significantly influence market dynamics. Globally, regional differences in the balance between the power of suppliers and buyers ultimately influence the expansion of the nickel market.

Important developments in the nickel purchasing market

  • Lifezone Metals, the mining industry leader, recently achieved a major development milestone with the approval of its nickel project in Tanzania. This license now allows Lifezone Metals to explore Tanzanian nickel deposits. Lifezone Metals can fully utilize the potential of this invaluable natural resource thanks to its resources and expertise.
  • Renowned multinational electronics giant Samsung SDI revealed that it has invested in a foreign mining company to strengthen its position in nickel-rich batteries. To ensure a stable and adequate nickel supply, Samsung SDI plans to acquire a stake in the mining company. Nickel is a critical component of modern battery technologies that power portable electronics, electric cars and renewable energy storage solutions.

Key players in the nickel purchasing market

Prominent companies in the nickel market include PT Vale Indonesia Tbk., Xinjiang Jinchuan Nikkel, Tsingshan Holding Group, Sumitomo Metal Mining Co Ltd., Eramet, Glencore plc, Boliden AB, KGHM International Ldi, Northern Sun Mining Corp., China Minmetals Corp., Jinchuan Nickel, Tsingshan Holding Group, Sumitomo Metal Mining Co Ltd. , Global Ferronickel Holdings Inc., Boliden AB, KGHM International Ldi, Boliden AB, KGHM International Ldi, Eramet, Glencore plc, Anglo American plc, Glencore plc and Anglo American plc.

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Central aspects covered in the nickel purchasing market research report

What are the key factors driving the growth trajectory of the nickel market?

Key factors include changes in geopolitical situations, technological breakthroughs, global variations in supply and demand, and environmental concerns. Political and economic factors also have an impact on the nickel market.

Which segments dominated the nickel market, and what conditions led to the dominance of those segments?

In the industry, stainless steel was the most popular material to manufacture because of its strength, corrosion resistance and sleek appearance. Because nickel is used to make alloys used to make batteries and the exterior of electric cars, it has continued to dominate the auto industry.

Which countries produce the most nickel, and what share of the world total does each country contribute?

The Philippines (10%), New Caledonia (6%) and Russia (7%) are the countries that produce the most nickel worldwide, with Indonesia leading the way with 51%.

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