Technavios market research analyst predicts the global nickel market to grow at a CAGR of around 5% during the forecast period. The high demand for nickel in the transportation sector is driving the growth of this market. Nickel is used in the development of urban transportation such as sky buses, monorails, metro rail, and buses.
The discovery of newer substitutes that can replace nickel in a variety of applications is expected to deter the growth of the market. For instance, elements such as chromium are being used in the manufacture of stainless steel. Nickel is being substituted with titanium alloys to limit corrosion in piping that is used for the power and petroleum industries. These alternatives are anticipated to decrease the sales of nickel and limit the market growth during the forecast period.
Segmentation by application and analysis of the nickel market
Stainless steels and alloy steel Non-ferrous alloys and super alloys Electroplating Nickel is used in the manufacturing of stainless steel and alloy steel. This segment accounted for 45% of the market share during 2014 and is anticipated to grow at a rate of 5% during the forecast period. Nickel is used in most grades of stainless steel due to the strength that is imparted to the steel, which can then be used in construction. Nickel can also handle cryogenic and elevated temperatures.
Segmentation by end user and analysis of the nickel market
Transportation and defense Fabricated metal products Electrical equipment Chemical industry Petroleum industries Construction sector Household appliances Industrial machinery The transportation and defense sector is the largest consumer of nickel and had a market share of around 39% during 2014. The usage of nickel in this sector is expected to grow at a rate of 5% during the forecast period. Nickel is used in many cars, buses, and trucks in the form of stainless steel. Large tankers of stainless steel and iron-nickel alloys are used to minimize fuel consumption, reduce carbon emissions, and reduce cargo losses.
Geographical segmentation and analysis of the global nickel market
Americas Asia Europe ROW Asia is the largest consumer of nickel and accounted for 69% of the market shares during 2014. The rapid industrialization and development occurring in this region, especially in China and India, is driving the demand for industrial machinery where nickel is used.
Competitive landscape and key vendors
The global nickel market has an oligopolistic market structure. The market is dominated by a few leading companies who have acquired mines and cater to the global demand. Most of the nickel mines are located in Canada, Russia, Indonesia, the Philippines, Burma, and Western Australia.
The leading vendors in the market are
BHP Billiton Glencore Norilsk Nickel PT Antam Vale Other prominent vendors in the market include Eramet, JFE Mineral, Lundin Mining, Sherritt, and South 32.
Key questions answered in the report include
What will the market size and the growth rate be in 2019 What are the key factors driving the global nickel market What are the key market trends impacting the growth of the nickel market What are the challenges to market growth Who are the key vendors in this market space What are the market opportunities and threats faced by the vendors in the global nickel market Trending factors influencing the market shares of the Americas, Asia, Europe, and ROW What are the key outcomes of the five forces analysis of the nickel market Technavio also offers customization on reports based on specific client requirement.
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Technavio Announces the Publication of its Research Report Global Nickel Market 2015-2019 Technavio recognizes the following companies as the key players in the Global Nickel Market: BHP Billiton, Glencore, Norilsk Nickel, PT Antam and Vale Other Prominent Vendors in the market are: Eramet, JFE Mineral, Lundin Mining, Sherritt, and South 32. Commenting on the report, an analyst from Technavios team said: The demand for nickel and the subsequent shutting down of mines across the world has led to the quest for exploration and the development of newer nickel projects in countries where the ban on nickel mining has not been enforced in order to bridge the demand supply gap. Discovery of newer mines is happening across leading nickel producing nations such as the Philippines, Indonesia, Burma, and many other Asian countries through funding from big companies that have nickel mining as an important part of their business portfolio. According to the report, Electricity is an invaluable resource and its demand keeps increasing on a daily basis. The demand for electricity is attributed to the growth of the population and industrial and infrastructural development. To meet this ever increasing demand for electricity, more and more power generating plants have to be built across the globe. Irrespective of the type of resource used (fossil fuels, renewable sources, or nuclear energy), a large quantity of nickel-based stainless steel and superalloys will have to be developed and fabricated. This will increase the usage of nickel and thereby increase the sales of nickel. Further, the report states that the battery industry is using lithium ion instead of nickel metal hydride in order to substitute the use of nickel. These substitutes will decrease the sales of nickel and thereby limit the growth of this market.