Nickel is an element which is available in two forms in the earth’s crust i.e. lateritic ores and sulfidic. The latter form of nickel is processed or smelted to form refined nickel. Nickel has a high melting point, resistance against corrosion and good ductility, and has recyclability. The advantages of refined nickel is widely used in end-use industries from metallurgy to electronics, automotive and healthcare. Further, the upsurge in demand for stainless steel in the infrastructure, machinery, and automotive industries globally is driving the refined nickel market.This growth is primarily driven by Increased Consumption of Refined Nickel by Stainless Steel Industry, Rapid Industrialization and Urbanization in Emerging Economies and Rising use of Nickel in Manufacturing Batteries for Electric Vehicles.
Globally, a noticeable market trend is evident High Demand for Stainless Steel among End-users
. Major Vendors, such as Norilsk Nickel (Russia), Vale (Brazil), BHP (Australia), Jinchuan Group International Resources Co. Ltd (China), Sumitomo Metal Mining Co. (Japan), Anglo American (United States), Ambatovy (United States), Sherritt International Corporation (Canada), Minara Resources (Australia) and Glencore (Switzerland) etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years.
Key Developments in the Market:
September 2017, Monchegorsk has become the world’s largest nickel refining facility. Monchegorsk site produces up 165,000 tons of nickel per year. and The factory in Monchegorsk now receives nickel matter from both the smelter in Nikel near Russia’s border to Norway and from the Nadezhda Metallurgical Plant in Norilsk.
October 2018, Norilsk nickel group announced nickel production which was amounted to 54 kt, up 9% quarter-on-quarter (q-o-q). Nickel output from Russian feed also increased 9% q-o-q to 53 kt. The growth was mainly attributed to increased production at Norilsk Nickel Company.
- Increased Consumption of Refined Nickel by Stainless Steel Industry
- Rapid Industrialization and Urbanization in Emerging Economies
- Rising use of Nickel in Manufacturing Batteries for Electric Vehicles
- High Demand for Stainless Steel among End-users
- Growing use of Nickel in the Healthcare Industry
- Fluctuating Raw Material Prices may hamper the Market Growth
Increasing Import of Refined Nickel in Emerging Economies like China and Rising Construction Activities
Reduction in Demand for Stainless Steel in Developed Countries
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