Demand from APAC Countries Predicted to Propel the Growth of the Global Nickel Market Until 2019, Says Technavio

LONDON--()--According to the latest research study released by Technavio, the global nickel market is expected to reach over 2.4 million metric tons in production by 2019.

This research report titled ‘Global Nickel Market 2015-2019’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments and all leading regions.

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“Many big companies in China and India are funding the development of greenfield mines in underdeveloped countries like Burma, Indonesia, and Papua New Guinea to support nickel extraction and production. US and European companies are also expressing keen interest in funding discovery of mines in countries such as the Philippines. Thus, the increased demand in these nations is forcing existing nickel mining companies to consider exploring and discovering newer reserves of nickel. These developments will significantly drive the growth of the global nickel market over the next four years,” said Chandrakumar Badala Jaganathan, one of Technavio’s lead analysts for metals and minerals.

Market share of nickel in various end-usage segments in 2014:

  • Transportation and defense 34%
  • Fabricated metal products 20%
  • Electrical equipment 13%
  • Chemical industries 7%
  • Petroleum industries 7%
  • Household appliances 5%
  • Industrial machinery 5%
  • Other 4%

Transportation and defense: largest revenue contributor for the global nickel market

The transportation and defense segment is growing at a rapid rate due to increased use of various modes of transportation. It is expected to significantly drive the demand for nickel over the next four years. Nickel is used in many cars, buses, and trucks in the form of stainless steel in the transportation industry. It includes heavier cars, buses, trucks, railway carriages, aircrafts, and ships. Transportation is a diverse industry and various applications require nickel in varying proportions. For instance, aircraft engines are subjected to high temperatures and stresses and therefore require specific types of nickel-based alloys. Through the application of nickel, the aircraft’s body imbibes features such as corrosion resistance, toughness, durability, and cast ability. Nickel also contributes to the aesthetic appeal of products, which is a key reason for its use in the manufacture of railway carriages. Large tankers of stainless steel and iron-nickel alloys are used to minimize fuel consumption, reduce carbon emissions, and cargo losses. Transportation of liquefied natural gases takes place at a temperature of -163°C and is expected to further augment the application of nickel.

Fabricated metal products: second largest revenue contributor for the global nickel market

The fabricated metal products market is expected to grow at a rapid pace during the forecast period due to the use of nickel across sectors such as toys, machinery, construction, among others.

Fabrication is an important and vital prerequisite that ensures cost-effectivity and durability of products. Every alloy requires a specific kind of fabrication to achieve desired results. Nickel-based alloys are particularly used in the fabrication process of metal products and for welding purposes. Metal products such as girders for bridges, suspension rods, precision engineering dependent instruments, and many other small equipment use nickel in some form or the other for their fabrication. Trusses, steel rods, and many other products also employ nickel-based alloys to impart durability and strength to the end products that are manufactured out of them.

Nickel usage in electrical and electronic equipment

Many nickel-based materials find wide application in the manufacture of essential components used in the electrical and electronics industry. Nickel irons, nickel stainless steels, nickel-copper alloys, and many other nickel-based materials are used in very large electrical and electronic components to nano scale components.

This segment is expected to showcase robust growth during the forecast period owing to an increase in the demand for electrical and electronic devices in a number of residential and industrial applications. According to Technavio analysts, the use of nickel in electrical and electronic equipment is expected to grow from 0.24 million metric tons in 2014 to 0.31 million metric tons in 2019 at a CAGR of 5.25%.

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About Technavio

Technavio is a leading global technology research and advisory company. The company develops over 2000 pieces of research every year, covering more than 500 technologies across 80 countries. Technavio has about 300 analysts globally who specialize in customized consulting and business research assignments across the latest leading edge technologies.

Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com

Release Summary

According to the latest research study released by Technavio, the global nickel market is expected to reach over 2.4 million metric tons in production by 2019.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 630 333 9501
UK: +44 208 123 1770
www.technavio.com
media@technavio.com