By Paul Ploumis (ScrapMonster Author)
December 15, 2015 07:04:51 AM
BRUSSELS (Scrap Monster): The latest report released by ResearchAndMarkets.com, the global Nickel market is predicted to grow at a compounded annual growth rate (CAGR) of 5% during the five-year period from 2015 to 2019.
According to the report, Nickel usage faces significant challenges. The market growth may be impacted badly by discovery of newer substitutes, which are likely to replace nickel in a variety of traditional application areas. For example, chromium is increasingly used in the manufacture of stainless steel. The piping used in power and petroleum industries is found using titanium alloys in place of nickel due to the former’s anti-corrosion feature. The battery industry has started using lithium ion instead of nickel metal hydride. Such alternative developments are likely to limit the growth of Nickel market during 2015-’19.
Meantime, the nickel market growth will be primarily driven by the increasing demand from transportation sector. The development of sky buses, monorails, metro rail, and buses will lead to increased usage of the metal. Further, ever-increasing demand for electricity will lead to creation of more number of power-generating plants. The fabrication of huge quantities of nickel-based stainless steel and superalloys will result in increased sales and usage of nickel.
The report states that BHP Billiton, Glencore, Norilsk Nickel, PT Antam and Vale will emerge as the key players in the global nickel market. Other prominent vendors would be Eramet, JFE Mineral, Lundin Mining, Sherritt, and South 32.
The study report is based on an objective combination of primary and secondary information including inputs from key participants in the industry