UNITED KINGDOM March 30 2016 8:12 PM

LONDON (Scrap Register): Global nickel production to reach over 2.4 million metric tons by 2019, as per the latest report by Technavio.

According to the research note, 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 analyst at Technavio.