LONDON, Dec. 2, 2015 /PRNewswire/ -- Market overview of the global nickel market
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
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
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
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
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
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