Nickel Powder Market

The global nickel powder market is expected to continue its upward consumption trend, with forecasted CAGR growth rates in both volume and value. Key countries like China, South Korea, and the United States are driving demand, with significant increases in consumption and production. Import and export data show strong growth, with China leading imports and Canada leading exports. Prices are also on the rise, indicating a positive outlook for the market in the near future.

Market Forecast

Driven by increasing demand for nickel powders and flakes worldwide, the market is expected to continue an upward consumption trend over the next eight-year period. Market performance is forecast to decelerate, expanding with an anticipated CAGR of +3.7% for the period from 2022 to 2030, which is projected to bring the market volume to 104K tons by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +5.3% for the period from 2022 to 2030, which is projected to bring the market value to $3.6B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Nickel Powders And Flakes

In 2022, approx. 78K tons of nickel powders and flakes were consumed worldwide; remaining stable against the previous year's figure. Overall, consumption, however, recorded a strong expansion. Global consumption peaked at 78K tons in 2021, and then reduced in the following year.

The global nickel powder market revenue expanded sharply to $2.3B in 2022, picking up by 12% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption, however, continues to indicate a strong expansion. Over the period under review, the global market reached the maximum level in 2022 and is likely to continue growth in the immediate term.

Consumption By Country

The country with the largest volume of nickel powder consumption was China (28K tons), accounting for 36% of total volume. Moreover, nickel powder consumption in China exceeded the figures recorded by the second-largest consumer, South Korea (12K tons), twofold. The United States (9.2K tons) ranked third in terms of total consumption with a 12% share.

In China, nickel powder consumption expanded at an average annual rate of +24.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (+19.5% per year) and the United States (+9.5% per year).

In value terms, China ($684M), South Korea ($437M) and South Africa ($314M) appeared to be the countries with the highest levels of market value in 2022, together accounting for 61% of the global market.

China, with a CAGR of +25.2%, saw the highest rates of growth with regard to market size in terms of the main consuming countries over the period under review, while market for the other global leaders experienced more modest paces of growth.

The countries with the highest levels of nickel powder per capita consumption in 2022 were South Korea (236 kg per 1000 persons), Sweden (156 kg per 1000 persons) and Malaysia (50 kg per 1000 persons).

From 2012 to 2022, the biggest increases were recorded for China (with a CAGR of +23.7%), while consumption for the other global leaders experienced more modest paces of growth.

Production

World Production of Nickel Powders And Flakes

In 2022, global nickel powder production rose to 49K tons, growing by 4.6% against the year before. The total output volume increased at an average annual rate of +2.5% over the period from 2012 to 2022; the trend pattern remained relatively stable, with somewhat noticeable fluctuations in certain years. The pace of growth was the most pronounced in 2019 when the production volume increased by 7.1%. Over the period under review, global production hit record highs in 2022 and is likely to see steady growth in years to come.

In value terms, nickel powder production expanded modestly to $1.3B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.7% from 2012 to 2022; the trend pattern remained relatively stable, with only minor fluctuations being recorded in certain years. The growth pace was the most rapid in 2018 when the production volume increased by 11% against the previous year. Global production peaked in 2022 and is likely to see gradual growth in years to come.

Production By Country

The countries with the highest volumes of production in 2022 were Canada (18K tons), the UK (12K tons) and Finland (5.5K tons), together comprising 71% of global production.

From 2012 to 2022, the most notable rate of growth in terms of production, amongst the key producing countries, was attained by Finland (with a CAGR of +28.0%), while production for the other global leaders experienced more modest paces of growth.

Imports

World Imports of Nickel Powders And Flakes

In 2022, global nickel powder imports stood at 83K tons, picking up by 4.4% against 2021 figures. In general, imports saw a strong increase. The most prominent rate of growth was recorded in 2018 with an increase of 52% against the previous year. Global imports peaked in 2022 and are expected to retain growth in the immediate term.

In value terms, nickel powder imports skyrocketed to $2.4B in 2022. Overall, imports continue to indicate strong growth. The pace of growth was the most pronounced in 2021 with an increase of 62% against the previous year. Over the period under review, global imports reached the peak figure in 2022 and are expected to retain growth in the near future.

Imports By Country

In 2022, China (31K tons) was the key importer of nickel powders and flakes, comprising 37% of total imports. It was distantly followed by South Korea (12K tons), the United States (11K tons) and Japan (6.8K tons), together making up a 36% share of total imports. Taiwan (Chinese) (3.5K tons), Canada (2.1K tons), Germany (1.7K tons), the Netherlands (1.7K tons), Belgium (1.7K tons), Sweden (1.6K tons), France (1.4K tons) and Brazil (1.4K tons) held a little share of total imports.

China was also the fastest-growing in terms of the nickel powders and flakes imports, with a CAGR of +21.8% from 2012 to 2022. At the same time, the Netherlands (+19.2%), South Korea (+19.0%), the United States (+7.8%), Taiwan (Chinese) (+4.9%), France (+4.6%), Belgium (+4.6%), Canada (+3.7%), Japan (+1.6%) and Brazil (+1.0%) displayed positive paces of growth. Germany and Sweden experienced a relatively flat trend pattern. From 2012 to 2022, the share of China and South Korea increased by +25 and +8.7 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($783M), South Korea ($421M) and the United States ($326M) constituted the countries with the highest levels of imports in 2022, with a combined 64% share of global imports.

In terms of the main importing countries, China, with a CAGR of +23.2%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

In 2022, the average nickel powder import price amounted to $28,605 per ton, with an increase of 26% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.1%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Germany ($40,138 per ton), while Taiwan (Chinese) ($23,946 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+3.9%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Nickel Powders And Flakes

In 2022, shipments abroad of nickel powders and flakes increased by 13% to 55K tons, rising for the second year in a row after two years of decline. Over the period under review, total exports indicated a buoyant expansion from 2012 to 2022: its volume increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +57.0% against 2020 indices. The growth pace was the most rapid in 2021 when exports increased by 39%. The global exports peaked in 2022 and are likely to see steady growth in the near future.

In value terms, nickel powder exports surged to $1.6B in 2022. Overall, exports posted a remarkable increase. The most prominent rate of growth was recorded in 2021 with an increase of 52%. Over the period under review, the global exports attained the maximum in 2022 and are expected to retain growth in years to come.

Exports By Country

In 2022, Canada (18K tons), distantly followed by the UK (11K tons), Finland (5.6K tons), Russia (2.9K tons) and China (2.7K tons) represented the key exporters of nickel powders and flakes, together achieving 74% of total exports. The Netherlands (2.4K tons), Japan (2.4K tons), the United States (1.8K tons), Malaysia (1.7K tons), Germany (1.5K tons), Belgium (1.3K tons) and Morocco (1.2K tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Finland (with a CAGR of +49.6%), while the other global leaders experienced more modest paces of growth.

In value terms, Canada ($507M) remains the largest nickel powder supplier worldwide, comprising 32% of global exports. The second position in the ranking was held by the UK ($231M), with a 15% share of global exports. It was followed by Finland, with a 9.2% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Canada totaled +5.8%. In the other countries, the average annual rates were as follows: the UK (+5.4% per year) and Finland (+52.6% per year).

Export Prices By Country

In 2022, the average nickel powder export price amounted to $28,952 per ton, growing by 12% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 16% against the previous year. Over the period under review, the average export prices attained the peak figure in 2022 and is likely to see steady growth in the near future.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Germany ($55,599 per ton), while Morocco ($2,147 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Malaysia (+8.2%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform