World - Nickel Ores And Concentrates - Market Analysis, Forecast, Size, Trends And Insights
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The global nickel ore market is expected to see growth in both volume and value over the next eight years, with consumption and production trends analyzed. China, Indonesia, and the Philippines are key players in the market, with fluctuations in import and export prices observed.
Market Forecast
Driven by rising demand for nickel ore worldwide, the market is expected to start an upward consumption trend over the next eight-year period. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +5.4% for the period from 2022 to 2030, which is projected to bring the market volume to 116M tons by the end of 2030.
In value terms, the market is forecast to increase with an anticipated CAGR of +5.9% for the period from 2022 to 2030, which is projected to bring the market value to $29.9B (in nominal prices) by the end of 2030.
Consumption
World Consumption of Nickel Ores And Concentrates
Global nickel ore consumption reduced to 77M tons in 2022, which is down by -6.1% against 2021. Over the period under review, consumption saw a mild descent. Over the period under review, global consumption reached the peak volume at 101M tons in 2013; however, from 2014 to 2022, consumption stood at a somewhat lower figure.
The global nickel ore market value rose slightly to $19B in 2022, growing by 2.2% 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). In general, consumption continues to indicate a slight decline. Over the period under review, the global market reached the maximum level at $26B in 2013; however, from 2014 to 2022, consumption remained at a lower figure.
Consumption By Country
The countries with the highest volumes of consumption in 2022 were China (40M tons), Indonesia (20M tons) and the Philippines (4.2M tons), together comprising 84% of global consumption.
From 2012 to 2022, the biggest increases were recorded for Indonesia (with a CAGR of +10.1%), while consumption for the other global leaders experienced mixed trends in the consumption figures.
In value terms, China ($4B), Indonesia ($2.6B) and Japan ($284M) were the countries with the highest levels of market value in 2022, with a combined 36% share of the global market.
In terms of the main consuming countries, Indonesia, with a CAGR of +9.1%, saw the highest rates of growth with regard to market size over the period under review, while market for the other global leaders experienced mixed trends in the market figures.
The countries with the highest levels of nickel ore per capita consumption in 2022 were Guatemala (74 kg per person), Indonesia (72 kg per person) and South Korea (51 kg per person).
From 2012 to 2022, the most notable rate of growth in terms of consumption, amongst the leading consuming countries, was attained by Indonesia (with a CAGR of +8.8%), while consumption for the other global leaders experienced mixed trends in the per capita consumption figures.
Production
World Production of Nickel Ores And Concentrates
In 2022, after three years of growth, there was significant decline in production of nickel ores and concentrates, when its volume decreased by -7.2% to 72M tons. The total output volume increased at an average annual rate of +3.9% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2013 when the production volume increased by 45% against the previous year. Over the period under review, global production hit record highs at 77M tons in 2021, and then shrank in the following year.
In value terms, nickel ore production reached $23.7B in 2022 estimated in export price. The total output value increased at an average annual rate of +1.4% from 2012 to 2022; however, the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. The pace of growth was the most pronounced in 2014 with an increase of 13%. Over the period under review, global production hit record highs in 2022 and is expected to retain growth in the immediate term.
Production By Country
The Philippines (43M tons) remains the largest nickel ore producing country worldwide, comprising approx. 60% of total volume. Moreover, nickel ore production in the Philippines exceeded the figures recorded by the second-largest producer, Indonesia (20M tons), twofold.
In the Philippines, nickel ore production expanded at an average annual rate of +2.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Indonesia (+9.0% per year) and Guatemala (+1.4% per year).
Imports
World Imports of Nickel Ores And Concentrates
In 2022, global nickel ore imports contracted to 46M tons, falling by -9.9% compared with 2021. Overall, imports recorded a noticeable curtailment. The most prominent rate of growth was recorded in 2018 with an increase of 28%. Over the period under review, global imports attained the peak figure at 81M tons in 2013; however, from 2014 to 2022, imports stood at a somewhat lower figure.
In value terms, nickel ore imports expanded sharply to $6.3B in 2022. Over the period under review, imports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when imports increased by 45%. Over the period under review, global imports attained the maximum at $6.9B in 2012; however, from 2013 to 2022, imports stood at a somewhat lower figure.
Imports By Country
China dominates imports structure, finishing at 40M tons, which was near 86% of total imports in 2022. South Korea (2.7M tons) took the second position in the ranking, followed by Japan (2.5M tons). All these countries together took near 11% share of total imports.
From 2012 to 2022, average annual rates of growth with regard to nickel ore imports into China stood at -4.4%. At the same time, South Korea (+6.1%) displayed positive paces of growth. Moreover, South Korea emerged as the fastest-growing importer imported in the world, with a CAGR of +6.1% from 2012-2022. By contrast, Japan (-6.1%) illustrated a downward trend over the same period. While the share of South Korea (+3.7 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, China ($4.5B) constitutes the largest market for imported nickel ores and concentrates worldwide, comprising 72% of global imports. The second position in the ranking was held by South Korea ($382M), with a 6.1% share of global imports.
In China, nickel ore imports decreased by an average annual rate of -1.4% over the period from 2012-2022. In the other countries, the average annual rates were as follows: South Korea (+10.3% per year) and Japan (-2.0% per year).
Import Prices By Country
In 2022, the average nickel ore import price amounted to $136 per ton, jumping by 18% against the previous year. Overall, import price indicated a noticeable increase from 2012 to 2022: its price increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, nickel ore import price increased by +123.8% against 2016 indices. The pace of growth was the most pronounced in 2021 an increase of 35%. Global import price peaked in 2022 and is expected to retain growth in the near future.
Average prices varied somewhat amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was South Korea ($144 per ton), while China ($113 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Japan (+4.3%), while the other global leaders experienced more modest paces of growth.
Exports
World Exports of Nickel Ores And Concentrates
In 2022, after three years of growth, there was significant decline in shipments abroad of nickel ores and concentrates, when their volume decreased by -12.1% to 41M tons. In general, total exports indicated a perceptible expansion from 2012 to 2022: its volume increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2013 when exports increased by 64%. As a result, the exports attained the peak of 51M tons. From 2014 to 2022, the growth of the global exports remained at a somewhat lower figure.
In value terms, nickel ore exports expanded modestly to $5.9B in 2022. Overall, exports, however, continue to indicate a temperate expansion. The pace of growth was the most pronounced in 2019 with an increase of 44% against the previous year. The global exports peaked in 2022 and are likely to see steady growth in years to come.
Exports By Country
The Philippines dominates exports structure, resulting at 39M tons, which was approx. 93% of total exports in 2022. Guatemala (1.7M tons) took a minor share of total exports.
From 2012 to 2022, average annual rates of growth with regard to nickel ore exports from the Philippines stood at +3.0%. At the same time, Guatemala (+25.2%) displayed positive paces of growth. Moreover, Guatemala emerged as the fastest-growing exporter exported in the world, with a CAGR of +25.2% from 2012-2022. From 2012 to 2022, the share of Guatemala increased by +3.4 percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.
In value terms, the Philippines ($1.3B) remains the largest nickel ore supplier worldwide, comprising 21% of global exports. The second position in the ranking was taken by Guatemala ($60M), with a 1% share of global exports.
From 2012 to 2022, the average annual growth rate of value in the Philippines amounted to +6.7%.
Export Prices By Country
In 2022, the average nickel ore export price amounted to $142 per ton, growing by 18% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the average export price increased by 78% against the previous year. The global export price peaked in 2022 and is expected to retain growth in the near future.
Average prices varied noticeably amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Guatemala ($36 per ton), while the Philippines stood at $33 per ton.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Philippines (+3.7%).
This report provides an in-depth analysis of the global nickel ore market. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 07291200 - Nickel ores and concentrates
Country coverage:
Worldwide - the report contains statistical data for 200 countries and includes detailed profiles of the 50 largest consuming countries:
- USA
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
+ the largest producing countries
Data coverage:
- Global market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Global production, split by region and country
- Global trade (exports and imports)
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- CONSUMPTION BY COUNTRY
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. GLOBAL PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
- PRODUCTION BY COUNTRY
8. GLOBAL IMPORTS
The Largest Importers on The Market and How They Succeed
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. GLOBAL EXPORTS
The Largest Exporters on The Market and How They Succeed
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
11. COUNTRY PROFILES
The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO- United States
- China
- Japan
- Germany
- United Kingdom
- France
- Brazil
- Italy
- Russian Federation
- India
- Canada
- Australia
- Republic of Korea
- Spain
- Mexico
- Indonesia
- Netherlands
- Turkey
- Saudi Arabia
- Switzerland
- Sweden
- Nigeria
- Poland
- Belgium
- Argentina
- Norway
- Austria
- Thailand
- United Arab Emirates
- Colombia
- Denmark
- South Africa
- Malaysia
- Israel
- Singapore
- Egypt
- Philippines
- Finland
- Chile
- Ireland
- Pakistan
- Greece
- Portugal
- Kazakhstan
- Algeria
- Czech Republic
- Qatar
- Peru
- Romania
- Vietnam
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LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption, By Country, 2018–2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Destination, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Origin, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Consumption, By Country, 2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Production, By Country, 2023
- Production, In Physical Terms, By Country, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, 2012–2023
This report provides an in-depth analysis of the global nickel ore market.
Global Nickel Ore Market Report 2019. This report provides an in-depth analysis of the global market for nickel ores and concentrates.
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