Europe is the second largest finished demand source after Asia, contributing to ~9.1% of global demand. In 2022, it is forecast to consume 261kt of nickel. Soaring energy prices in the region has greatly reduced stainless-steel production.
This
caused quarterly demand to drop by a drastic 26%, from 74kt in the March quarter to 55kt in the September quarter of 2022. As energy security stabilises
and prices cool, demand is expected to recover.
Finished
demand will then grow by a CAGR of 3.5% to 311kt in 2027, and by a further CAGR
of 4.1% to 523kt in 2040. Demand will remain dominated by the stainless-steel
sector, while growth will be supported by battery developments. Europe is fast
becoming a hotspot for Gigafactories, with over 30 factories proposed and half
a dozen commissioned by the end of 2022.
EVs
Driving the Region