Key Market Indicators
Luxembourg's nickel export market is projected to climb to around $1.85 million by 2028, up from approximately $1.48 million in 2023. This marks an average annual growth rate of 3.4%. Since 2004, Luxembourg's nickel supply has increased by 2.1% annually. In 2023, Luxembourg ranked 49th in global nickel exports, with Croatia surpassing it at the same export value of $1.48 million. Leading the rankings were Canada, Russia, and Malaysia, securing the second, third, and fourth positions, respectively. Conversely, Luxembourg's nickel imports are expected to decrease to about $1.81 million by 2028, down from roughly $1.92 million in 2023. This represents an average annual decline of 1%. Since 2004, the nation's demand for nickel has diminished by 0.7% per year.
