India's import of Nickel Bars, Rods, Profiles, and Wire has exhibited significant volatility from 2013 to 2023. The value stood at 81.567 million USD in 2023. The early period saw a sharp increase followed by a dramatic drop in 2014. Post-2015, there was a mix of modest declines and rebounds with an upturn starting in 2021. The last two years observed continuous but moderate growth with a year-on-year variation of 3.33% in 2023. Over the past five years, the CAGR has been approximately 2.44%, forecasting a moderate growth rate of 12.8% through 2028.
Future trends to watch for:
- Increasing demand for nickel due to its essential role in electric vehicle (EV) batteries.
- Growth in the stainless steel industry, where nickel is a key component.
- Potential trade policy changes impacting import strategies.
- Technological advancements influencing nickel usage efficiency.
