In 2023, Canada's import of nickel sulphates stood at 13.106 million kilograms. The forecast for 2024 shows an import volume of 13.593 million kilograms, indicating a 3.71% increase. This upward trend continues with year-on-year growth rates of approximately 3.74% for 2025, 3.53% for 2026, 3.34% for 2027, and 3.17% for 2028, leading to a projected volume of 15.565 million kilograms. The compound annual growth rate (CAGR) from 2023 to 2028 is expected to be around 3.50%.
Future trends to watch include shifts in demand driven by Canada's clean energy initiatives, particularly for electric vehicles, as well as potential supply chain constraints that could impact the import of nickel sulphates. Market dynamics in major supplying countries will also be a significant factor influencing the import landscape in Canada.
