$3.2bn
$XXX.Xm
3,069
17
$XXX.Xm
Nickel ore miners faced generally positive operating conditions over the past decade, with strong pricing growth over most of the period amid rising global demand for nickel. However, in 2023-24, oversupply in the global market prompted a sharp price downturn and major nickel ore miners, like BHP, were forced to downgrade their nickel outlook. Nickel ore production volumes have remained relatively steady and are expected to reach 159.5 kilotonnes in 2023-24. Therefore, fluctuations in revenue were largely a product of movements in price, which grew strongly during the pandemic. Overall, nickel ore mining revenue is anticipated to increase at an annualised 5.2% over the five years through 2023-24, to $3.2 billion. However, this trend includes a 25.3% fall expected in 2023-24 amid a heavy slump in prices.
Industry revenue has grown at a CAGR of 5.2 % over the past five years, to reach an estimated $3.2bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue ($m)
2024 |
---|---|---|
BHP | 1,296.0 | |
Glencore | 728.0 | |
IGO | 709.4 |
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Industry revenue is measured across several distinct product and services lines, including High-grade nickel ore, Low- and medium-grade nickel ore and Nickel ore concentrate. High-grade nickel ore is the largest segment of the Nickel Ore Mining in Australia.
Fluctuating prices have dictated nickel ore concentrate’s performance
Industry firms mine nickel-bearing ores. These firms may also carry out basic nickel ore beneficiation processes to produce nickel ore concentrate. Nickel ore that undergoes additional processing is excluded from the industry and included in other downstream manufacturing sectors.
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ANZSIC 0806 - Nickel Ore Mining in Australia
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Rising nickel prices have driven revenue higher despite production volumes falling. Tough operating conditions have kept nickel production well below volumes from a decade ag...
Learn about an industry's products and services, markets and trends in international trade.
Growing demand for battery-grade nickel represents a growth opportunity for miners. Battery manufacturers in China, Japan and South Korea are major markets for Australian nic...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Almost all of Australia’s nickel production takes place in Western Australia. The state is well placed, with high-grade nickel deposits to service major battery manufacturers...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Australian nickel ore miners face competition from other countries in global markets. Indonesia is the world's largest producer, accounting for around 40% of global productio...
Learn about the performance of the top companies in the industry.
Some large diversified miners have flagged nickel as a key part of their strategy going forwards. These miners are looking to tap in to growing demand for electric vehicles, ...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Price fluctuations in global markets have a significant effect on industry revenue. Nickel prices are set to plummet in 2023-24 on the back of supply growth from Indonesia an...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Fluctuating nickel prices have affected industry profit margins. Despite strong price growth in 2021-22 and 2022-23, nickel ore miners have faced rising operating costs. In 2...
Including values and annual change:
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Key data sources in Australia include:
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These sources include:
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The market size of the Nickel Ore Mining industry in Australia is $3.2bn in 2024.
There are 17 businesses in the Nickel Ore Mining industry in Australia, which has grown at a CAGR of 5.5 % between 2019 and 2024.
The market size of the Nickel Ore Mining industry in Australia has been growing at a CAGR of 5.2 % between 2019 and 2024.
Over the next five years, the Nickel Ore Mining industry in Australia is expected to grow.
The biggest companies operating in the Nickel Ore Mining market in Australia are BHP, Glencore and IGO
Nickel ore mining and Nickel ore beneficiation processes are part of the Nickel Ore Mining industry.
The company holding the most market share in Australia is BHP.
The level of competition is moderate and steady in the Nickel Ore Mining industry in Australia.