Electric Vehicles is fastest growing segment fueling the growth of the Global Pure Nickel Wire Market
The global Pure Nickel Wire Market is estimated to be valued at US$ 102.2 Mn in 2023 and is expected to exhibit a CAGR of 4.7% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market Overview: Pure nickel wire is extensively used in manufacturing of EV batteries owing to its excellent electrical conductivity, thermal stability and corrosion resistance properties. It is used as a conductive material in various battery components like tabs, plates and cables. Market key trends: One of the key trends fueling the growth of the pure nickel wire market is rising adoption of electric vehicles globally. According to recent estimates, more than 6 million electric vehicles were sold globally in 2021 representing an increase of over 90% compared to 2020 sales. Growing prominence of EVs is generating substantial demand for Li-ion batteries which use high purity nickel in their production. This is positively impacting dem...