- A Fortune Business Insights report states that the global stainless steel market is projected to grow from $204.17 billion in 2022 to $298.85 billion in 2029
- Nickel is one of several components that form a powerful stainless steel alloy
- Canada Nickel is focused on sustainably producing the critical minerals needed for a low-carbon future
As the stainless steel market rebounds from COVID-19 slowdowns, Canada Nickel Company (TSX.V: CNC) (OTCQX: CNIKF) is working on advancing the next generation of high-quality, high-potential nickel-cobalt projects to deliver the metals needed to feed the high-growth stainless steel market. The company is particularly focused on sustainably producing the critical minerals needed for a low carbon future and operating in ways that support resilient local communities and minimize its environmental impacts (https://ibn.fm/tRr71).
A Fortune Business Insights report states that the global stainless steel market is projected to grow from $204.17 billion in 2022 to $298.85 billion in 2029, exhibiting a CAGR of 5.6% during the forecast period (https://ibn.fm/D8O9t); this increase comes after a decreasing demand during the global COVID-19 pandemic.
“Stainless steel comprises several components that fuse and form a powerful alloy,” the report observed. “The product is ecofriendly, corrosion resistant, long lasting, neutral alloy, strong and infinitely recyclable. Such properties make steel a perfect choice in several industries such as automotive, construction and electronic. The rapidly growing automotive industry is fueling the product demand. Furthermore, the product’s ability to resist corrosion coupled with rising manufacturing for recyclable material will further aid in propelling the market growth during the forecast timeframe.”
The report noted that other factors are also contributing to the increase in demand for stainless steel, including growing technological advancements to make sustainable stainless steel and global megatrends, such as rising mobility, urbanization, population and economic development, and increased climate change.
“Additionally, growing CO2 emissions worldwide led many steel products to develop a sustainable choice that could be durable and may be reused at the end of their life cycle,” the report stated. “Such factors, coupled with growing consumer preference to buy steel-based products, will create newer heights for the market to grow significantly.”
Deeply aware of its responsibility to operate in a sustainable manner, Canada Nickel Company is pursuing the development of processes to allow the production of net-zero carbon nickel, cobalt and iron products. In addition to ensuring its impact on the environment is minimal, the company is also committed to early, ongoing and accessible engagement specifically tailored to the interests and expectations of all project stakeholders, communities and Indigenous groups.
Canada Nickel intends to manage social, economic, environmental, cultural and human rights impacts by responding to community concerns, honestly and transparently, while working to directly optimize potential benefits of its projects.
Currently anchored by its wholly owned flagship Crawford Nickel-Cobalt Sulphide project in the heart of the prolific Timmins-Cochrane mining camp, Canada Nickel provides investors with leverage to nickel in low political-risk jurisdictions. The company is one of only a few new sources of potential supply outside Indonesia and China and brings industry-leading nickel expertise to the investment table.
For more information, visit the company’s website at www.CanadaNickel.com.
NOTE TO INVESTORS: The latest news and updates relating to CNIKF are available in the company’s newsroom at https://ibn.fm/CNIKF
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