The global Nickel Market was valued at USD 37.0 Billion in 2024 and is forecasted to reach USD 55.5 Billion by 2033, growing at a CAGR of 4.6% during the 2025-2033 period. The Asia Pacific region holds the dominant share with over 72% in 2024, driven by industrial expansion, rising stainless steel demand, and increased electric vehicle battery production. Innovations, government policies, and infrastructure investments further support market growth. The study provides a detailed analysis of the industry, including the Nickel Market report, trends, growth, size, and industry growth forecast.
STUDY ASSUMPTION YEARS
- Base Year: 2024
- Historical Year/Period: 2019-2024
- Forecast Year/Period: 2025-2033
NICKEL MARKET KEY TAKEAWAYS
- Current Market Size: USD 37.0 Billion in 2024
- CAGR: 4.6% (2025-2033)
- Forecast Period: 2025-2033
- Asia Pacific holds a leading market share of over 72.0% in 2024.
- The stainless steel industry accounts for over 60% of global nickel consumption.
- Growing demand for nickel in electric vehicle batteries is expected to increase by 300% over the next decade.
- Infrastructure development and urbanization in emerging economies are propelling nickel demand.
- The U.S. market is driven by aerospace, defense, and clean energy investments.
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MARKET GROWTH FACTORS
The demand for nickel is projected to greatly grow due to its use in energy storage systems for renewable energy and large batteries, and in electric vehicles (EV) as a necessary component of lithium ion battery cathodes. Benchmark Mineral Intelligence and Carbon Credits project annual demand for nickel in batteries to increase three-fold in the next ten years if EV vehicle manufacturing and government incentives are strong.
The industry is working toward improved extraction methods, toward minimized environmental impact and toward developed environmentally sustainable alternatives. In September 2024, Nornickel opened a research and development center in St. Petersburg. Nickel-containing cathode materials for electric vehicle batteries were developed for this purpose. Such technology improvements and recycling capability allow production to meet world demand more sustainably.
The largest end-use market involves producing stainless steel, with over 60% of total nickel consumption, according to the International Stainless-Steel Forum (ISSF). Nickel strengthens stainless steel against corrosion. It has use in construction. People use it in automobiles. People use it in consumer goods. People use it in other things. Spending on infrastructure is forecast to rise. By 2040, global infrastructure spending should increase to USD 94 trillion. This adds to the demand for nickel in stainless steel reinforcement bars.
MARKET SEGMENTATION
Product Type:
- Class I Products: High purity nickel including briquettes, cathodes, and powders, crucial for battery production and aerospace applications. Leading with 44.8% market share in 2024.
- Class II Products: Not elaborated separately in the source.
Application:
- Stainless Steel and Alloy Steel: Dominates with 65.0% market share in 2024. Nickel enhances corrosion resistance and durability.
- Non-ferrous Alloys and Superalloys: Used in energy, aerospace, and heavy machine industries requiring corrosion resistance and strength.
- Electroplating: Not specifically described beyond category existence.
- Casting: Not specifically described beyond category existence.
- Batteries: Essential for EV lithium-ion battery cathodes, driving increasing demand.
- Others: Not detailed.
End-Use Industry:
- Transportation & Defense: Leading with 22.7% market share in 2024. Includes uses in automotive EV batteries, aircraft engines, naval armor plating, and military-grade batteries.
- Fabricated Metal Products: Not explicitly described aside from inclusion.
- Electrical & Electronics: Not specifically elaborated.
- Chemical: Not specifically elaborated.
- Petrochemical: Not specifically elaborated.
- Construction: Important in reinforcement bars and infrastructure projects.
- Consumer Durables: Not specifically elaborated.
- Industrial Machinery: Not specifically elaborated.
- Others: Not detailed.
REGIONAL INSIGHTS
In 2024, Asia Pacific is expected to dominate within the global market in accounting for more than 72.0% of the market share. Rapid industrialization and urbanization, increasing population, huge investments into EV battery production, increased demand for stainless steel in China and India, and government initiatives and incentives for EVs and renewable energy are the main factors propelling the regional market.
RECENT DEVELOPMENTS & NEWS
- January 2025: Herbert Smith Freehills gave advice to Japan's Sumitomo Corporation when they restructured USD 2.3 billion of debt near Madagascar's Ambatovy Nickel Project.
- September 2024: IGO stated nickel is core to IGO's diversified portfolio, and IGO will continue exploration and production consistent with transition trends.
- Anglo American announced in September 2024 that it would sell two Brazilian nickel mines to produce 38,000 tons combined each year.
- In July 2024, BHP announced suspension of operations at its Nickel West project and its West Musgrave project.
- A February 2027 review is not far from October 2024.
- June 2024: Vale SA announced a 3.3 billion USD figure.
- Investment plan grows nickel production and copper production in Brazil and Canada.
KEY PLAYERS
- Anglo American Plc
- BHP Group Limited
- Cunico Corporation
- Eramet Group
- Glencore Plc
- IGO Limited
- Jinchuan Group International Resources Co. Ltd.
- Norilsk Nickel
- Pacific Metal Company
- Queensland Nickel Group
- Sherritt International Corporation
- Sumitomo Corporation
- Terraframe Ltd.
- Vale S.A.
- Votorantim SA
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