The global nickel market size reached around USD 43.15 Billion in 2024. The market is projected to grow at a CAGR of 7.10% between 2025 and 2034 to reach nearly USD 85.68 Billion by 2034.
{{IS_GRAPH}}
Global Nickel Market Growth
Nickel is widely combined with chromium and other metals to make useful alloys. Besides, it is also converted into a wide range of intermediate products for further processing. As per industrial analysis, nickel is commonly used to manufacture stainless steel (65%), batteries (16%), nickel-based alloys (7%), and alloy steels (3%). Nickel containing grades, such as Type 304 and Type 316, account for around 80% of stainless-steel production. Besides, it is also used in stainless steel foundries (2%) and for electroplating (5%).
These exceptional mechanical and physical properties of nickel makes it indispensable for industrial applications and increases the overall nickel market value. Many economic sectors including consumer goods, catering, and food processing (30%), mobility and transport (20%), process industries (15%), architecture, construction, and building (14%), and energy (12%) make extensive use of nickel.
Moreover, in 2023, nearly 14 million new electric vehicles were registered in worldwide, indicating the increasing consumer appeal for eco-friendly modes of transportation. The overall EV sales surged by 35% year-on-year in 2023. These accounted for a share of 18% in the global automotive market, up from around 14% in 2022. As per the market analysis, battery electric vehicles accounted for around 70% of the global EV stock in 2023. This is expected to fuel the growth of the nickel market, as it is a vital component of lithium-ion batteries added into electric vehicles.
{{IS_MAP}}
Key Trends and Developments
Growing demand for electric vehicles; shift towards renewable energy; rapid infrastructure development; and technological advancements are factors favouring the nickel market growth.
October 2024
Researchers from Sandia National Laboratories and the Texas A & M University developed interlocking metasurfaces (ISM) technology using shape memory alloys (3-D printed nickel-titanium alloy) to enhance the structural stability and strength of buildings.
September 2024
The German government launched a new EUR 1 billion fund to strengthen its supply of raw materials and reduce import dependency on foreign countries such as China.
July 2024
Eramet SA established a partnership with Zhejiang Huayou Cobalt in Indonesia for producing battery-grade nickel for electric vehicles. This has influenced the nickel market dynamics over the forecast period.
February 2023
Anglo American plc acquired a 9.9% interest in Canada Nickel Company Inc., which owns mining rights in Crawford nickel project. This allowed the former to purchase nearly 19% of nickel concentrate and other metals from Canada Nickel, while giving it the necessary funding to proceed with the project development.
Growing demand for electric vehicles
Nickel is extensively used in manufacturing lithium-ion batteries of EVs for the purpose of energy storage. As per the International Energy Agency, every 1 of 5 cars sold in 2023 was an EV, which positively shaped the nickel market outlook.
Technological advancements
Increasing technological innovation in the aerospace and the consumer electronics industry is expected to increase the demand for high-grade nickel alloys that can withstand extreme temperatures. This can also facilitate the nickel market expansion over the forecast period.
Shift towards renewable energy
The increasing installation of renewable power sources worldwide is expected to spur the nickel market development, as it is extensively used to make PV cells for solar panels, rotating blades for wind turbines, and facilitating hydrogen production.
Rapid infrastructure development
Rapid industrialisation and urbanisation have substantially increased the demand for robust infrastructure development, which relies on nickel for its building and manufacturing operations.
Global Nickel Market Trends
Most lithium-ion batteries mostly rely on nickel for energy storage. Some of the most used type of li-ion batteries include nickel manganese cobalt and nickel cobalt aluminium, which uses around 60%-80% and 80% nickel respectively. With rapid technological advancements, the nickel concentration in NMC lithium-ion batteries has reached nearly 90%. This is expected to facilitate the nickel market development, as it ensures a higher range of distance travelled for EVs. Moreover, increasing government investments in expanding battery manufacturing capacity is also expected to increase the rate of market growth.
Global Nickel Industry Segmentation
The EMR’s report titled “Global Nickel Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Market Breakup by Application:
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.
Download eBook