
Nickel Market Size, Share and Growth Analysis Report - Forecast Trends and Outlook (2025-2034)
Description
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.
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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.
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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:
Based on region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. Over the forecast period, the Asia Pacific is expected to grow at a CAGR of 8.0% due to the rapid growth of the construction sector in countries such as India. Moreover, the increasing adoption of electric vehicles (EVs) across the region is expected to favour the market dynamics over the forecast period.
Leading Companies in the Global Nickel Market
Major players are adopting sustainable metal manufacturing practices to reduce their carbon emissions and gain a substantial nickel market share.
Anglo American plc
Anglo American plc was founded in 1917 and is headquartered in London, United Kingdom. It specialises in the exploration and processing of critical minerals, such as platinum, copper, and iron ore, among others.
BHP Group Limited
BHP Group Limited was founded in 1885 and is headquartered in Victoria, Australia. It specialises in the extraction, processing, marketing, and transportation of critical mineral resources worldwide.
Eramet SA
Eramet SA was founded in 1880 and is headquartered in Paris, Ile-de-France. As per nickel market analysis, it is engaged in manufacturing metals sustainably and specialises in processes including hydrometallurgy and pyrometallurgy.
Glencore plc
Glencore plc was founded in 1974 and is headquartered in Baar, Switzerland. It is one of the world's leading natural resources companies which specialises in commodity marketing and metal production.
Other players included in the nickel market report are IGO Limited, China Metallurgical Group Corporation, Norilsk Nickel, Sumitomo Metal Mining Co., Ltd., South32 Limited, and Vale, among others.
{{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:
- Stainless Steel
- Non-ferrous Alloys
- Plating
- Batteries
- Others
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Based on region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. Over the forecast period, the Asia Pacific is expected to grow at a CAGR of 8.0% due to the rapid growth of the construction sector in countries such as India. Moreover, the increasing adoption of electric vehicles (EVs) across the region is expected to favour the market dynamics over the forecast period.
Leading Companies in the Global Nickel Market
Major players are adopting sustainable metal manufacturing practices to reduce their carbon emissions and gain a substantial nickel market share.
Anglo American plc
Anglo American plc was founded in 1917 and is headquartered in London, United Kingdom. It specialises in the exploration and processing of critical minerals, such as platinum, copper, and iron ore, among others.
BHP Group Limited
BHP Group Limited was founded in 1885 and is headquartered in Victoria, Australia. It specialises in the extraction, processing, marketing, and transportation of critical mineral resources worldwide.
Eramet SA
Eramet SA was founded in 1880 and is headquartered in Paris, Ile-de-France. As per nickel market analysis, it is engaged in manufacturing metals sustainably and specialises in processes including hydrometallurgy and pyrometallurgy.
Glencore plc
Glencore plc was founded in 1974 and is headquartered in Baar, Switzerland. It is one of the world's leading natural resources companies which specialises in commodity marketing and metal production.
Other players included in the nickel market report are IGO Limited, China Metallurgical Group Corporation, Norilsk Nickel, Sumitomo Metal Mining Co., Ltd., South32 Limited, and Vale, among others.
Table of Contents
171 Pages
- 1 Executive Summary
- 1.1 Market Size 2024-2025
- 1.2 Market Growth 2025(F)-2034(F)
- 1.3 Key Demand Drivers
- 1.4 Key Players and Competitive Structure
- 1.5 Industry Best Practices
- 1.6 Recent Trends and Developments
- 1.7 Industry Outlook
- 2 Market Overview and Stakeholder Insights
- 2.1 Market Trends
- 2.2 Key Verticals
- 2.3 Key Regions
- 2.4 Supplier Power
- 2.5 Buyer Power
- 2.6 Key Market Opportunities and Risks
- 2.7 Key Initiatives by Stakeholders
- 3 Economic Summary
- 3.1 GDP Outlook
- 3.2 GDP Per Capita Growth
- 3.3 Inflation Trends
- 3.4 Democracy Index
- 3.5 Gross Public Debt Ratios
- 3.6 Balance of Payment (BoP) Position
- 3.7 Population Outlook
- 3.8 Urbanisation Trends
- 4 Country Risk Profiles
- 4.1 Country Risk
- 4.2 Business Climate
- 5 Global Nickel Market Analysis
- 5.1 Key Industry Highlights
- 5.2 Global Nickel Historical Market (2018-2024)
- 5.3 Global Nickel Market Forecast (2025-2034)
- 5.4 Global Nickel Market by Application
- 5.4.1 Stainless Steel
- 5.4.1.1 Historical Trend (2018-2024)
- 5.4.1.2 Forecast Trend (2025-2034)
- 5.4.2 Non-ferrous Alloys
- 5.4.2.1 Historical Trend (2018-2024)
- 5.4.2.2 Forecast Trend (2025-2034)
- 5.4.3 Plating
- 5.4.3.1 Historical Trend (2018-2024)
- 5.4.3.2 Forecast Trend (2025-2034)
- 5.4.4 Batteries
- 5.4.4.1 Historical Trend (2018-2024)
- 5.4.4.2 Forecast Trend (2025-2034)
- 5.4.5 Others
- 5.5 Global Nickel Market by Region
- 5.5.1 North America
- 5.5.1.1 Historical Trend (2018-2024)
- 5.5.1.2 Forecast Trend (2025-2034)
- 5.5.2 Europe
- 5.5.2.1 Historical Trend (2018-2024)
- 5.5.2.2 Forecast Trend (2025-2034)
- 5.5.3 Asia Pacific
- 5.5.3.1 Historical Trend (2018-2024)
- 5.5.3.2 Forecast Trend (2025-2034)
- 5.5.4 Latin America
- 5.5.4.1 Historical Trend (2018-2024)
- 5.5.4.2 Forecast Trend (2025-2034)
- 5.5.5 Middle East and Africa
- 5.5.5.1 Historical Trend (2018-2024)
- 5.5.5.2 Forecast Trend (2025-2034)
- 6 North America Nickel Market Analysis
- 6.1 United States of America
- 6.1.1 Historical Trend (2018-2024)
- 6.1.2 Forecast Trend (2025-2034)
- 6.2 Canada
- 6.2.1 Historical Trend (2018-2024)
- 6.2.2 Forecast Trend (2025-2034)
- 7 Europe Nickel Market Analysis
- 7.1 United Kingdom
- 7.1.1 Historical Trend (2018-2024)
- 7.1.2 Forecast Trend (2025-2034)
- 7.2 Germany
- 7.2.1 Historical Trend (2018-2024)
- 7.2.2 Forecast Trend (2025-2034)
- 7.3 France
- 7.3.1 Historical Trend (2018-2024)
- 7.3.2 Forecast Trend (2025-2034)
- 7.4 Italy
- 7.4.1 Historical Trend (2018-2024)
- 7.4.2 Forecast Trend (2025-2034)
- 7.5 Others
- 8 Asia Pacific Nickel Market Analysis
- 8.1 China
- 8.1.1 Historical Trend (2018-2024)
- 8.1.2 Forecast Trend (2025-2034)
- 8.2 Japan
- 8.2.1 Historical Trend (2018-2024)
- 8.2.2 Forecast Trend (2025-2034)
- 8.3 India
- 8.3.1 Historical Trend (2018-2024)
- 8.3.2 Forecast Trend (2025-2034)
- 8.4 ASEAN
- 8.4.1 Historical Trend (2018-2024)
- 8.4.2 Forecast Trend (2025-2034)
- 8.5 Australia
- 8.5.1 Historical Trend (2018-2024)
- 8.5.2 Forecast Trend (2025-2034)
- 8.6 Others
- 9 Latin America Nickel Market Analysis
- 9.1 Brazil
- 9.1.1 Historical Trend (2018-2024)
- 9.1.2 Forecast Trend (2025-2034)
- 9.2 Argentina
- 9.2.1 Historical Trend (2018-2024)
- 9.2.2 Forecast Trend (2025-2034)
- 9.3 Mexico
- 9.3.1 Historical Trend (2018-2024)
- 9.3.2 Forecast Trend (2025-2034)
- 9.4 Others
- 10 Middle East and Africa Nickel Market Analysis
- 10.1 Saudi Arabia
- 10.1.1 Historical Trend (2018-2024)
- 10.1.2 Forecast Trend (2025-2034)
- 10.2 United Arab Emirates
- 10.2.1 Historical Trend (2018-2024)
- 10.2.2 Forecast Trend (2025-2034)
- 10.3 Nigeria
- 10.3.1 Historical Trend (2018-2024)
- 10.3.2 Forecast Trend (2025-2034)
- 10.4 South Africa
- 10.4.1 Historical Trend (2018-2024)
- 10.4.2 Forecast Trend (2025-2034)
- 10.5 Others
- 11 Market Dynamics
- 11.1 SWOT Analysis
- 11.1.1 Strengths
- 11.1.2 Weaknesses
- 11.1.3 Opportunities
- 11.1.4 Threats
- 11.2 Porter’s Five Forces Analysis
- 11.2.1 Supplier’s Power
- 11.2.2 Buyer’s Power
- 11.2.3 Threat of New Entrants
- 11.2.4 Degree of Rivalry
- 11.2.5 Threat of Substitutes
- 11.3 Key Indicators of Demand
- 11.4 Key Indicators of Price
- 12 Value Chain Analysis
- 13 Trade Data Analysis (HS Code – 755)
- 13.1 Major Importing Countries
- 13.1.1 By Volume
- 13.1.2 By Value
- 13.2 Major Exporting Countries
- 13.2.1 By Volume
- 13.2.2 By Value
- 14 Price Analysis
- 15 Competitive Landscape
- 15.1 Supplier Selection
- 15.2 Key Global Players
- 15.3 Key Regional Players
- 15.4 Key Player Strategies
- 15.5 Company Profiles
- 15.5.1 Anglo American plc
- 15.5.1.1 Company Overview
- 15.5.1.2 Product Portfolio
- 15.5.1.3 Demographic Reach and Achievements
- 15.5.1.4 Certifications
- 15.5.2 BHP Group Limited
- 15.5.2.1 Company Overview
- 15.5.2.2 Product Portfolio
- 15.5.2.3 Demographic Reach and Achievements
- 15.5.2.4 Certifications
- 15.5.3 Eramet SA
- 15.5.3.1 Company Overview
- 15.5.3.2 Product Portfolio
- 15.5.3.3 Demographic Reach and Achievements
- 15.5.3.4 Certifications
- 15.5.4 Glencore plc
- 15.5.4.1 Company Overview
- 15.5.4.2 Product Portfolio
- 15.5.4.3 Demographic Reach and Achievements
- 15.5.4.4 Certifications
- 15.5.5 IGO Limited
- 15.5.5.1 Company Overview
- 15.5.5.2 Product Portfolio
- 15.5.5.3 Demographic Reach and Achievements
- 15.5.5.4 Certifications
- 15.5.6 China Metallurgical Group Corporation
- 15.5.6.1 Company Overview
- 15.5.6.2 Product Portfolio
- 15.5.6.3 Demographic Reach and Achievements
- 15.5.6.4 Certifications
- 15.5.7 Norilsk Nickel
- 15.5.7.1 Company Overview
- 15.5.7.2 Product Portfolio
- 15.5.7.3 Demographic Reach and Achievements
- 15.5.7.4 Certifications
- 15.5.8 Sumitomo Metal Mining Co., Ltd.
- 15.5.8.1 Company Overview
- 15.5.8.2 Product Portfolio
- 15.5.8.3 Demographic Reach and Achievements
- 15.5.8.4 Certifications
- 15.5.9 South32 Limited
- 15.5.9.1 Company Overview
- 15.5.9.2 Product Portfolio
- 15.5.9.3 Demographic Reach and Achievements
- 15.5.9.4 Certifications
- 15.5.10 Vale
- 15.5.10.1 Company Overview
- 15.5.10.2 Product Portfolio
- 15.5.10.3 Demographic Reach and Achievements
- 15.5.10.4 Certifications
- 15.5.11 Others
Pricing
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