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The global nickel market is estimated to grow from USD 30.81 billion in 2024 to USD 64.43 billion by 2035, representing a higher CAGR of 6.94% during the forecast period.
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The new market study report highlights the information about the current industry size, growth trends, restraints, future opportunities, value chain analysis and SWOT analysis.
Nickel is a form of silver-white lustrous metal derived from garnierite mines and nickel sulfide. It is highly durable and has high electro-magnetic properties that makes it an optimal element for manufacturing casting iron and stainless-steel products. Over the years, the market for nickel has been booming around the globe for the production of different forms of materials owing to its properties such as high resistivity, low maintenance and water resistance. Further, it is primarily used for making rechargeable nickel-based batteries made using lithium-ion. These types of batteries are in great demand as energy sources for electric vehicles and smartphones and more. In addition to rechargeable batteries, nickel or nickel alloy is a key component for stainless steel products and medical devices such as implants as well as orthopedic applications which further increases its demand across various industrial verticals.
The ongoing demand for nickel has caught the attention of various industrial leaders who are leveraging partnerships and investments to drive innovation in this emerging market. In July 2024, Panasonic Energy announced the collaboration with CSIRO for the development of nickel laterite processing technologies useful for lithium-ion batteries applications. The collaboration further aims to contribute towards sustainable supply chain for the Panasonic Energy’s battery businesses. Similarly, various industrial stakeholders are taking strategic initiatives to explore more applications of nickel or nickel alloys across different industrial verticals. Hence, ongoing demand for nickel and growing collaboration initiatives in this industry is anticipated to grow nickel market during the projected period.
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The report features a comprehensive analysis of the nickel industry growth and key players who are active in this market across various segments as mentioned in the table below.
| Key Report Attributes | Details | |
| Historical Trend | 2019-2023 | |
| Base Year | 2023 | |
| Forecast Period | 2024-2035 | |
| Market Size 2024 | $30.81 billion | |
| Market Size 2035 | $64.43 billion | |
| Market Growth Rate | CAGR of 6.94% from 2024-2035 | |
| Distribution by Class Type |
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| Distribution by Mining Type |
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| Type of Application |
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| Company Size |
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| By Business Model |
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| By End User |
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| Key Geographical Region |
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| Key Companies Profiled |
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| PowerPoint Presentation (Complimentary) |
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| Customization Scope | 15% Free Customization | |
| Excel Data Packs (Complimentary) |
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One of the key objectives of this market report is to provide a detailed market forecast analysis in order to estimate the existing market size and future opportunities for nickel market players over the next decade. Based on several parameters, likely industry trends, partnerships, and primary validation, we have provided an informed estimate of the market evolution during the forecast period 2024-2035. The market report also features the likely distribution of the current and forecasted opportunity within the nickel industry based on various relevant parameters, such as Class Type ((99.8%), Class 2 (<99.8%)), Mining Type (Sulfide Ore Mining and Laterite Ore Mining ), Application (Stainless Steel, Alloys, Plating, Casting, Batteries, and Other Applications), Company Size (Large Enterprises, Small and Medium Enterprises), Business Model (B2B, B2C, B2B2C), End User (Automotive, Fabricated Metal Products, Electrical & Electronics, Chemical, Petrochemical, Construction, Consumer Durables, Industrial Machinery, Others), Geographical Region (North America, Europe, Asia-Pacific, Latin America, Middle East and North Africa and Rest of the World); Industry Trends and Future Forecast. In order to account for future uncertainties with some of the key parameters and to add robustness to our model, we have provided three market forecast scenarios, namely conservative, base, and optimistic scenarios, representing different tracks of the industry's evolution.
All actual figures have been sourced and analyzed from publicly available information forums and primary research discussions. The financial figures mentioned in this market report are in USD unless otherwise specified
Based on the type of class, the global nickel market is segmented into Class 1 (99.8%) and Class 2 (<99.8%). According to our analysis, currently Class 2 (<99.8%) accounts for the highest share of the market. Class 2 category nickel is extensively used in the stainless-steel manufacturing industry which is expected to be a primary reason for the highest growth share of this segment. Further, the consumption of Class 2 nickel that includes ferronickel is increasing in Asian countries like China and India for construction and automobile parts manufacturing. However, in the future, our authors predicted that Class 1 nickel is estimated to grow at a higher CAGR during the forecast period. This lucrative growth is likely to be the result of the shift towards electric vehicles that demand pure form of nickel for the production of next generation batteries.
This segment highlights the distribution of global nickel market on the basis of mining type into sulfide ore mining and laterite ore mining. According to our analysis, currently, laterite ore mining accounts for the highest share of the market. The highest growth share is likely due to the fact that laterite ores are present in abundance in tropical region like Africa, Asia and Australia. Driven by its high availability, this segment is expected to remain dominant during the forecast period. However, our authors predicted that sulfide ore mining will grow at a higher CAGR during the forecast period. Although sulfide ore are less abundant in comparison to laterite ores, these ores are easier to extract and are highly cost effective. Moreover, these sulfide ores are the primary source of Class 1 nickel which is required for the production of electric vehicle batteries.
Based on the type of application, the global nickel market is segmented into stainless steel, alloys, plating, casting, batteries, and other applications. According to our analysis, our authors predicted that currently stainless steel occupies the highest share of the market. Stainless steel is the primary consumer of nickel as it acts as an important component for enhancing steel strength and corrosion resistance. Furthermore, the extensive use of stainless steel across various industries like automotive, construction and household appliances are likely to be the primary reason behind the highest growth share. In our further analysis, our authors found that batteries will show a lucrative growth and are poised to grow at a higher CAGR rate. This highest growth potential is likely to be the result of the increasing shift towards electric vehicles and smart devices that run on lithium-ion or nickel-based batteries.
This segment highlights the distribution of global nickel market on the basis of end user into automotive, fabricated metal products, electrical & electronics, chemical, petrochemical, construction, consumer durables, industrial machinery, and others. On the basis of our analysis, currently construction industry accounts for the highest share of the market. Notably, the growing use of stainless steel in buildings and infrastructure has surged the demand for nickel in this industry. Driven by the growing demand for stainless steel, players like Vale SA, BHP and Norilsk Nickel have significantly increased their supply of nickel to diverse range of industries including construction, which is likely to be a key reason for highest growth share. Apart from construction end user, automotive industry has shown lucrative growth potential and is estimated to grow at a higher CAGR rate during the forecast period. This potential growth is primarily attributed to the growing demand for electric vehicles that rely on lithium ion and nickel-based batteries as energy sources.
Based on the geographical region, the global nickel market is distributed into North America, Europe, Asia-Pacific, Latin America, Middle East and North Africa and the rest of the world. According to our market analysis, currently Asia-Pacific accounts for the highest share of the market. This highest growth share is likely to be the fact that Asian countries like India and China are the epicenter for stainless-steel manufacturing companies and electric vehicle manufacturers. Therefore, the increasing adoption of stainless steel by these manufacturers and growing technological advancements within stainless steel is the primary reason for the highest growth share, offering enormous opportunities for industrial stakeholders to make investment in this field. However, in the future, our authors predicted that North America and Europe are likely to grow at a higher CAGR during the forecast period. This lucrative growth is due to the growing consumption of nickel for stainless steel manufacturing and electric vehicles.
The “Global Nickel Market Forecast Till 2035, Distribution by Class Type ((99.8%), Class 2 (<99.8%)), Mining Type (Sulfide Ore Mining and Laterite Ore Mining ), Application (Stainless Steel, Alloys, Plating, Casting, Batteries, and Other Applications), Company Size (Large Enterprises, Small and Medium Enterprises), Business Model (B2B, B2C, B2B2C), End User (Automotive, Fabricated Metal Products, Electrical & Electronics, Chemical, Petrochemical, Construction, Consumer Durables, Industrial Machinery, Others), Geographical Region (North America, Europe, Asia-Pacific, Latin America, Middle East and North Africa and Rest of the World); Industry Trends and Future Forecast; report features an extensive study of the current market landscape, market size and future opportunity within the nickel industry, during the given forecast period. The market report highlights the efforts of several stakeholders involved in this rapidly emerging segment of the service providers industry. Key takeaways of the nickel market report are briefly discussed below.
Currently, the market landscape features the presence of various large enterprises and startup companies who are holding technological expertise for the extraction and processing of nickel from ores mining. In order to leverage a competitive edge, these industrial stakeholders are emphasizing strategic initiatives such as collaborations and partnerships to meet with the growing demand for nickel across various industrial verticals. Furthermore, various industrial leaders, government organizations and countries are making massive investment to meet growing demand for nickel. For instance, in 2023, Manara Minerals (a joint finance venture between Saudi Arabia’s Public Investment Fund and Saudi Miner Ma’aden) successfully bought around 10% stake in Vale’s base metal unit that worth USD 2.5 billion. The initiative is primarily for maintaining international nickel supply by Saud Arbia. Vale further announced that this joint venture partnership has been completed in April 2024 to meet with current supply demand for nickel. As the industrial leaders continue to explore new opportunities, we believe that the nickel market will continue to grow at a steady rate.
Increasing Demand for Nickel-Based Batteries in Electric Vehicles and Stainless Steel
The growing demand for electric vehicles and batteries for smart devices has surged the requirement of nickel. Notably, nickel acts as the primary material for the development of lithium-ion batteries or nickel-based batteries. Further, nickel-based batteries are currently used in medical devices, aircraft starter motors, and other remote-control devices. Apart from batteries and electric vehicles, nickel acts as a main component for stainless steel alloys. Nickel helps to enhance corrosion resistance, durability and strength. Owing to its unique characteristic properties, stainless steel is in great demand are aerospace, automotive, construction, and the oil & gas industry. Therefore, the growing demand for stainless steel and nickel-based batteries act as a key driver for nickel manufacturing market.
Stringent Guidelines of Environmental Regulation and Disruptive Supply Chain Due to Complex Extraction Process
Some of the potential challenges that may hinder the progress of the nickel market are stringent environmental regulation guidelines and supply chain disruption. Notably, the nickel melting process increases the sulfur-oxide emission which can alter the air quality. Given by the rising concern of pollution across the globe, several government organizations have strict guidelines for the environment regulation which can create challenge for industrial leaders to extract nickel from ores. Additionally, nickel extraction is a challenging process followed by mining, purification, transportation and final manufacturing. Therefore, the geographical tensions, extraction limitations, and trade restrictions may lead to supply chain disruption.
Shift Towards High Grade Nickel, Technological Advancement for Nickel Extraction and Sustainability
With increasing demand for electric vehicles, there has been a surge in the requirement of high-grade nickel such as Class 1 for the production of batteries with improved performance. Furthermore, several industrial leaders are focusing on technological advancement for easy extraction of nickel from mines are the key growth factors that are anticipated to drive the market during the forecast period. The market for nickel is also anticipated to grow at a higher pace owing to the increasing investment in nickel mining projects specifically in regions like Philippines and Indonesia.
Examples of key players who are currently active in the nickel industry (which have also been captured in this market report, arranged in alphabetical order) include Anglo Pacific Group PLC, Anglo American plc, BHP Billiton, China Molybdenum, Eramet SA, First Quantum Minerals, Glencore International AG, Independence Group NL, Jinchuan Group International Resources, Lundin Mining Corporation, MMC Norilsk Nickel, Nickel Mines Limited, Norilsk Nickel, Sibanye-Stillwater, South32 Limited, Sherritt International Corporation, Sumitomo Metal Mining, Terrafame Group, Vale S.A. and Western Areas. This market research report includes an easily searchable excel database of all the companies providing nickel worldwide.
Several recent developments have taken place in the nickel market. We have outlined some of these recent initiatives below. These developments, even if they took place post the release of our market report, substantiate the overall market trends that have been outlined in our analysis.
The market report presents an in-depth analysis, highlighting the capabilities of various companies engaged in this domain across different segments. Amongst other elements, the market report includes:
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