Nickel - Global Strategic Business Report

The global market for Nickel was estimated at 2.5 Million Tons in 2024 and is projected to reach 3.5 Million Tons by 2030, growing at a CAGR of 5.8% from 2024 to 2030. This comprehensive report provides an in-depth analysis of market trends, drivers, and forecasts, helping you make informed business decisions. The report includes the most recent global tariff developments and how they impact the Nickel market.

Global Nickel Market - Key Trends and Drivers Summarized

Nickel is a silvery-white lustrous metal with a slight golden tinge that belongs to the transition metals and is hard and ductile. Known for its excellent conductivity of heat and electricity, nickel is ferromagnetic, bivalent, and harder than iron. One of its most notable properties is its remarkable resistance to corrosion at high temperatures, making it a preferred material in a range of applications. From its traditional use in coinage to more critical roles in creating various alloys, nickel`s alloying ability with metals like iron, chromium, and molybdenum enhances its resistance to corrosion and maintains strength at high temperatures, which is essential for industrial applications such as in power plants and engines. It is primarily used in the creation of stainless steel due to its corrosion resistance, good mechanical strength, and toughness over a wide temperature range. Other significant uses include in alloys such as nickel brasses and bronzes, plating, and batteries, particularly in the fast-growing area of rechargeable battery systems including those used in electric vehicles (EVs).

The long-term outlook for nickel is bolstered by its critical role in the clean energy transition, particularly in EVs and renewable energy systems. Nickel is a key component of lithium-ion batteries, which power most electric vehicles. The demand for these batteries is on rise as the automotive industry shifts away from internal combustion engines towards more sustainable electric alternatives. This transition is driven by global environmental concerns and government policies aimed at reducing carbon emissions, which encourage the adoption of EVs and consequently boost the demand for nickel. Another significant trend impacting the nickel market is the diversification of supply chains. Historically, nickel mining and production have been concentrated in a few countries, but recent geopolitical tensions and trade uncertainties have prompted a push towards securing more stable and sustainable sources. This has led to increased investments in nickel mining projects outside traditional supply areas, particularly in Indonesia, which has recently seen substantial growth in its nickel processing capacity. Moreover, recycling efforts are also becoming a more prominent part of the supply chain, as industries seek to reduce environmental impact and increase the cost-effectiveness of nickel by recovering it from scrap materials.

In addition to EVs and supply chain diversification, nickel is also gaining traction in the energy storage sector. As the world increasingly turns to renewable energy sources, the demand for energy storage solutions that can efficiently store and release energy is essential. Nickel plays a crucial role in several types of advanced battery technologies that are being developed to enhance grid storage and renewable energy integration. The growth of this sector is likely to provide ongoing support for nickel demand, reinforcing its essential status in the modern technology and energy landscape. This continued expansion in nickel use showcases its critical role not only in current industrial applications but also in the future of energy and transportation.

SCOPE OF STUDY:

The report analyzes the Nickel market in terms of units by the following Segments, and Geographic Regions/Countries:

• Segments: End-Use (Stainless Steel, Other Alloy Steel, Cast Irons, Alloys & Castings, Electroplating, Other End-Uses)
• Geographic Regions/Countries: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; Spain; Russia; and Rest of Europe); Asia-Pacific (Australia; India; South Korea; and Rest of Asia-Pacific); Latin America (Argentina; Brazil; Mexico; and Rest of Latin America); Middle East (Iran; Israel; Saudi Arabia; United Arab Emirates; and Rest of Middle East); and Africa.

Key Insights:

• Market Growth: Understand the significant growth trajectory of the Stainless Steel segment, which is expected to reach 2.5 Million Tons by 2030 with a CAGR of a 6.3%. The Other Alloy Steel segment is also set to grow at 3.8% CAGR over the analysis period.
• Regional Analysis: Gain insights into the U.S. market, valued at 645.8 Thousand Tons in 2024, and China, forecasted to grow at an impressive 9.0% CAGR to reach 802.4 Thousand Tons by 2030. Discover growth trends in other key regions, including Japan, Canada, Germany, and the Asia-Pacific.

Why You Should Buy This Report:

• Detailed Market Analysis: Access a thorough analysis of the Global Nickel Market, covering all major geographic regions and market segments.
• Competitive Insights: Get an overview of the competitive landscape, including the market presence of major players across different geographies.
• Future Trends and Drivers: Understand the key trends and drivers shaping the future of the Global Nickel Market.
• Actionable Insights: Benefit from actionable insights that can help you identify new revenue opportunities and make strategic business decisions.

Key Questions Answered:

• How is the Global Nickel Market expected to evolve by 2030?
• What are the main drivers and restraints affecting the market?
• Which market segments will grow the most over the forecast period?
• How will market shares for different regions and segments change by 2030?
• Who are the leading players in the market, and what are their prospects?

Report Features:

• Comprehensive Market Data: Independent analysis of annual sales and market forecasts in US$ Million from 2024 to 2030.
• In-Depth Regional Analysis: Detailed insights into key markets, including the U.S., China, Japan, Canada, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
• Company Profiles: Coverage of players such as Baosteel Group Corporation, Belmont Metals, Inc., Eramet Group, H.C. Starck GmbH, Outokumpu Oyj and more.
• Complimentary Updates: Receive free report updates for one year to keep you informed of the latest market developments.

Some of the 184 companies featured in this Nickel market report include:

• Baosteel Group Corporation
• Belmont Metals, Inc.
• Eramet Group
• H.C. Starck GmbH
• Outokumpu Oyj
• RUSAL

This edition integrates the latest global trade and economic shifts as of June 2025 into comprehensive market analysis. Key updates include:

• Tariff and Trade Impact: Insights into global tariff negotiations across 180+ countries, with analysis of supply chain turbulence, sourcing disruptions, and geographic realignment. Special focus on 2025 as a pivotal year for trade tensions, including updated perspectives on the Trump-era tariffs.
• Adjusted Forecasts and Analytics: Revised global and regional market forecasts through 2030, incorporating tariff effects, economic uncertainty, and structural changes in globalization. Includes segmentation by product, technology, type, material, distribution channel, application, and end-use, with historical analysis since 2015.
• Strategic Market Dynamics: Evaluation of revised market prospects, regional outlooks, and key economic indicators such as population and urbanization trends.
• Innovation & Technology Trends: Latest developments in product and process innovation, emerging technologies, and key industry drivers shaping the competitive landscape.
• Competitive Intelligence: Updated global market share estimates for 2025, competitive positioning of major players (Strong/Active/Niche/Trivial), and refined focus on leading global brands and core players.
• Expert Insight & Commentary: Strategic analysis from economists, trade experts, and domain specialists to contextualize market shifts and identify emerging opportunities.
• Complimentary Update: Buyers receive a free July 2025 update with finalized tariff impacts, new trade agreement effects, revised projections, and expanded country-level coverage.