Nickel Market Size, Share and Growth Analysis Report - Forecast Trends and Outlook (2025-2034)

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.

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 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

Market Breakup by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Global Nickel Market Share

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.