Market Size
Global Nickel Market reached US$ 39.5 billion in 2025 and is expected to reach US$ 52.5 billion by 2033, growing with a CAGR of 5.5% during the forecast period 2026-2033. Owing to its durability, low maintenance and chemical resistance, nickel and its derivatives are commonly employed in water and waste water purification applications. A major share of nickel production is used in alloying elements, batteries, coatings, transportation and other applications.
Asia-Pacific is expected to have the highest CAGR in the worldwide nickel market. Due to an abundance of nickel reserves, Asia-Pacific economies account for more than 70% of global nickel mining production, according to the Nickel Institute. Furthermore, large ore concentrations in China, Philippines, Indonesia and other countries are adding to the growth of nickel in the region.
Market Scope
| Metrics | Details |
| CAGR | 5.5% |
| Size Available for Years | 2023-2033 |
| Forecast Period | 2026-2033 |
| Data Availability | Value (US$) |
| Segments Covered | Source, Mining Method, Class, Application, End-User and Region |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle East & Africa |
| Fastest Growing Region | Asia-Pacific |
| Largest Region | Asia-Pacific |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis, and Other key Insights. |
For more details on this report - Request for Sample
Market Dynamics
Growing Electric Vehicles and Batteries Ecosystem
Nickel is an important component of the cathode of lithium-ion batteries used in EVs. The cathode is composed of nickel, cobalt, manganese, or other minerals. The higher the nickel proportions of the cathode, the higher the battery's energy density and performance. Nickel is in high demand due to its increasing application in electric vehicle batteries.
The global expansion of electric vehicles has impacted the use of nickel, producing a major in the nickel market. Nickel-based batteries are used in aviation starter motors, electric automobiles, medical gadgets, and other applications. According to the India Brand Equity Foundation, the Indian EV industry is estimated to reach US$ 7.09 billion by 2025, with the two and three-wheelers leading the growth.
Growing Demand of Nickel in Stainless Steel Products
Stainless steel is widely utilized in construction, automotive, aerospace, and manufacturing industries. The industries depend on stainless steel components because of their exceptional mechanical qualities, corrosion resistance, and visual appeal. The growing usage of stainless steel in various industries increases nickel demand. The nickel sector will benefit from increased steel demand during the predicted period. The nickel aids in the stabilization of austenitic steel for a range of applications.
The 8% nickel content is mostly found in the common standard of stainless steel used in everyday applications. According to the World Bureau of Metal Statistics, India produced approximately 3.2 million metric tons of stainless steel in 2020. China's stainless steel factories utilize a significant amount of basic nickel. As a result of the global domination of steel manufacturing and consumption, the nickel market is likely to rise in the future years.
High Costs and Volatility in Prices
Historically, the global nickel market has been reliant on a few significant producers, generating supply concentration problems. Production disruptions from the important suppliers can result in supply shortages and price volatility owing to a variety of events such as labor strikes or geopolitical conflicts. Nickel production involves complicated processes, particularly for some nickel laterite deposits, which may be costlier to extract and refine than other natural resources.
High production costs can have an influence on nickel companies' profitability, especially during periods of low nickel prices. Price volatility has become prevalent in the nickel market. Variations in global demand and supply, economic conditions, geopolitical conflicts and currency fluctuations can all cause large price swings, making it difficult for market participants to properly estimate and manage costs.
Market Segmentation Analysis
The global nickel market is segmented based on source, mining method, class, application, end-user and region.
The Rising Stainless Steel Production Drives Segment’s Growth
During the forecast period, stainless steel application is expected to hold around 35.4% of the global nickel market. Nickel is essential in the manufacturing of stainless steel. It is one of the most common commercial alloy grades used in the manufacturing of stainless steel. Nickel alloying accounts for the vast majority of stainless-steel manufacturing worldwide. In general, the generally used grade of stainless steel contains 8% nickel.
The International Stainless Steel Forum (ISSF) predicts that stainless steel production will expand by 10.6% year on year to 56.3 million metric tons in 2021. Similarly, the World Bureau of Metal Statistics estimates that Indian stainless steel production will reach roughly 4 million metric tons in 2021, representing a 25% year-on-year increase between 2020 and 2021.
Nickel Market Companies
The major global players include Glencore, Vale SA, Eramet SA, Sherritt International Corp., Sumitomo Metal Mining Co., Anglo American, MMC Norilsk Nickel, Jinchuan Group Ltd., BHP Billiton Ltd and Pacific Metal Company.
The epidemic disrupted global supply networks, hurting nickel and nickel-containing product manufacture and delivery. Lockdowns, transportation bottlenecks, and shortages of workers hampered nickel production and supply in several regions. Major mining businesses like as Nickel Asia and Global Ferronickel Holdings have stopped some of their operations in reaction to the pandemic, with some citing a failure to maintain current maintenance shutdown plans.
By Source
- Pentlandite
- Laterite
By Mining Method
- Underground
- Surface
By Class
- Nickel Class I
- Electrolytic Nickel
- Powders & Briquettes
- Carbonyl Nickel
- Nickel Class II
- Nickel Pig Iron
- Ferronickel
By Application
- Stainless Steel
- Alloys
- Ferrous Alloys
- Non-ferrous Alloys
- Plating
- Foundry
- Batteries
- Others
By End-User
- Metal Goods
- Electric and Electronics
- Engineering
- Building & Construction
- Transportation
- Others
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Russia
- Rest of Europe
- South America
- Brazil
- Argentina
- Rest of South America
- Asia-Pacific
- China
- India
- Japan
- Australia
- Rest of Asia-Pacific
- Middle East and Africa
Key Developments
Why Purchase the Report?
- To visualize the global nickel market segmentation based on source, mining method, class, application, end-user, and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of nickel market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as Excel consisting of key products of all the major players.
The global nickel market report would provide approximately 77 tables, 80 figures, and 205 Pages.
Target Audience
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
