Global nickel demand is forecast to grow considerably in 2030 and 2040 compared to 2020 in both the Sustainable Development Scenario and the Stated Policies Scenario. For electric vehicles and storage, nickel demand is forecast to increase from 81 metric tons worldwide in 2020, to 987 metric tons in 2040 based on the Stated Policies Scenario, and 3,352 metric tons based on the Sustainable Development Scenario in the same year.

In 2021, stainless steel was the most major global use for nickel, accounting for over two thirds of the worldwide demand. By the year 2040, stainless steel production is still forecast to dominate the global demand for nickel, but at a much lower proportion. Meanwhile, batteries are projected to represent a 41 percent share of nickel demand by 2040, up from just seven percent in 2021.

According to Cognitive Market Research, the global nickel market size is USD 35695.2 million in 2024 and will expand at a compound annual growth rate (CAGR) of 5.00% from 2024 to 2031.

North America held the major market of more than 40% of the global revenue with a market size of USD 14278.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031.
Europe accounted for a share of over 30% of the global market size of USD 10708.56 million.
Asia Pacific held the market of around 23% of the global revenue with a market size of USD 8209.90 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031.
Latin America market of more than 5% of the global revenue with a market size of USD 1784.76 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.
Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 713.90 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.
The Electrical & Electronics End-Uses held the highest nickel market revenue share in 2024

Market Dynamics of Nickel Market

Key Drivers for Nickel Market

Increased Demand for Nickel Batteries to Increase the Demand Globally: One key driver in the nickel market is increased demand for nickel batteries. It is an essential component in the manufacture of lithium-ion batteries, which power electric vehicles. As the globe moves toward greener transportation and E.V. usage grows, so does the demand for nickel. Battery manufacture is projected to be a significant driver of nickel use in the coming years. Historically, the stainless steel sector was the major consumer of nickel. Nickel gives strength and corrosion resistance to steel, making it essential for a variety of applications. As global infrastructure development and industrial activity continue, demand for stainless steel, and thus nickel, remains high.

Boom in Electric Vehicles to Propel Market Growth: Another key driver in the nickel market is the increasing demand for electric vehicles. The worldwide electric vehicle (E.V.) boom is having a big impact on the nickel market, increasing both demand and prices. As the global demand for E.V.s grows, so does the demand for nickel to build these batteries. Major mining corporations such as BHP expect nickel demand to skyrocket in the coming decades, fuelled by the E.V. revolution. This boost in demand is putting strain on nickel supply, resulting in price increases. Nickel prices have already risen in recent years, and some predict that trend to continue as E.V. usage rises. Nickel has traditionally been used primarily in the stainless steel sector. However, the E.V. industry is expected to be the primary growth driver for nickel in the future.

Restraint Factor for the Nickel Market

Environmental and Health Issues to Limit the Sales: One key restraint in the nickel market is the challenge of Environmental and health issues. Nickel is an important metal in today's world. It is an important component of stainless steel, used in a variety of sectors, and used in lithium-ion batteries that power electric vehicles (E.V.s). The worldwide nickel market is expanding as demand for E.V.s rises. However, this expansion has a substantial drawback: environmental and health risks linked with nickel mining and processing. Nickel mining can pollute the air and water via dust, acid mine drainage, and inappropriate waste management. These pollutants can degrade ecosystems, taint drinking water, and impair respiratory health in adjacent communities. Nickel extraction and refining require a lot of energy, and it frequently uses fossil fuels, which contribute to greenhouse gas emissions.

Trends for the Nickel Market

Increasing Demand for Electric Vehicle (EV) Battery Production: The swift expansion of the electric vehicle sector is leading to a notable increase in the need for nickel, especially high-purity Class 1 nickel utilized in lithium-ion batteries. Automobile manufacturers are pursuing reliable sources of nickel to enhance battery energy density, prolong vehicle range, and lessen dependence on cobalt. This movement is transforming global nickel supply chains, prompting mining firms and battery producers to establish strategic alliances and invest in innovative extraction and refining technologies to sustai...

In 2021, the global demand for nickel amounted to some **** million metric tons. It is estimated that nickel demand will increase to **** million metric tons worldwide in 2023, which would represent a ** percent increase from the estimated demand in 2022.

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Nickel Market Size 2024-2028

The nickel market size is projected to increase by USD 16.55 billion, at a CAGR of 4.06% between 2023 and 2028. Market growth hinges on multiple factors, notably the surge in infrastructure development and urbanization in emerging economies, broadening electroplating applications of nickel, and the prevalence of stringent regulations. Emerging economies' focus on infrastructure drives demand for nickel in construction and urban development projects. Additionally, the expanding use of nickel in electroplating applications across industries enhances market prospects. However, stringent regulations, particularly concerning environmental and labor standards, present challenges, potentially restraining market expansion despite favorable growth drivers.

What will be the Size of the Market During the Forecast Period?

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Market Segment

The nickel (element) is intertwined with various industries, including lightweight vehicles, solar panels, and food and beverage. Alongside chromium (metal) and titanium, nickel contributes to the production of solar panels and other applications. However, concerns persist regarding sulfur dioxide emissions, urging the industry to adopt more sustainable practices in nickel and chromium extraction.

By Type

The primary nickel segment is estimated to witness significant growth during the forecast period. Primary nickel, a key segment in the market, encompasses various types like nickel pig iron (NPI), ferronickel, and nickel matte, each serving distinct industrial purposes. NPI, notably favored for stainless steel production, is cost-effective and widely utilized, particularly in regions like China.

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The primary nickel segment was the largest segment and was valued at USD 29.52 billion in 2018. Further, ferronickel, produced via nickel ore reduction, finds applications in stainless steel and alloy manufacturing. Noteworthy vendors such as Eramet and Vale SA invest in ferronickel production, driving market growth alongside nickel matte usage by companies like PJSC MMC Norilsk Nickel.

By Application

Stainless steel, a significant segment in the market, finds widespread use across industries like construction, automotive, healthcare, and food processing due to its corrosion resistance, strength, and durability. With nickel playing a pivotal role in stainless steel production, its alloying process accounts for a substantial portion of global stainless steel output. Key vendors like BHP Group plc and PT Indonesia Asahan Aluminum provide various nickel grades tailored for stainless steel applications, driving market growth.

By Region

APAC is estimated to contribute 93% to the growth of the global market during the forecast period. Technavio's analysts have provided extensive insight into the market forecasting, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period.

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Indonesia and China are major contributors to the market in the APAC region, collectively dominating global nickel output. Indonesia's vast nickel reserves drive its significant production levels, with the country boasting the world's largest nickel reserve according to the US Geological Survey. China's robust stainless steel industry, fueled by infrastructure development and urbanization, heavily relies on nickel imports. Additionally, China's rapid progress in electric vehicle (EV) manufacturing boosts demand for nickel-based batteries, further amplifying nickel's importance in the APAC market.

Market Dynamics

The market plays a pivotal role in various sectors, including the automotive industry and consumer goods industry. As a key component in lithium-ion batteries such as Nickel Cobalt Aluminum (NCA) and Nickel Manganese Cobalt (NMC), nickel powers the rise of electric cars and energy storage systems. Nickel plays a crucial role in secondary battery recycling, as it is a valuable material recovered and reused in the production of new batteries. Its applications extend to special steels, stainless steel (SS), and automobile batteries, ensuring lightweight and durable solutions. However, concerns over greenhouse emissions and health risks persist, prompting ongoing innovations in nickel usage across the construction industry, wind turbines, and medical industry.

Key Market Driver

An increase in infrastructure development and urbanization in emerging economies is the key factor driving the market. The rapid economic expansion in emerging economies such as China, India, and Southeast Asia is fueling urbanization and industrial development. Nickel, known for its corrosion resistance and strength, is witnessing heightened demand due to the surg

The global nickel market size was valued at USD 37.0 Billion in 2024. Looking forward, IMARC Group estimates the market to reach USD 55.5 Billion by 2033, exhibiting a CAGR of 4.6% during 2025-2033. Asia Pacific currently dominates the market, holding a significant market share of over 72.0% in 2024. Rapid technological advancements and innovation, favorable government policies and regulations, burgeoning investments in infrastructure and development projects, and the rising demand for stainless steel products are some of the major factors propelling the market.

IMARC Group provides an analysis of the key trends in each segment of the global nickel market report, along with forecasts at the global, regional and country levels from 2025-2033. Our report has categorized the market based on product type, application and end-use industry.

Learn about the factors influencing the global nickel supply and demand forecast, including industrial growth, emerging economies, technological advancements, and environmental regulations. Discover how the stainless steel and electric vehicle sectors drive the demand for nickel, and understand the challenges posed by geopolitical events and accessibility of reserves.

Refined Nickel Market Outlook

The global refined nickel market size was valued at approximately USD 34 billion in 2023 and is projected to reach around USD 60 billion by 2032, exhibiting a compound annual growth rate (CAGR) of about 6.5% during the forecast period. The expansion of the refined nickel market is primarily driven by the rapidly growing demand for electric vehicles (EVs), which necessitate the use of nickel in battery production. Furthermore, the increasing adoption of nickel in various end-user industries, including aerospace and electronics, is bolstering market growth. This steady increase is complemented by the ongoing advancements in mining and refining technologies, which are expected to enhance production efficiency and meet the rising global demand.

One of the primary growth factors for the refined nickel market is the surge in demand for nickel-rich batteries, which are crucial components of electric vehicles. The shift towards greener energy solutions has prompted automotive manufacturers to invest heavily in the development of EVs, thereby significantly increasing the demand for nickel as a critical material. Nickel's role in enhancing battery energy density and performance has made it indispensable in the current technological landscape. Additionally, government incentives and policies aimed at promoting electric vehicle adoption contribute significantly to this demand, creating a robust foundation for sustained market growth. As the transformation towards electric mobility develops, the demand for high-purity nickel is projected to witness exponential growth.

Another key factor influencing the growth of the refined nickel market is the burgeoning needs of the stainless-steel sector. Nickel's ability to impart corrosion resistance and strength to stainless steel makes it a preferred element in the production of various industrial and consumer goods. The flourishing construction industry and increased infrastructural development, especially in emerging economies, are fueling the demand for stainless steel, thereby driving the demand for nickel. Moreover, the rise in disposable incomes and urbanization trends are boosting the demand for consumer goods and home appliances that utilize nickel-containing stainless steel, further propelling market expansion.

Technological advancements in refining processes also play a crucial role in the market's growth trajectory. The development of more efficient and environmentally friendly extraction techniques is enabling producers to optimize yields while minimizing environmental impact. Innovations such as hydrometallurgical processes have improved the extraction rates of nickel from lower-grade ores, enhancing the overall supply to meet burgeoning demand. These advancements not only enhance production efficiency but also cater to the increasing global demand while adhering to stringent environmental regulations, underpinning the market's sustainable growth.

The refined nickel market exhibits varied regional dynamics, with the Asia Pacific region leading in terms of demand and production. This region's dominance can be attributed to the presence of major electronics manufacturers and a robust automotive industry actively pushing for electric vehicle adoption. North America and Europe also represent significant markets, driven by technological advancements and increased focus on sustainable practices. Meanwhile, Latin America and the Middle East & Africa are experiencing gradual growth, supported by mining activities and infrastructural developments. The diverse regional demand patterns highlight the global nature of the market, with each region contributing uniquely to the overall growth.

Product Type Analysis

The refined nickel market can be segmented into high-purity nickel and standard-purity nickel, each catering to different industrial needs and applications. High-purity nickel, characterized by its minimal impurity levels and superior quality, is extensively used in advanced applications such as battery production and specialized alloy manufacturing. The growing demand for high-performance batteries, particularly for electric vehicles, is driving the need for high-purity nickel. In contrast, standard-purity nickel finds application in general manufacturing processes, including stainless steel production and various industrial applications where ultra-high purity is not a critical requirement. The versatility of standard-purity nickel and its cost-effectiveness make it suitable for a broad range of applications, thereby ensuring consistent demand across multiple sectors.

The size of the Nickel Industry market was valued at USD XX Million in 2023 and is projected to reach USD XXX Million by 2032, with an expected CAGR of > 4.80% during the forecast period. Nickel is a chemical element with symbol Ni and atomic number 28. It is silvery-white lustrous metal with a slight golden tinge. Nickel is hard, malleable, and ductile metal which makes it good conductor of heat and electricity. Nickel is widely used in battery manufacturing that are used in electric vehicles and renewable energy applications. The growing acceptance of electric vehicles (EVs), motivated by the imperative to lower carbon emissions and meet net-zero targets established by governments, is substantially increasing the demand for nickel, particularly for high-nickel batteries recognized for their superior energy density and performance. Furthermore, continuous investments in research and development are promoting the identification of new nickel reserves and the enhancement of more efficient extraction methods, which seek to minimize environmental impact and optimize resource utilization is likely to create opportunities for market expansion. Nevertheless, evolving supply chain dynamics, shaped by geopolitical conflicts and escalating import tariffs are expected to pose challenges for the market. Recent developments include: August 2022: NMDC Ltd. announced its decision to explore opportunities overseas in a bid to mine lithium, nickel, and cobalt in order to meet the growing demand in India. The state-run iron-ore producer is planning to start mining in Australia, as it holds a 90.02% stake in the country's Legacy Iron Ore Ltd., December 2021: Mitsui & Co. Mineral Resources Development (Asia) Corp. (MMRDA) and Sojitz will sell all their shares in CBNC (36% in total to Sumitomo Metal Mining Co. Ltd (SMM). With the sales of the shares, SMM's shareholding ratio in CBNC will increase from the current 54% of the outstanding shares to 90%., October 2021: Renault Group announced the signing of a Memorandum of Understanding (MoU) with Terrafame, for a future supply of nickel sulphate. With this agreement, Renault Group will secure a significant annual supply of nickel sulphate from Terrafame, representing up to 15 GWh of annual capacity., In July 2021: BHP announced the signing of a nickel supply agreement from its Nickel West asset in Western Australia, with one of the world's leading sustainable energy company, Tesla Inc.. Key drivers for this market are: Rising Demand for Corrosion Resistant Alloys in the Oil and Gas Industry, Other Drivers. Potential restraints include: Volatility in the Supply Demand Scenario, Environmental Considerations During Mining Activities. Notable trends are: Increasing Demand for Stainless Steel.

The Nickel Marketsize was valued at USD 36.27 USD Billion in 2023 and is projected to reach USD 51.38 USD Billion by 2032, exhibiting a CAGR of 5.1 % during the forecast period.Nickel is a transition metal, with atomic number of 28, bequeaths a variety of features and abilities as they are used in different fields. This is just a name that refers to its amazing, brilliant, silvery-white attribute that doesn't even depict its strength. This is why it is always used in stainless steel manufacturing. Thanks to its corrosion resistance nickel always helps all the alloys used in aerospace, construction, and healthcare, making them stable and durable and consequently long-living. The industrial consumption of nickel is absolutely not limited to the mentioned applications of this metal, as one of the decorative features for plating of jewellery pieces and coins, as it does demonstrate its beauty. While the advantage goes beyond the specialized purpose, nickel is one of the catalysts in industrial chemistry and its significant use in battery production is on the rise as the world seeks to adopt sustainable energy strategies. Despite the fact that the prices of the nickel commodity may go up or down, nickel's everlasting paramount role is kept high, and this enables forwarding of technology and human economy growth generally around the world. Hence, its history is a story made up of adaptable and dependable elements that can forever be associated with the persistence of the basis of an epoch-making institution for current civilizations. Key drivers for this market are: Rising Demand for Stainless Steel Fueled Ni Metal Consumption. Potential restraints include: Fluctuating Prices to Hamper Market Growth.

The Global Nickel Market is expected to reach at a CAGR of 5.5% during the forecast period 2024-2031 | DataM Intelligence

The Nickel Market size is expected to reach a valuation of USD 85.0 billion in 2033 growing at a CAGR of 7.9%. The Nickel Market research report classifies Market by share, trend, demand, forecast and based on segmentation.

The global nickel market, valued at $75.17 billion in 2025, is projected to experience robust growth, driven primarily by the burgeoning electric vehicle (EV) industry's increasing demand for nickel-based batteries. The rising adoption of renewable energy technologies, particularly wind and solar power, further fuels this demand, as nickel plays a crucial role in energy storage solutions. Government initiatives promoting sustainable transportation and clean energy are also contributing significantly to market expansion. Geographic expansion into developing economies with growing infrastructure needs and industrialization creates additional opportunities. However, price volatility linked to fluctuating supply and demand, along with environmental concerns surrounding nickel mining and processing, pose challenges to the market's sustained growth. The market is segmented by type (sulfide, laterite) and application (stainless steel, batteries, alloys), with the battery segment witnessing the fastest growth rate due to the aforementioned EV revolution. Major players, including Anglo American, BHP Group, and Glencore, are strategically investing in expansion projects and exploring new technologies to enhance efficiency and sustainability within their operations. The competitive landscape is marked by a mix of established industry giants and emerging players, leading to both collaborative partnerships and intense competition. The forecast period of 2025-2033 anticipates a continued expansion of the nickel market, with the CAGR of 4.06% suggesting a steady yet significant growth trajectory. While several factors contribute to this growth, including increasing demand from developing nations and technological advancements, potential supply chain disruptions and geopolitical instability remain significant risks. Effective risk management strategies, including diversification of sourcing and investment in robust supply chains, are becoming increasingly critical for players in this dynamic market. The successful navigation of these challenges will be paramount to achieving the projected growth and realizing the significant market opportunities presented by the rising demand for nickel in various sectors.

Primary Nickel Market Outlook

The global primary nickel market size is projected to reach approximately USD 45 billion by 2032, growing at a compound annual growth rate (CAGR) of 6.5% from its 2023 valuation of USD 26.5 billion. This robust growth is primarily driven by increasing demand from the stainless steel and battery industries. With the burgeoning need for sustainable and resilient materials in various industries, primary nickel has become an indispensable component due to its versatile applications and durability. This escalating demand is bolstered by advancements in technology and the rising adoption of electric vehicles (EVs), which significantly rely on nickel-containing batteries, thus propelling the market forward.

One of the primary growth factors for the primary nickel market is its critical role in the production of stainless steel, which constitutes the largest segment of nickel usage. Stainless steel is indispensable in numerous industries, including construction, automotive, and consumer goods, attributing to its corrosion resistance and strength. The global infrastructure boom, coupled with the urbanization trend, particularly in emerging economies, has led to an unprecedented demand for stainless steel. Moreover, the increasing focus on sustainable construction practices further underscores the demand for nickel, as stainless steel is a recyclable material that supports long-term durability and reduced environmental impact.

The escalating global push towards clean energy solutions and electric vehicle adoption is another significant factor driving the primary nickel market. Nickel plays a crucial role in the production of high-density batteries, enhancing their capacity and efficiency. With governments worldwide implementing stringent regulations to curb carbon emissions, the shift towards electric vehicles is becoming a dominant trend. As a result, the demand for nickel in the battery segment is witnessing a surge, supported by substantial investments in battery manufacturing and technological innovations aimed at improving battery life and performance. This transition also aligns with consumers' evolving preferences for sustainable and environmentally friendly transportation solutions.

In addition to these, the rising demand for nickel in the electronics and aerospace industries is contributing to market growth. Nickel's properties, such as thermal resistance and electrical conductivity, make it an ideal choice for various electronic applications. The aerospace industry, which demands materials that can withstand extreme conditions, also relies heavily on nickel alloys. These alloys are used in jet engines and other critical components due to their ability to maintain structural integrity under high temperatures and pressures. As these industries expand, the primary nickel market is poised to benefit significantly from their growth trajectories.

Regionally, Asia Pacific holds the lion's share of the primary nickel market, driven by rapid industrialization and a strong manufacturing base, particularly in China and India. The region is expected to maintain its dominance over the forecast period, supported by substantial investments in infrastructure development and the automotive sector. North America and Europe are also significant markets, with steady demand from the automotive and aerospace industries. Technological advancements and increased emphasis on research and development activities in these regions further propel market growth. In contrast, Latin America and the Middle East & Africa are anticipated to witness moderate growth, primarily due to their nascent industrialization stages and limited nickel production capabilities.

Product Type Analysis

The primary nickel market, segmented by product type, encompasses ferronickel, nickel pig iron (NPI), electrolytic nickel, and other variants. Ferronickel accounts for a substantial portion of the market, driven by its extensive use in stainless steel manufacturing. The ferronickel segment is characterized by its cost-effectiveness and efficiency in delivering nickel units for steel production. As global construction activities intensify, the demand for stainless steel, and consequently ferronickel, is expected to witness a significant rise. Additionally, technological advancements in ferronickel production processes are enhancing its quality and performance, thereby bolstering its market position.

Nickel pig iron, often considered a lower-cost substitute for refined nickel, is primarily used in the production of stainless steel. The rise of NPI is notably linked to Chin

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.

The nickel market, valued at approximately $XX million in 2025, is projected to experience robust growth, exhibiting a Compound Annual Growth Rate (CAGR) exceeding 4.80% from 2025 to 2033. This expansion is fueled by several key factors. The burgeoning electric vehicle (EV) sector is a primary driver, with nickel a crucial component in EV batteries. Increasing demand for stainless steel, particularly in construction and infrastructure projects globally, further contributes to market growth. Furthermore, advancements in nickel plating technologies for enhancing corrosion resistance and aesthetics across various industries are also bolstering demand. However, the market faces certain constraints, including price volatility influenced by geopolitical factors and supply chain disruptions, as well as environmental concerns related to nickel mining and processing. Diversification of supply sources and sustainable mining practices are crucial for mitigating these challenges. The market is segmented by application, with stainless steel, alloys, plating, casting, and batteries representing major segments. Key players such as Anglo American, BHP, and Glencore are actively shaping market dynamics through strategic investments and technological innovations. Geographical distribution shows strong growth potential in the Asia-Pacific region, driven primarily by China and India's expanding industrial sectors and burgeoning EV markets. North America and Europe also present significant market opportunities, although growth rates may vary depending on regional economic conditions and policy initiatives. The forecast period of 2025-2033 presents exciting possibilities for nickel market players. Companies are focusing on enhancing operational efficiencies, exploring new nickel sources, and developing innovative technologies to improve sustainability. Strategic partnerships and collaborations are also becoming increasingly prevalent, aiming to secure reliable supply chains and meet the rising global demand. The industry's ability to address sustainability concerns and adapt to fluctuating market conditions will significantly influence its long-term growth trajectory. Government regulations promoting clean energy and sustainable industrial practices will play a pivotal role in shaping the future of the nickel market. The ongoing development and adoption of high-nickel cathode materials in EV batteries are expected to be a major catalyst for market expansion throughout the forecast period. Recent developments include: August 2022: NMDC Ltd. announced its decision to explore opportunities overseas in a bid to mine lithium, nickel, and cobalt in order to meet the growing demand in India. The state-run iron-ore producer is planning to start mining in Australia, as it holds a 90.02% stake in the country's Legacy Iron Ore Ltd., December 2021: Mitsui & Co. Mineral Resources Development (Asia) Corp. (MMRDA) and Sojitz will sell all their shares in CBNC (36% in total to Sumitomo Metal Mining Co. Ltd (SMM). With the sales of the shares, SMM's shareholding ratio in CBNC will increase from the current 54% of the outstanding shares to 90%., October 2021: Renault Group announced the signing of a Memorandum of Understanding (MoU) with Terrafame, for a future supply of nickel sulphate. With this agreement, Renault Group will secure a significant annual supply of nickel sulphate from Terrafame, representing up to 15 GWh of annual capacity., In July 2021: BHP announced the signing of a nickel supply agreement from its Nickel West asset in Western Australia, with one of the world's leading sustainable energy company, Tesla Inc.. Key drivers for this market are: Rising Demand for Corrosion Resistant Alloys in the Oil and Gas Industry, Other Drivers. Potential restraints include: Rising Demand for Corrosion Resistant Alloys in the Oil and Gas Industry, Other Drivers. Notable trends are: Increasing Demand for Stainless Steel.

Learn about the increasing demand for unwrought nickel worldwide and the expected market performance over the next decade, with a projected volume of 4.7M tons and value of $104.7B by 2035.

The unwrought nickel market is experiencing robust growth, driven by increasing demand from key sectors like stainless steel production, battery manufacturing, and specialized alloy casting. The market size in 2025 is estimated at $15 billion, exhibiting a Compound Annual Growth Rate (CAGR) of 6% from 2025 to 2033. This growth trajectory is fueled by several factors. The burgeoning electric vehicle (EV) industry significantly boosts nickel demand for batteries, while ongoing infrastructure development and industrial expansion maintain a strong demand for stainless steel. Furthermore, advancements in nickel alloying technologies are broadening applications in high-performance alloys for aerospace and other specialized industries. However, the market also faces constraints such as price volatility linked to nickel's commodity nature and environmental concerns associated with nickel mining and processing. Sustainable sourcing initiatives and technological advancements in recycling are key trends mitigating these challenges. Geographic distribution shows a concentration in Asia Pacific, particularly China, driven by its large stainless steel and battery manufacturing sectors. North America and Europe also contribute significantly, although their growth rates may be slightly lower compared to the Asia-Pacific region. The competitive landscape is characterized by a mix of large multinational companies such as Glencore and Nornickel, along with several regional players specializing in specific applications or geographical markets. Strategic partnerships, mergers, and acquisitions are expected to shape market dynamics in the coming years as companies seek to consolidate their market positions and expand their product portfolios to cater to evolving customer requirements. The forecast period of 2025-2033 reveals a promising outlook for the unwrought nickel market, projected to reach approximately $25 billion by 2033.

The global electrolytic nickel market is projected to decline from a market size of 11480 million in 2025 to 9790 million by 2033, at a CAGR of -2.8%. The market is primarily driven by the rising demand for stainless steel, which is a major application of electrolytic nickel. However, the market is restrained by factors such as the volatility in the prices of raw materials and the environmental regulations associated with the production of electrolytic nickel. The key market segments include applications, types, and regions. The stainless steel segment is the largest application segment, accounting for over 60% of the total market share. The Ni 9999 segment is the largest type segment, accounting for over 80% of the total market share. The Asia Pacific region is the largest regional segment, accounting for over 50% of the total market share. The market is dominated by a few key players, including Jinchuan Group, Jiangxi Jiangli Sci-Tech, Xinjiang Xinxin Mining Industry, and Xingwang Enterprise Group.

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Global primary nickel industry overview

One of the key factors contributing to the growth of the global primary nickel market is the increasing production of stainless steel. The factors contributing to the increased production of stainless steel include the use of stainless steel bars in the construction sector, escalating rate of industrialization, and rising focus on R&D. Increased investments in the building and infrastructure segment, growing demand for automobiles, high recyclability of stainless steel, and increasing popularity of food-grade stainless steel are contributing to the increased demand for primary nickel. Nickel imparts strength, temperature resistance, and corrosion-resistance to stainless steel. Therefore, the significant demand for stainless steel is likely to positively impact the growth of the primary nickel market during the forecast period. The primary nickel market is projected to grow at a CAGR of over 2% during the forecast period.

Nickel recycling is one of the major trends being witnessed in the global primary nickel market. Nickel is a high-value, non-ferrous metal like copper, aluminum, and zinc. Due to its high value as a commodity, efforts focused on efficient recovery and recycling of the metal are in place. The extensive use of the metal in stainless steel and nickel alloys increases the recyclability factor of nickel. The enhanced durability of nickel-based materials implies that such materials can be successfully converted into high-quality alternatives. The recycling of nickel is a prospective solution to meet the growing demand for metal in various end-user segments.

Top primary nickel companies covered in this market research report

The primary nickel market is moderately fragmented with multiple players occupying the market share. By offering a complete analysis of the market’s competitive landscape and with information on the products offered by the companies, this primary nickel industry analysis report is designed to aid clients to identify new growth opportunities and make informed business decisions.

The report offers a complete analysis of various companies including:

Anglo American
BHP
Glencore
Norilsk Nickel
Vale

Primary nickel market segmentation based on geographic regions

Americas
APAC
EMEA

The APAC region will account for the highest incremental growth of this market throughout the forecast period. The economic development in emerging countries such as China and India will propel the growth of the market during the forecast period.

Primary nickel market segmentation based on end users

Engineering
Metal goods
Transport
Tubular products
electrical and electronics
Architecture, building, construction

The engineering segment accounted for the significant share of the nickel metal market during 2017. Nickel is used in the production of food preparation equipment, medical equipment, power generation equipment, and electroplating tools.

Moreover, nickel coatings are used in various industries such as automotive, aerospace, and communication. These factors are driving the growth of the market. Additionally, the report will also provide an accurate prediction of the contribution of the various end-user segments to the growth of the primary nickel market size.

Key highlights of the global primary nickel market for the forecast years 2018-2022:

CAGR of the market during the forecast period 2018-2022
Detailed information on factors that will accelerate the growth of the primary nickel market during the next five years
Precise estimation of the global primary nickel market size and its contribution to the parent market
Accurate predictions on upcoming trends and changes in consumer behavior
The growth of the primary nickel industry across the Americas, APAC, and EMEA
A thorough analysis of the market’s competitive landscape and detailed information on several vendors
Comprehensive details on the factors that will challenge the growth of the primary nickel companies

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