Nickel fell to 14,879.88 USD/T on December 3, 2025, down 0.20% from the previous day. Over the past month, Nickel's price has fallen 1.20%, and is down 7.47% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Nickel - values, historical data, forecasts and news - updated on December of 2025.

The Nickel Market Report is Segmented by Application (Stainless Steel, Casting, Alloys, Batteries, Plating, and Other Applications), End-User Industry (Automotive and Transportation, Fabricated Metal Products, Consumer Durables, Construction, Industrial Machinery, and Other End-User Industries), and Geography (Asia-Pacific, North America, Europe, and More). The Market Forecasts are Provided in Terms of Volume (Tons).

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.

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...

Nickel Market size is expected to be worth around USD 55.7 billion by 2033, from USD 32.6 billion in 2023, growing at a CAGR of 5.5%

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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 surge in infrastructure p

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 global market balance of nickel in 2024 had a surplus of around ******* metric tons. Similarly, it is estimated that the market balance of nickel in 2025 will be a surplus of around ******* metric tons. Nickel is most commonly used for making steels, nonferrous alloys, and electroplating. It is also common in both industrial and commercial products.

USD 43.16 Billion in 2024; projected USD 82.59 Billion by 2033; CAGR 7.5%.

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.

In May 2024, the price of one metric ton of nickel stood at some ********* U.S. dollars. In comparison, in December 2016, the price of nickel was just below ****** U.S. dollars per metric ton. Thus, the nickel price has increased considerably in recent years, though it continuously fluctuates. In the beginning of 2022, however, the price of nickel skyrocketed due to disruptions to supply chains and a wide scarcity of raw materials and metals. Overview of nickel Discovered in 1751, nickel is a base metal with a silvery-white lustrous appearance that has a slightly golden tinge. The metal is crucial for many global industries, especially, for example, for the production of stainless-steel. Nickel is highly corrosion-resistant and is used to plate other metals in order to protect them. Because of these useful traits, nickel is used in more than ******* products worldwide, spanning from architectural, industrial, military, transportation and aerospace, marine, currency, and consumer applications. Nickel price dynamics Though nickel is the fifth most abundant element found on Earth, as with any commodity, the price of nickel can vary widely depending on global market conditions. Following the collapse of the Soviet Union, exports of nickel increased dramatically, dropping the price of nickel in the mid-1990s to below production costs. Nickel production in the Western Hemisphere was reduced during that period. Prices then increased again, up to a high of ****** U.S. dollars per metric ton in May 2007. Since then, nickel prices have decreased, and have remained between a low of ***** U.S. dollars per metric ton and a high of ****** U.S. dollars per metric ton between 2016 and 2021. It is forecast that the price of nickel will amount to more than ****** U.S. dollars per metric ton in 2025.

Nickel prices skyrocketed on the expectations of a shortage on the global market provoked by the increase in demand that outpaces the supply growth. The rebound in the steel industry and rising electric vehicle manufacturing drive nickel consumption. Pandemic-related lockdowns in the first half of 2020 and the related uncertainty led to a decrease in the global nickel mine output by -4% y-o-y. Despite this, refined nickel production increased by +2% y-o-y, boosted by the recovering demand from mid-2020 and the use of secondary smelting. Indonesia, the largest nickel ore producer worldwide, banned exports of the ore and thus achieved a record output of refined nickel.

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. Key drivers for this market are: Rising Demand for Stainless Steel Fueled Ni Metal Consumption. Potential restraints include: Fluctuating Prices to Hamper Market Growth.

Refined Nickel Market size was valued at USD 42.77 Billion in 2024 and is projected to reach USD 74.08 Billion by 2031, growing at a CAGR 7.5% during the forecasted period 2024 to 2031.

Global Refined Nickel Market Drivers

Growing Need from the Stainless Steel Sector: Refined nickel is a vital ingredient in the creation of stainless steel, which is widely utilized in a number of sectors, including manufacturing, automotive, aerospace, and construction. Refined nickel is in high demand because to the growing need for stainless steel goods brought on by infrastructural expansion, urbanization, and industrialization.

Growing the Uptake of Electric Cars (EVs): An crucial component in the production of batteries for electric cars (EVs) is refined nickel. The demand for nickel in EV batteries is predicted to rise significantly due to the global movement towards sustainable transportation and the promotion of EV adoption by governments worldwide in an effort to reduce greenhouse gas emissions.

Infrastructure Development and Urbanization: The demand for refined nickel is driven by projects involving infrastructure development and urbanization, especially in emerging nations. Refined nickel use has increased as a result of the usage of alloys containing nickel in building materials, infrastructure parts, and transportation infrastructure.

Industrial Growth and Manufacturing Activities: The demand for refined nickel is driven by the expansion of manufacturing sectors, especially in industries like electronics, machinery, and aerospace. Because of their excellent strength, resistance to corrosion, and thermal stability, nickel alloys are a good choice for a wide range of industrial applications.

Technological Developments in the Production of Nickel: Technological developments in the extraction, refining, and mining of nickel have boosted production efficiency, decreased costs, and expanded the supply of refined nickel. Technological advancements in recycling, bioleaching, and hydrometallurgical processes all support market expansion.

Growing Need from Chemical sector: Catalysts, pigments, and specialty chemicals are among the products made using refined nickel in the chemical sector. Refined nickel demand is boosted by the growing chemical manufacturing industry, which is fueled by the need for petrochemicals, polymers, and specialty chemicals.

Growth of the Renewable Energy Sector: Refined nickel is utilized in the production of parts for solar panels, wind turbines, and battery energy storage systems (BESS). Refined nickel demand is being driven by the global push towards renewable energy adoption, which is being driven by government incentives and worries about climate change.

Applications in Aerospace and Defense: Because of their excellent strength, resistance to corrosion, and ability to withstand high temperatures, alloys based on nickel are frequently utilized in aerospace and defense applications. The demand for refined nickel is increased by the expansion of the aerospace and defense industries, which is fueled by rising defense budgets, space exploration programs, and commercial aerospace operations.

Transition to Sustainable Packaging Solutions: Metal cans, foils, and laminates are among the packaging materials made from refined nickel. The market is growing as a result of consumers' growing preference for recyclable and environmentally friendly packaging options, which increases demand for packaging materials containing nickel.

The global nickel market for stainless steel production is experiencing robust growth, driven by the increasing demand for stainless steel in various industries, including construction, automotive, and consumer goods. This surge is further fueled by the expanding middle class in developing economies, leading to increased infrastructure development and consumer spending. While precise figures for market size and CAGR were not provided, a reasonable estimation based on industry reports and trends suggests a current market size (2025) of approximately $50 billion USD. Assuming a conservative CAGR of 5% – a figure reflective of past growth and projected future demand, considering potential economic fluctuations – the market is poised to reach approximately $70 billion USD by 2033. Key drivers include technological advancements enhancing stainless steel production efficiency and sustainability initiatives promoting the use of recycled nickel. However, the market is not without its challenges. Price volatility in nickel, influenced by global supply chain disruptions and geopolitical factors, presents a significant restraint. Environmental regulations related to nickel mining and processing also pose a considerable challenge, requiring companies to invest in sustainable practices and technologies. Furthermore, the emergence of alternative materials in certain applications could potentially limit market growth in the long term. The competitive landscape is dominated by major players like Nornickel, Vale, Glencore, and BHP Group, who are strategically focusing on enhancing operational efficiency, exploring new deposits, and developing sustainable mining methods to maintain their market share amidst evolving industry dynamics. Growth will likely be uneven across regions, with developing economies in Asia and the Pacific exhibiting particularly strong growth, while mature markets in North America and Europe maintain steady but slower expansion.

Market Research Intellect presents the Nickel Ore Market Report-estimated at USD 34.5 billion in 2024 and predicted to grow to USD 55.2 billion by 2033, with a CAGR of 6.5% over the forecast period. Gain clarity on regional performance, future innovations, and major players worldwide.

The Primary Nickel Market size is expected to reach USD 45.7 billion in 2026 growing at a CAGR of 4.9. Primary Nickel Market segmentation, demand analysis, competitive landscape, and trend forecast for strategic planning.

Discover the booming nickel market forecast to 2033! This comprehensive analysis reveals a CAGR exceeding 4.80%, driven by EV battery demand and stainless steel growth. Explore key trends, restraints, and major players shaping this dynamic industry. 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.

The Europe nickel market is valued at USD 9 billion, with increasing demand driven by the rapid growth in electric vehicle (EV) battery production and the widespread application of nickel in stainless steel manufacturing.

As of January 2023, the Australian multi-national mining company BHP was the largest miner of nickel worldwide in terms of market capitalization. At that time, BHP had a market capitalization of approximately *** billion U.S. dollars. Nickel is a critical resource used in the production of metal alloys as well as batteries.