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.

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.

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...

An overview of the factors influencing the price of nickel in the world market, including supply and demand dynamics, geopolitical events, economic conditions, and exchange rates. The demand from stainless steel producers, supply disruptions, trade tensions, and exchange rate fluctuations all contribute to the volatility of nickel prices. Additionally, the rise of electric vehicles and the increasing demand for lithium-ion batteries are expected to drive nickel prices higher in the coming years.

Nickel powder prices in the third quarter showcased a mixed trend in the US market amid the rising fears of recessions. According to market participants, LME

Explore the factors shaping London Metal Exchange nickel ore prices, including rising demand from the EV sector, supply restrictions due to geopolitical and environmental issues, and macroeconomic influences. Understand the complex dynamics affecting nickel valuation and trading in the global commodities market.

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.

Learn about the expected growth in the United States nickel market over the next decade, driven by rising demand. By 2035, the market volume is projected to reach 428K tons and the market value to $12.7B.

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.

The global nickel sulfate market, valued at $19.7 billion in 2025, is projected to experience significant growth over the forecast period (2025-2033). While the exact CAGR is not provided, considering the strong drivers within the battery and electroplating industries, a conservative estimate of 7-9% CAGR is reasonable. This growth is fueled primarily by the burgeoning electric vehicle (EV) market, which significantly increases demand for nickel sulfate in lithium-ion batteries. The increasing adoption of nickel sulfate in various chemical applications, including electroplating for various industrial components, further contributes to market expansion. Segmentation within the market reveals strong demand across various grades, including electroplating grade, high-purity grade, and EN grade, each catering to specific applications with varying purity requirements. Key players like Jinchuan, Sumitomo Metal Mining, and Umicore are driving innovation and expanding production capacity to meet this rising demand. However, potential restraints include fluctuations in nickel prices, supply chain disruptions, and the development of alternative battery technologies. Regional analysis reveals strong growth in the Asia-Pacific region, driven largely by China and its dominant role in battery manufacturing and electroplating industries, while North America and Europe also contribute significantly to market demand. The market's competitive landscape is characterized by both established players and emerging companies, leading to innovation in production techniques and the development of new applications for nickel sulfate. Geographic expansion and strategic partnerships are key strategies being adopted by market participants to capture a larger share of the growing market. The ongoing advancements in battery technology, coupled with the increasing demand for sustainable and efficient energy storage solutions, are poised to accelerate the growth of the nickel sulfate market in the coming years. The diversification of applications beyond batteries and electroplating into specialized chemical processes is another important factor contributing to the market's expansion and future prospects. This analysis indicates a strong outlook for the nickel sulfate market, with substantial growth opportunities predicted throughout the forecast period.

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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 size of the Nickel Electrode Plate Market market was valued at USD 3.26 Billion in 2024 and is projected to reach USD 4.54 Billion by 2033, with an expected CAGR of 4.85% during the forecast period. Recent developments include: Recent developments in the Nickel Electrode Plate Market highlight a significant increase in demand tied to the rapid growth of electric vehicle production and energy storage systems. Companies like Vale and Glencore are focusing on expanding their production capabilities to meet this rising demand, while South32 has reported advancements in their sustainable mining practices. KGL Resources and Shandong Xinhai Technology are also investing in technology to enhance production efficiency. Current affairs indicate a growing interest from major players such as Nornickel and Norilsk Nickel in strengthening their market positions amidst heightened scrutiny on environmental impacts. There are ongoing discussions around potential mergers that could reshape the industry landscape, particularly with companies like BHP and China Molybdenum Co. exploring strategic collaborations. Furthermore, valuations in the market are experiencing growth due to the increasing corporate activity and favorable commodity prices, which is impacting market dynamics significantly. Additionally, recent forecasts suggest that demand will continue to rise, placing upward pressure on nickel prices and creating opportunities for both established firms and newcomers in the sector.. Key drivers for this market are: Rising demand for electric vehicles, Increased battery production capacity; Expansion in renewable energy storage; Growth in consumer electronics; Technological advancements in plating processes. Potential restraints include: Increasing demand for electric vehicles, Growing renewable energy investments; Technological advancements in battery storage; Supply chain disruptions; Rising raw material costs.

According to Cognitive Market Research, the global Nickel Sulfate Market size is USD 9981.2 million in 2024. It will expand at a compound annual growth rate (CAGR) of 14.20% from 2024 to 2031.

North America held the major market share for more than 40% of the global revenue with a market size of USD 3992.48 million in 2024 and will grow at a compound annual growth rate (CAGR) of 12.4% from 2024 to 2031.
Europe accounted for a market share of over 30% of the global revenue with a market size of USD 2994.36 million.
Asia Pacific held a market share of around 23% of the global revenue with a market size of USD 2295.68 million in 2024 and will grow at a compound annual growth rate (CAGR) of 16.2% from 2024 to 2031.
Latin America had a market share for more than 5% of the global revenue with a market size of USD 499.06 million in 2024 and will grow at a compound annual growth rate (CAGR) of 13.6% from 2024 to 2031.
Middle East and Africa hada market share of around 2% of the global revenue and was estimated at a market size of USD 199.62 million in 2024 and will grow at a compound annual growth rate (CAGR) of 13.9% from 2024 to 2031.
The dominant category is Electroplating. Electroplating accounts for a significant share of nickel sulfate consumption due to its widespread use in various industries such as automotive, electronics, and aerospace.

Market Dynamics of Nickel Sulfate Market

Key Drivers for Nickel Sulfate Market

Increasing Demand from the Electric Vehicle (EV) Industry to Increase the Demand Globally

The global push towards sustainable transportation has fueled the demand for electric vehicles (EVs), driving growth in the nickel sulfate market. Nickel sulfate is a key component in lithium-ion batteries, particularly in the cathode material. With the rising adoption of EVs worldwide, the demand for nickel sulfate is expected to surge. This trend is further supported by government incentives and regulations promoting the use of electric vehicles to reduce carbon emissions.

Growing Application in the Electroplating Industry to Propel Market Growth

Nickel sulfate is extensively used in the electroplating industry for providing a shiny, corrosion-resistant surface to various metal objects. The increasing demand for electroplated products across industries such as automotive, electronics, and aerospace is a significant driver for the nickel sulfate market. Moreover, the superior properties of nickel sulfate in providing uniform coatings and improving the durability of plated objects make it a preferred choice in the electroplating industry.

Restraint Factor for the Nickel Sulfate Market

Volatility in Nickel Prices and Supply Constraints to Limit the Sales

The Nickel Sulfate Market faces a significant restraint due to volatility in nickel prices and supply constraints. Nickel, a primary raw material for nickel sulfate production, experiences frequent price fluctuations influenced by factors such as global demand, supply disruptions, and economic conditions. These price variations impact the overall production costs of nickel sulfate, affecting its market dynamics and profitability. Additionally, supply constraints, including limited nickel ore reserves and production capacity, further exacerbate market challenges.Fluctuating nickel prices and supply shortages create uncertainty for market players, leading to hesitancy in investment and expansion plans.

Impact of Covid-19 on the Nickel Sulfate Market

The Covid-19 pandemic had a significant impact on the global Nickel Sulfate Market. The market faced disruptions in the supply chain due to lockdowns and restrictions imposed by governments to contain the spread of the virus, leading to a decrease in production and availability of nickel sulfate. The demand for nickel sulfate also experienced a decline, primarily due to the slowdown in industrial activities across various sectors, including automotive and electronics, which are major consumers of nickel sulfate. However, as the economy gradually recovers and industries resume operations, the nickel sulfate market is expected to witness a gradual recovery, supported by the increasing demand for electric vehicles and the growing electronics industry. Introduction of the Nickel Sulfate Market

The Nickel sulfate is an inorganic compound with the formula NiSO4. It is a blue, crystalline solid that is highly soluble in water. Nickel sulfate is primarily used in the ...

The global nickel market for stainless steel production is experiencing robust growth, driven primarily by the burgeoning demand for stainless steel in construction, automotive, and consumer goods sectors. The market's expansion is further fueled by increasing infrastructure development globally, particularly in emerging economies, and the rising adoption of stainless steel in various applications due to its superior corrosion resistance and durability. While the exact market size fluctuates based on commodity prices and global economic conditions, a conservative estimate suggests a 2025 market value of approximately $15 billion, projecting a Compound Annual Growth Rate (CAGR) of 5-7% from 2025 to 2033. This growth is expected to continue, though at a potentially slightly slower pace in the latter years of the forecast period, due to factors such as potential supply chain disruptions and the exploration of alternative materials. However, several factors could restrain market growth. Fluctuations in nickel prices, largely dependent on global mining output and geopolitical events, pose a significant challenge. Environmental regulations aimed at reducing mining's environmental impact may also lead to increased production costs and potentially limit supply. Furthermore, the development and adoption of alternative materials with comparable properties to stainless steel could affect the overall demand for nickel in the long term. Nevertheless, the current trends indicate a continued positive outlook for the nickel market within the stainless steel sector, with significant opportunities for established players like Nornickel, Vale, Glencore, and BHP Group, as well as emerging players in China, to capitalize on expanding demand.

The article discusses the rising demand for nickel in the United States and the expected upward consumption trend over the next decade. It provides forecasts for market performance in terms of volume and value leading up to 2035.

As per Cognitive Market Research's latest published report, The U.S Electroless Nickel Plating market size will be $294.16 Million by 2028. The U.S Electroless Nickel Plating Industry's Compound Annual Growth Rate will be 6.30% from 2023 to 2030. Factors Affecting the Electroless Nickel Plating Market

Rising technological advancements 

Various industrial sectors, across the US are adopting advanced technology for developing innovative products. Many players in the market across the US are focusing on the development of products used in day-to-day life and are essential for the formation of the layer of electrical products, leading to the rise in the demand for electroless nickel plating.

This includes products such as sensor-based devices, which is one of the popular tool used for several computer-based applications. This avoids the risk of contamination and uneven coating of nickel on electronic and semiconductor devices. Thus, driving the growth of the market in the US.

Innovation of such advanced technologies is expected to gain significant popularity in the near future, owing to its electroless deposition of nickel and increasing awareness among people about such innovative products.

Application of electroless nickel plating market for developing innovating products is one of the major trends in the industries. People are attracted to new and innovative products and smart technologies. Increasing adoption of advanced products are expected to drive the growth of the market.

Restraints for U.S Electroless Nickel Plating Market

Fluctuations in the prices of raw materials and Advent of the COVID-19.(Access Detailed Analysis in the Full Report Version)

Opportunities for U.S Electroless Nickel Plating Market

The rise in the aviation industry across the US.(Access Detailed Analysis in the Full Report Version)

Introduction of Electroless Nickel Plating

Electroless nickel plating is a method, which finds its application in the plating of the nickel on the surface of the semiconductor, electronics, and other devices. The methods used in the electroless nickel plating uses chemicals. The traditional method of the plating of the nickel, is not used in the processing of the electroless plating.

A technique of electroless nickel plating consists of the deposition of the nickel using the chemical rather than electrical means, wherein a piece to be nickel is plated, and is immersed in a reducing agent that when catalyzed by certain materials, changes metal ions to nickel or metals that forms a deposit on the piece.

The rise in the adoption of the electroless nickel plating is also used in the plastics, which is one of the factors, which drives the adoption of the electroless nickel plating market. These methods are used in the increasing the aesthetics, which is one of the factors, which drives the growth of the market.

Rise in the aviation industry in the US is one of the factors, leading to the rise in the adoption of the electroless nickel plating, thereby driving the growth of the US market, in the estimated forecast period. The better shielding properties and cost-effectiveness of electroless nickel plating, which drives the US electroless nickel plating market growth.

These are some of the factors, which constitutes for the growth of the market, in the estimated forecast period.

Snapshot img { margin: 10px !important; } Below are some of the key findings from the primary nickel market research report

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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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The market price of nickel is influenced by supply and demand dynamics, economic conditions, geopolitical factors, and market speculation. This article discusses the factors affecting nickel prices and explores the role of the EV industry, supply disruptions, geopolitical tensions, and investor sentiment. As the demand for cleaner energy solutions grows, nickel prices are expected to rise.