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

Global Nickel Market Growth

Nickel is widely combined with chromium and other metals to make useful alloys. Besides, it is also converted into a wide range of intermediate products for further processing. As per industrial analysis, nickel is commonly used to manufacture stainless steel (65%), batteries (16%), nickel-based alloys (7%), and alloy steels (3%). Nickel containing grades, such as Type 304 and Type 316, account for around 80% of stainless-steel production. Besides, it is also used in stainless steel foundries (2%) and for electroplating (5%).

These exceptional mechanical and physical properties of nickel makes it indispensable for industrial applications and increases the overall nickel market value. Many economic sectors including consumer goods, catering, and food processing (30%), mobility and transport (20%), process industries (15%), architecture, construction, and building (14%), and energy (12%) make extensive use of nickel.

Moreover, in 2023, nearly 14 million new electric vehicles were registered in worldwide, indicating the increasing consumer appeal for eco-friendly modes of transportation. The overall EV sales surged by 35% year-on-year in 2023. These accounted for a share of 18% in the global automotive market, up from around 14% in 2022. As per the market analysis, battery electric vehicles accounted for around 70% of the global EV stock in 2023. This is expected to fuel the growth of the nickel market, as it is a vital component of lithium-ion batteries added into electric vehicles.

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Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Key Trends and Developments

Global Nickel Market Trends

Most lithium-ion batteries mostly rely on nickel for energy storage. Some of the most used type of li-ion batteries include nickel manganese cobalt and nickel cobalt aluminium, which uses around 60%-80% and 80% nickel respectively. With rapid technological advancements, the nickel concentration in NMC lithium-ion batteries has reached nearly 90%. This is expected to facilitate the nickel market development, as it ensures a higher range of distance travelled for EVs. Moreover, increasing government investments in expanding battery manufacturing capacity is also expected to increase the rate of market growth.

Global Nickel Industry Segmentation

Global Nickel Market Share

Based on region, the market is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. Over the forecast period, the Asia Pacific is expected to grow at a CAGR of 8.0% due to the rapid growth of the construction sector in countries such as India. Moreover, the increasing adoption of electric vehicles (EVs) across the region is expected to favour the market dynamics over the forecast period.

Leading Companies in the Global Nickel Market

Major players are adopting sustainable metal manufacturing practices to reduce their carbon emissions and gain a substantial nickel market share.

Anglo American plc

Anglo American plc was founded in 1917 and is headquartered in London, United Kingdom. It specialises in the exploration and processing of critical minerals, such as platinum, copper, and iron ore, among others.

BHP Group Limited

BHP Group Limited was founded in 1885 and is headquartered in Victoria, Australia. It specialises in...

Eramet SA

Eramet SA was founded in 1880 and is headquartered in Paris, Ile-de-France. As per nickel market ana...

Glencore plc

Glencore plc was founded in 1974 and is headquartered in Baar, Switzerland. It is one of the world's...

*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*

Other players included in the nickel market report are IGO Limited, China Metallurgical Group Corporation, Norilsk Nickel, Sumitomo Metal Mining Co., Ltd., South32 Limited, and Vale, among others.