The global nickel market size was valued at USD 43.16 billion in 2024 and is expected to grow from USD 46.39 billion in 2025 to reach USD 82.59 billion in 2033, growing at a CAGR of 7.5% over the forecast period (2025 – 2033).
Nickel is a naturally occurring, lustrous, silvery-white metal with a slight golden hue. Nickel possesses five stable isotopes, remains solid at room temperature, and has a boiling point of 2730°C and a melting point of 1455°C. It is ferromagnetic, hard, resistant to corrosion and rust, and ductile. Being a naturally occurring element, nickel must be extracted through mining.
Nickel is acquired through a method known as extractive metallurgy. This process involves separating the desired metal from its ore and purifying it to achieve a higher level of purity. An ore is a naturally occurring rock found deep beneath the earth's surface, containing valuable minerals that can be mined, refined, and sold for profit. Typically, once nickel has been refined, it can be machined into various forms, including bars, rods, plates, sheets, and tubing. Several techniques are employed to create these shapes.
Nickel's primary ores are categorized into two main types, i.e., laterites and magmatic sulfides. The global market is driven by its extensive use across various industries, particularly stainless steel production, which accounts for nearly 70% of nickel demand. Geographically, the nickel market is dominated by countries rich in reserves, like Indonesia, the Philippines, and Russia.
The below table shows U.S. nickel production (mt)from the 2019-2023 period
Year | 2019 | 2020 | 2021 | 2022 | 2023 |
---|---|---|---|---|---|
Nickel price in U.S. dollars per metric ton | 13,500 | 16,700 | 18,400 | 17,500 | 17,000 |
Source: Annual Reports, Investor Presentations & Straits Analysis
The global market is shifting toward "green nickel" production, driven by sustainability demands and the rise of electric vehicles (EVs). Producers are adopting eco-friendly methods like hydrometallurgical processes and high-pressure acid leaching (HPAL) to minimize carbon emissions. Companies such as Vale and BHP are integrating renewable energy into operations to meet the demand for low-carbon Ni. Indonesia, leveraging its vast laterite ore reserves, is attracting investments in green nickel projects for EV batteries.
The shift to electric mobility is a key growth driver for the nickel market, with nickel-rich chemistries like NMC (Nickel-Manganese-Cobalt) and NCA (Nickel-Cobalt-Aluminum) dominating lithium-ion battery production. Nickel’s high energy density enhances EV performance and range, fueling its demand.
Therefore, companies like Tesla and CATL are ramping up battery production, driving robust demand for Class I Ni, which is critical for high-purity battery manufacturing.
Stainless steel, accounting for over 65% of global nickel demand, remains a significant growth driver. Nickel’s ability to enhance corrosion resistance, durability, and strength makes it indispensable in construction, automotive, and appliances. Rapid industrialization in emerging markets such as China, India, and Indonesia is propelling stainless steel production.
Indonesia, for instance, is expanding its stainless steel capacity alongside Ni mining. Likewise, government initiatives like China’s infrastructure programs and India’s "Make in India" campaign further bolster stainless steel demand.
Nickel prices are highly volatile, influenced by market imbalances, geopolitical tensions, and speculative trading. Disruptions like the Russia-Ukraine conflict in 2022 caused sharp price hikes, as Russia is a leading global Ni producer. Likewise, Indonesia’s export ban on unprocessed nickel ore has strained global supply chains, increasing reliance on domestic processing capabilities.
This volatility creates uncertainty for end-users, especially in the stainless steel and battery industries, where nickel significantly impacts production costs.
The growing focus on sustainability has turned nickel recycling into a significant opportunity within the global market. Recycling Ni from end-of-life products like stainless-steel scrap and spent EV batteries helps reduce dependence on primary nickel sources, which are subject to price fluctuations and supply chain risks.
This practice not only addresses environmental concerns but also supports the circular economy. Companies such as Glencore and Umicore are ramping up their recycling efforts to recover nickel from battery scrap, driving sustainable practices in the industry.
This initiative highlights the growing role of nickel recycling in meeting sustainability goals and regulatory standards, creating substantial market opportunities.
Study Period | 2021-2033 | CAGR | 7.5% |
Historical Period | 2021-2023 | Forecast Period | 2025-2033 |
Base Year | 2024 | Base Year Market Size | USD 43.16 Billion |
Forecast Year | 2033 | Forecast Year Market Size | USD 82.59 Billion |
Largest Market | Asia Pacific | Fastest Growing Market | Europe |
Asia-Pacific is the leading player in the global market, driven by its dominant consumption in stainless steel production and battery manufacturing. China, Indonesia, and Japan are key contributors. China remains the largest global consumer, accounting for over 50% of Ni demand due to its extensive stainless-steel production and growing EV battery manufacturing capacity.
Furthermore, Indonesia has emerged as a top nickel producer, particularly in Ni pig iron (NPI), and has become a key hub for nickel processing. The country’s ban on raw Ni ore exports has sparked significant investments in local smelting and refining facilities, including high-pressure acid leaching (HPAL) plants to produce battery-grade nickel for EVs.
Europe ranks as the second-fastest-growing region in the global market, spurred by the region’s transition to renewable energy and electric mobility. The European Union’s (EU) carbon neutrality goal for 2050 and the European Green Deal have significantly increased demand for nickel-rich batteries, especially for electric vehicles (EVs) and energy storage systems. Countries such as Germany, Norway, and France are leading the EV transition, aided by government incentives and growing consumer demand.
Moreover, the EU’s investments in the battery value chain, including gigafactories and strategic raw material partnerships, are driving the region's nickel market growth. Companies like Umicore are advancing Ni recycling technologies, promoting a circular economy, and reducing reliance on primary nickel sources. These initiatives position Europe as a key player in shaping the future of the global market.
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Ni-chromium alloys dominate the global market due to their versatility and ability to perform under high temperatures and oxidative environments. With growing demand from the aerospace and automotive industries, particularly for gas turbines, jet engines, and emission control systems, this segment is expected to grow steadily. The shift toward renewable energy, where these alloys are used in power plant components and heat exchangers, further boosts their relevance. Moreover, advancements in additive manufacturing (3D printing) have increased the usage of Ni-chromium alloys for producing complex high-performance components, solidifying their position in the market.
The stainless-steel segment dominates the global market, driven by its extensive use in construction, industrial machinery, and transportation. Rapid industrialization and urbanization in emerging markets such as China and India are propelling demand for stainless steel as governments invest in large-scale infrastructure projects. Moreover, the growing automotive and food processing industries rely on stainless steel for its corrosion resistance and hygienic properties. As global efforts to reduce carbon emissions increase, demand for Ni-containing stainless steel in renewable energy infrastructure, such as solar panel frames and wind turbines, is expected to grow, solidifying its importance in the nickel market.
In response to the growing demand across critical end-use industries such as stainless steel, batteries, and alloys, companies in the global nickel market are strategically expanding their investments. Key players are ramping up production capacities through the optimization of mining operations and the integration of advanced refining technologies.
The focus is being placed on increasing the output of battery-grade nickel, which is essential for energy storage solutions and EV production. Moreover, firms are strengthening their presence in key regions, such as Southeast Asia, to secure a steady supply of Ni for the rapidly expanding EV and renewable energy sectors.
Tsingshan Holding Group: An emerging player in the nickel market
Tsingshan Holding Group, founded in 2003, is a leading manufacturer of stainless steel products, including seamless and welded pipes, tubes, and pipe fittings. Headquartered in Wenzhou, China, the company has established itself as a key player in the global stainless steel industry.
Tsingshan's products are widely used in various sectors such as shipbuilding, pressure vessels, power station boilers, coal chemical, petrochemical, paper, automotive, and aerospace industries. The company is recognized for its high-quality products and has become a qualified supplier for major corporations like Sinopec, PetroChina, and CNOOC.
Recent Developments
As per our analyst, the global nickel market is experiencing a transformative shift, driven by surging demand from key industries such as stainless steel, electric vehicle (EV) batteries, and renewable energy. Nickel’s critical role in lithium-ion battery chemistries places it at the heart of the ongoing energy transition, fueling its importance for sustainable technologies. Rising urbanization and infrastructure development, particularly in emerging economies like China and India, continue to bolster demand for Ni in stainless steel production.
However, the market faces challenges such as price volatility, environmental concerns associated with mining practices, and geopolitical disruptions that impact supply chains. Despite these hurdles, growing investments in sustainable mining practices, recycling, and advanced processing technologies reflect the industry's proactive approach to meet the evolving needs of end-use applications and global sustainability objectives.