Nickel Market Trends

Nickel Market size was valued at USD 19.48 Billion in 2023 and is poised to grow from USD 20.75 Billion in 2024 to USD 32.62 Billion by 2032, growing at a CAGR of 6.5% during the forecast period (2025-2032).

Global nickel market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Vale S.A.', 'BHP Billiton', 'Norilsk Nickel', 'Jinchuan Group International Resources Co. Ltd.', 'Sumitomo Metal Mining Co. Ltd.', 'Glencore International AG', 'Eramet SA', 'Western Areas Ltd.', 'Independence Group NL', 'Lundin Mining Corporation', 'Sherritt International Corporation', 'Terrafame Group Ltd.', 'Anglo American plc', 'First Quantum Minerals Ltd.', 'China Molybdenum Co., Ltd.', 'MMC Norilsk Nickel', 'Anglo Pacific Group PLC', 'Sibanye-Stillwater', 'South32 Limited', 'Nickel Mines Limited'

The growth of the nickel market can be attributed to the increasing demand for nickel in stainless steel alloys. At present, about two-thirds of nickel is getting sold each year for stainless steel. The increasing demand for nickel in automobile batteries, energy storage systems in wind turbines and others at an affordable cost is the major driving factor for the market growth. The stainless- steel accounts for more than two-thirds of Ni consumption globally. The growing demand for stainless-steel in various industries is due to its features such as lightweight, durability, easy fabrication, and others.

Stainless steel consumption is growing due to the corrosion resistance, durability, and abundance in availability, it is used in sectors including construction, transport, food and beverage, aerospace, medical, chemical, and others.

Asia-Pacific (APAC) is dominant among all regions in terms of nickel market, which is predominantly because of the availability of the major stainless-steel manufacturing companies and battery manufacturers as well. The growth in the nickel market was possible due to the increase in technological advancement in stainless steel to make it more sustainable. China is holding the largest nickel market share and is also the fastest-developing country in the region. The country is leading in the electric car market with the increasing sales of latest electric vehicles; and electric vehicles (EVs) were sold by a total of 3.3 million units in 2021, with an increase of 154% than the last year. The adoption of nickel in electric vehicles (EVs) is anticipated to boost the market in the region because of a considerable share of nickel demand in the market.