The global Nickel Market share was valued at USD 37.0 Billion in 2024 and is projected to reach USD 55.5 Billion by 2033. The market is expected to grow at a CAGR of 4.6% during the forecast period from 2025 to 2033. Asia Pacific holds a dominant market share of over 72.0% in 2024, with robust demand driven by industrialization, EV battery production, and stainless steel consumption.
Study Assumption Years
Base Year: 2024
Historical Year/Period: 2019-2024
Forecast Year/Period: 2025-2033
Nickel Market Key Takeaways
Current Market Size: USD 37.0 Billion in 2024
CAGR: 4.6% (2025-2033)
Forecast Period: 2025-2033
Asia Pacific dominates the market with over 72.0% share in 2024.
The stainless steel industry accounts for over 60% of global nickel consumption.
Growing adoption of electric vehicles (EVs) is driving nickel demand for lithium-ion batteries.
Infrastructure development and urbanization in emerging economies are fueling nickel usage in construction.
The United States market is growing due to aerospace defense investments and clean energy infrastructure.
Supply constraints and geopolitical risks in major nickel-producing areas increase market volatility.
Request for a Free Sample Report: https://www.imarcgroup.com/nickel-market/requestsample
Market Growth Factors
The nickel market expansion is mostly due to the increasing need for energy that comes from renewable sources and batteries for the grid that are of large-scale. The adoption of electric vehicles (EVs) is, in particular, the factor that most influences the demand for nickel, which is a material that has to be used in the cathodes of lithium-ion batteries. In their report, Benchmark Mineral Intelligence and Carbon Credits state that nickel demand in batteries could be multiplied by three during the next ten years. The production of electric vehicles (EVs) is being strongly invested in while governments provide incentives further fuelling the demand.
Strong research and development (R&D) programs aim at higher extraction efficiency, less environmental impact, and the creation of eco-friendly mining methods. Last September, for instance, Nornickel launched an R&D center in St. Petersburg that will be looking into the use of nickel-containing materials for battery cathodes in electric vehicles. By such technological breakthroughs and better recycling processes, the industry is able to keep up with the rising global demand in an environmentally friendly way.
The stainless steel industry is a major consumer, and according to the International Stainless-Steel Forum (ISSF), it is responsible for more than 60% of the total global nickel use. Nickel makes stainless steel stronger, more resistant to rust, and longer-lasting, and it is used extensively in the building, automotive, and consumer goods industries. The construction of new infrastructures is, notably, an important contributor to nickel demand in the area of stainless steel reinforcement bars as evidenced by the global infrastructure spending forecast that anticipates a rise to USD 94 trillion by 2040.
Market Segmentation
Analysis by Product Type:
Class I Products: High-purity nickel products like briquettes, cathodes, and powders used in battery production, aerospace, and electronics. They hold about 44.8% market share in 2024, driven by EV sales and high-performance alloys.
Class II Products: Not provided in source.
Analysis by Application:
Stainless Steel and Alloy Steel: The largest segment with around 65.0% market share in 2024, used to improve corrosion resistance and strength in multiple industries.
Non-ferrous Alloys and Superalloys: Important in energy, aerospace, and heavy machinery.
Electroplating: Not provided in source.
Casting: Not provided in source.
Batteries: Nickel is critical in lithium-ion batteries for EVs, boosting market share.
Others: Not provided in source.
Analysis by End-Use Industry:
Transportation & Defense: Leading segment with 22.7% market share in 2024, driven by EV battery demand, aerospace jet engines, armor plating, and military batteries.
Fabricated Metal Products: Not provided in source.
Electrical & Electronics: Not provided in source.
Chemical: Not provided in source.
Petrochemical: Not provided in source.
Construction: Nickel usage in stainless steel reinforcement for infrastructure projects.
Consumer Durables: Not provided in source.
Industrial Machinery: Not provided in source.
Others: Not provided in source.
Regional Insights
The Asia Pacific has a market share of more than 72.0% in 2024 and thus is a leader in this arena. This domination is mainly explained by the region’s rapid industrialization, a vast population, enormous investments in the EV battery production, and a high demand for stainless steel in countries such as China and India. The region's growth is further sustained by government policy support and subsidies for EVs and renewable energy.
Recent Developments & News
January 2025: Herbert Smith Freehills advised Sumitomo Corporation on restructuring USD 2.3 billion debt for Madagascar's Ambatovy Nickel Project, discharging USD 2 billion debt and injecting USD 140 million.
September 2024: IGO emphasized nickel’s role in its diversified portfolio, planning exploration and operations in lithium, copper, and nickel to reduce price volatility.
September 2024: Anglo American announced plans to sell two Brazilian nickel mines producing approximately 38,000 tons annually.
July 2024: BHP planned a temporary halt of operations at Nickel West and West Musgrave projects in Western Australia starting October 2024, with decision review in February 2027.
June 2024: Vale SA announced a USD 3.3 billion investment to enhance nickel and copper production capacity and efficiency in Brazil and Canada over four years.
