Nickel powder Market Size, Production, Average Price and Trends Analysis, till 2030

Nickel powder Market Size is estimated to be 560 million in 2025 and is expected to grow at an average yearly rate of around 6.5% during the timeframe (2025-2030).

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Nickel powder price trend in 2024 vs 2025

The price trend of nickel powder, an essential material in various industries like battery production, electronics, aerospace, and metallurgy, is influenced by multiple factors. These factors include supply-demand dynamics, global economic conditions, technological advancements, and market fluctuations. As we approach 2024 and 2025, the nickel powder market is expected to experience changes driven by these elements. Below is an analysis of the nickel powder price trend in 2024 versus 2025.
Price Trend in 2024
• Global Demand for Electric Vehicles (EVs): A significant driver for the demand for nickel powder in 2024 will be the electric vehicle industry. Nickel is a critical component of lithium-ion batteries used in EVs, particularly for cathodes. As global demand for electric vehicles continues to rise, especially in regions like Europe, North America, and China, the demand for high-quality nickel powder will increase. This surge in demand will likely lead to price stabilization or modest price increases, depending on supply-side factors.
• Nickel Supply Chain Challenges: In 2024, the nickel supply chain may face challenges due to limited production capacity and geopolitical tensions in nickel-producing regions like Indonesia, the Philippines, and Russia. Supply chain disruptions, including mining output constraints and logistics bottlenecks, could cause fluctuations in the price of nickel powder. Additionally, the transition to more sustainable mining practices could lead to short-term price hikes as producers invest in environmentally friendly technologies and processes.
• Nickel Prices and Market Volatility: As a base metal, nickel prices tend to be volatile, and this is likely to continue in 2024. Global market factors such as the price of raw materials, oil, and natural gas, as well as shifts in global trade policies, could impact the price of nickel powder. Although nickel prices had been rising in 2023 due to the increasing demand from EV manufacturers, the price may moderate or slightly decline in 2024 if the market experiences oversupply or if there is a slowdown in global economic growth.
• Technological Advancements in Battery Manufacturing: In 2024, innovations in battery technology, such as the development of solid-state batteries and improved nickel extraction methods, could impact the demand and pricing of nickel powder. If new technologies make it easier and more cost-effective to produce high-purity nickel powder, it could stabilize prices and make them more affordable for manufacturers, especially in the battery sector.
Price Trend in 2025
• Sustained Demand from Electric Vehicles and Energy Storage: The demand for nickel powder will likely continue to grow in 2025, primarily driven by the global expansion of electric vehicles (EVs) and the need for energy storage solutions, such as grid-scale batteries. As the adoption of EVs and renewable energy technologies increases, the requirement for high-performance batteries using nickel will further fuel the demand for nickel powder. Consequently, this increased demand could lead to a steady or gradual price rise in 2025.
• Supply Constraints and Strategic Reserves: By 2025, there is a possibility of a continued supply-demand imbalance for nickel, especially for high-purity nickel required in batteries. If major nickel-producing countries face production constraints, the global supply of nickel may not keep pace with the growing demand, putting upward pressure on prices. In addition, large countries or corporations may start building strategic reserves of nickel powder to ensure a steady supply of this critical resource, which could further drive prices up.
• New Mining Projects and Innovations: In response to the high demand for nickel, new mining projects are likely to come online by 2025. However, it takes several years to bring new nickel mining projects to full production, and there may be delays in supply. On the other hand, innovations in nickel extraction and processing could increase the availability of nickel powder and alleviate some supply constraints. However, the costs involved in implementing these new technologies could lead to higher production prices, potentially impacting the overall market price.
• Geopolitical and Economic Factors: Geopolitical tensions, particularly in major nickel-producing countries like Indonesia, Russia, and the Philippines, will continue to play a role in the pricing of nickel powder. Any trade barriers or tariffs that limit the global flow of nickel could disrupt the market and drive up prices. Additionally, if global economic growth accelerates in 2025, particularly in emerging markets, the increased industrial activity could further boost demand for nickel, thus pushing prices higher.
• Sustainability and Recycling: In 2025, the emphasis on sustainability in nickel production may play an important role in shaping the price trends. Nickel recycling is expected to become more prevalent as the push for a circular economy grows. The development of efficient nickel recycling technologies could reduce the pressure on primary mining and reduce costs. However, the initial investments in recycling infrastructure could temporarily increase prices until economies of scale are reached.
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Important target segments driving the demand for Nickel powder Market

The demand for nickel powder is growing across various industries due to its versatility and essential role in the production of advanced materials and components. Nickel powder is used in applications ranging from energy storage and electronics to aerospace and automotive industries. Below are the important target segments that are driving the demand for nickel powder in the market.
Battery Manufacturing (Electric Vehicles and Energy Storage)
• Overview: The most significant driver of nickel powder demand is its use in the production of batteries, particularly for electric vehicles (EVs) and energy storage systems. Nickel is a crucial component in lithium-ion batteries (Li-ion), as it helps increase the energy density and performance of the batteries.
• Impact on Nickel Powder Demand: The rapidly growing EV market, fueled by increasing consumer demand for electric vehicles and the global push toward sustainability and emission reduction, is driving the need for high-performance batteries. Nickel is used to produce nickel-cobalt-manganese (NCM) cathodes for batteries, making it essential for the production of lithium-ion batteries. As automakers ramp up production of EVs, the demand for nickel powder, particularly high-purity nickel powder, will continue to rise. Similarly, the increasing adoption of energy storage systems for renewable energy sources also drives demand for nickel powder in battery manufacturing.
Electronics and Semiconductor Industry
• Overview: The electronics industry, which includes devices such as smartphones, laptops, wearables, and home appliances, is another significant driver of nickel powder demand. Nickel powder is used in various components like capacitors, resistors, and connectors, all of which are integral to modern electronics.
• Impact on Nickel Powder Demand: As technology continues to advance and the global electronics market grows, the need for high-performance electronic components increases. Nickel powder is often used in the production of solder alloys and conductive materials in circuit boards. With the rise of connected devices, 5G networks, and smart devices, the demand for nickel powder in the electronics and semiconductor sectors is expected to continue to expand. Additionally, as electronics manufacturers move toward miniaturizing components, the demand for advanced materials such as nickel powder will grow to meet these needs.
Aerospace and Defense
• Overview: The aerospace and defense sectors use nickel powder in the production of high-performance alloys and components for aircraft engines, turbine blades, and other critical systems. Nickel-based alloys are known for their high strength, durability, and resistance to corrosion, making them ideal for use in demanding aerospace applications.
• Impact on Nickel Powder Demand: The aerospace industry relies heavily on nickel-based superalloys due to their ability to withstand extreme temperatures and pressures. These alloys are used in turbine engines, exhaust systems, and other components exposed to high-stress conditions. As the aerospace industry continues to recover from the effects of the COVID-19 pandemic and as global defense spending increases, the demand for nickel powder in the production of aerospace alloys is expected to grow. Furthermore, the development of next-generation aircraft and propulsion systems will likely lead to increased demand for nickel-based materials, further boosting the market for nickel powder.
Stainless Steel Production
• Overview: Nickel is a key alloying element in the production of stainless steel, which is widely used in construction, automotive, medical equipment, and consumer goods. Stainless steel is valued for its strength, corrosion resistance, and aesthetic properties, making it a staple material in many industries.
• Impact on Nickel Powder Demand: Nickel powder is used to produce stainless steel alloys, which are then used in a wide range of applications. As global infrastructure development continues, especially in emerging economies, the demand for stainless steel is expected to rise. This, in turn, will drive demand for nickel powder. The automotive sector, in particular, uses stainless steel for various components, including exhaust systems and body parts, which will further fuel demand for nickel powder. Additionally, with the growing trend of renewable energy and the expansion of the chemical and food processing industries, demand for stainless steel and, consequently, nickel powder will continue to grow.
Hydrogen Economy and Fuel Cells
• Overview: The hydrogen economy, which focuses on using hydrogen as a clean and sustainable energy source, is an emerging sector driving the demand for nickel powder. Nickel is used in fuel cells, which are devices that convert hydrogen and oxygen into electricity.
• Impact on Nickel Powder Demand: Nickel plays a critical role in the development of fuel cell technologies, particularly in proton exchange membrane (PEM) fuel cells, where it is used as a catalyst. As governments and businesses focus on reducing carbon emissions and transitioning to cleaner energy sources, the hydrogen economy is gaining traction. This has led to increased investments in fuel cell technologies for transportation, industrial applications, and power generation. The growing demand for hydrogen fuel cells, especially in vehicles and large-scale energy storage systems, will drive the demand for nickel powder as a key material in their production.
Automotive Industry (Non-EV Segments)
• Overview: Although the electric vehicle market is the primary driver of nickel powder demand, the broader automotive industry also contributes to demand, particularly in the production of nickel-based alloys for various components.
• Impact on Nickel Powder Demand: Nickel-based alloys are commonly used in the production of parts such as catalytic converters, exhaust systems, and engine components in traditional internal combustion engine (ICE) vehicles. Despite the rise of EVs, the global automotive market remains heavily dependent on ICE vehicles. As the automotive sector continues to grow, both in emerging markets and developed economies, the need for nickel-based materials will persist, driving demand for nickel powder.
Medical Devices
• Overview: Nickel powder is also used in the production of medical devices, particularly in implantable devices and surgical instruments. Nickel-based alloys offer exceptional strength, corrosion resistance, and biocompatibility, making them suitable for medical applications.
• Impact on Nickel Powder Demand: With the increasing aging population and the demand for advanced healthcare technologies, the medical device market is expanding. Nickel is often used in surgical instruments, implants, and prosthetics due to its corrosion resistance and ability to withstand the harsh conditions of the human body. As the healthcare sector continues to grow and innovate, the demand for nickel powder for medical applications will likely rise.
Key Players in Nickel powder Production

Nickel powder is a critical material used across various industries, including battery manufacturing, aerospace, electronics, and metallurgy. Several key players are involved in its production, focusing on ensuring high-quality and consistent supply to meet the growing demand driven by sectors such as electric vehicles (EVs), energy storage, and stainless steel production. Below are some of the major players in nickel powder production and their roles in shaping the market.
Vale S.A.
• Overview: Vale S.A., a Brazilian multinational mining company, is one of the largest producers of nickel in the world. The company is involved in the mining, refining, and production of nickel, including nickel powder.
• Key Products: Vale produces high-quality nickel powder used in various applications such as battery manufacturing, alloy production, and metal additives. Vale has established itself as a leading supplier of nickel to industries like energy storage, aerospace, and automotive.
• Market Impact: As one of the largest producers of nickel, Vale plays a significant role in the global nickel powder market. The company's extensive mining operations, coupled with its advanced processing technologies, enable it to meet the growing demand from electric vehicle manufacturers and other industries that require high-purity nickel. Vale's continued investment in sustainable mining practices and innovations in nickel processing strengthens its position in the market.
Norilsk Nickel
• Overview: Norilsk Nickel, a Russian multinational, is one of the largest producers of nickel and palladium globally. The company operates mines, smelters, and refineries to produce nickel and other critical metals, including nickel powder.
• Key Products: Norilsk Nickel produces a range of nickel products, including nickel powder used in various applications such as metallurgy, battery manufacturing, and the production of alloys. Its nickel powder is highly sought after for use in advanced materials like superalloys and energy storage systems.
• Market Impact: Norilsk Nickel is a major player in the nickel powder market due to its significant production capacity and global reach. The company's advanced refining technology and large-scale production operations allow it to meet the growing demand for nickel powder, particularly from industries involved in electric vehicle production and renewable energy storage.
BASF SE
• Overview: BASF, a German multinational chemical company, is involved in various industries, including materials science and the production of high-performance metals and alloys. BASF is a leading player in the production of nickel powder for industrial and electronic applications.
• Key Products: BASF produces a wide range of nickel-based products, including nickel powder used in powder metallurgy, automotive parts, batteries, and electronics. Their nickel powder is used in the manufacturing of fuel cells, energy storage systems, and high-performance alloys.
• Market Impact: BASF's involvement in the production of nickel powder aligns with its broader strategy of providing sustainable and innovative solutions. The company's expertise in materials science and its strong presence in the European and global markets make it a key supplier of nickel powder to high-growth industries such as electric vehicles, energy storage, and aerospace.
Sumitomo Metal Mining Co., Ltd. (SMM)
• Overview: Sumitomo Metal Mining Co., Ltd., based in Japan, is a leading producer of nickel and other non-ferrous metals. The company focuses on nickel mining, refining, and producing various nickel products, including nickel powder.
• Key Products: SMM produces a variety of nickel products, including nickel powders used in batteries, catalysts, and other high-performance materials. The company is also involved in the development of nickel powder for specialized applications such as fuel cells and powder metallurgy.
• Market Impact: SMM's experience in nickel production and its strong foothold in the Asian market make it a significant player in the nickel powder market. As the demand for nickel continues to rise, particularly in the battery and automotive sectors, Sumitomo Metal Mining's role in providing high-quality nickel powder becomes increasingly important.
Umicore
• Overview: Umicore, a global materials technology company headquartered in Belgium, is heavily involved in the production of metals and materials for various industries, including electronics, automotive, and renewable energy. Umicore is a prominent supplier of nickel powder used in energy storage and automotive applications.
• Key Products: Umicore produces nickel powder for use in batteries, fuel cells, and catalytic converters. The company's nickel powder is crucial in the production of advanced battery chemistries such as nickel-cobalt-manganese (NCM) cathodes used in electric vehicle batteries.
• Market Impact: Umicore's role in the nickel powder market is strengthened by its commitment to sustainability and recycling. The company's high-quality nickel powders are widely used in applications that require high energy efficiency, making Umicore a key player in the rapidly growing electric vehicle and energy storage markets.
Jinchuan Group International Resources Co. Ltd.
• Overview: The Jinchuan Group, based in China, is one of the largest producers of nickel in the world. The company's nickel products are widely used in various applications, including the production of nickel powder.
• Key Products: Jinchuan produces nickel powder used in powder metallurgy, battery production, and alloy manufacturing. The company is known for its ability to produce high-quality nickel powder for a wide range of industries, including electronics, automotive, and renewable energy.
• Market Impact: As one of the largest nickel producers in China, Jinchuan Group plays a significant role in the nickel powder market, especially in Asia. The company's established production facilities and strong supply chain make it a key player in the global nickel powder market, providing materials for industries that are experiencing rapid growth, such as electric vehicle manufacturers and battery producers.
Sherritt International
• Overview: Sherritt International, a Canadian company, is a major player in the mining, refining, and production of nickel, particularly through its operations in Cuba. The company is known for its expertise in producing high-quality nickel and cobalt products, including nickel powder.
• Key Products: Sherritt produces nickel powder used in the production of batteries, catalysts, and other specialized applications. The company's nickel powder is essential for industries such as energy storage, electronics, and automotive manufacturing.
• Market Impact: Sherritt International's production capabilities and its focus on sustainable practices position it as a key player in the global nickel powder market. The company's operations in Cuba provide a unique supply source for nickel, helping to meet the growing demand from emerging industries like electric vehicles and renewable energy storage.
Glencore plc
• Overview: Glencore is a global mining and commodities trading company with a substantial stake in the production of nickel. It operates several nickel mines and smelters, producing nickel powder as part of its product portfolio.
• Key Products: Glencore produces high-quality nickel powder used in various industrial applications such as battery manufacturing, stainless steel production, and powder metallurgy. The company is also involved in producing other base metals like copper and zinc.
• Market Impact: Glencore's large-scale operations in nickel production, combined with its strategic position in the global commodities market, make it a major player in the nickel powder market. The company's diversified business model and global reach enable it to meet the increasing demand for nickel powder across a wide range of sectors.

Key Questions Answered in the Nickel powder market report:
• What is the total global Nickel powder production volume, and how has it changed over the past five years?
• What is Nickel powder price trend, what has been the historical cadmium prices?
• What will be the Nickel powder price trend in 2025?
• Which countries have the highest Nickel powder production capacity, and what factors contribute to their dominance in the market?
• How does Nickel powder production capacity vary across key manufacturers, and what expansions or closures have been observed recently?
• What is the current global revenue generated from Nickel powder production, and how does it compare to previous years?
• How does the country-wise Nickel powder demand correlate with its production capacity and supply chain logistics?
• What are the recent trends in Nickel powder pricing, and how do price fluctuations impact overall market revenue?
• Which industries drive the highest demand for Nickel powder, and how is this demand expected to evolve in the next five years?
• What are the major challenges impacting Nickel powder production and supply chain operations across key markets?
• How do government policies, environmental regulations, and trade restrictions affect Nickel powder production and market dynamics?

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