Nickel Market Price | Industry Outlook, Trends and Forecast 2025-2033

MARKET OVERVIEW

The global Nickel Market was valued at USD 37.0 Billion in 2024 and is forecasted to reach USD 55.5 Billion by 2033, growing at a CAGR of 4.6% during the 2025-2033 period. The Asia Pacific region holds the dominant share with over 72% in 2024, driven by industrial expansion, rising stainless steel demand, and increased electric vehicle battery production. Innovations, government policies, and infrastructure investments further support market growth.

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 holds a leading market share of over 72.0% in 2024.
• The stainless steel industry accounts for over 60% of global nickel consumption.
• Growing demand for nickel in electric vehicle batteries is expected to increase by 300% over the next decade.
• Infrastructure development and urbanization in emerging economies are propelling nickel demand.
• The U.S. market is driven by aerospace, defense, and clean energy investments.

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MARKET GROWTH FACTORS
Battery technologies for storage systems drive the nickel market because of rapid growth, and large-scale installations supply important volume. For EV batteries, nickel-containing cathode active materials are essential. In 2024, Nornickel opened a new R&D center for study of nickel as a battery component. Nickel demand innovated when processes extracted and refined nickel.

Geopolitical risks specific to some countries that produce nickel and supply limited to them contribute to market volatility. Mining and recycling techniques advance toward producing more environmentally sustainable products to meet the growing global demand for nickel. U.S. defense and aerospace companies contribute toward the U.S. market. The Department of Defense funds research so it can promote domestic nickel production and reduce reliance on foreign suppliers.

Nickel is used consistently in stainless steels at a high rate for a long time (over 60% of nickel is consumed), and the International Stainless-Steel Forum (ISSF) reports that construction and transportation use nickel more and more, helped by urbanization and infrastructure investment. Worldwide infrastructure investors will spend USD 94 trillion by 2040 with expectations, and market analysts predict EV penetration into lithium-ion batteries will increase nickel demand by 300% in the next ten years.

MARKET SEGMENTATION

Product Type:
• Class I Products: High purity nickel including briquettes, cathodes, and powders, crucial for battery production and aerospace applications. Leading with 44.8% market share in 2024.
• Class II Products: Not elaborated separately in the source.

Application:
• Stainless Steel and Alloy Steel: Dominates with 65.0% market share in 2024. Nickel enhances corrosion resistance and durability.
• Non-ferrous Alloys and Superalloys: Used in energy, aerospace, and heavy machine industries requiring corrosion resistance and strength.
• Electroplating: Not specifically described beyond category existence.
• Casting: Not specifically described beyond category existence.
• Batteries: Essential for EV lithium-ion battery cathodes, driving increasing demand.
• Others: Not detailed.

End-Use Industry:
• Transportation & Defense: Leading with 22.7% market share in 2024. Includes uses in automotive EV batteries, aircraft engines, naval armor plating, and military-grade batteries.
• Fabricated Metal Products: Not explicitly described aside from inclusion.
• Electrical & Electronics: Not specifically elaborated.
• Chemical: Not specifically elaborated.
• Petrochemical: Not specifically elaborated.
• Construction: Important in reinforcement bars and infrastructure projects.
• Consumer Durables: Not specifically elaborated.
• Industrial Machinery: Not specifically elaborated.
• Others: Not detailed.

REGIONAL INSIGHTS

In the nickel market, Asia Pacific ranks first in the world with an estimated share of 72.0% in 2024. This is due to rapid and sustained industrialization, full-fledged manufacturing hub in China, Japan, South Korea, and India, the production of electric vehicle batteries, pro-investment policies and subsidies by the governments, increasing demand for nickel as a battery metal and in consumer applications.

RECENT DEVELOPMENTS & NEWS

• January 2025: Herbert Smith Freehills gave advice to Japan's Sumitomo Corporation when they restructured USD 2.3 billion of debt near Madagascar's Ambatovy Nickel Project.
• September 2024: IGO stated nickel is core to IGO's diversified portfolio, and IGO will continue exploration and production consistent with transition trends.
• Anglo American announced in September 2024 that it would sell two Brazilian nickel mines to produce 38,000 tons combined each year.
• In July 2024, BHP announced suspension of operations at its Nickel West project and its West Musgrave project.
• A February 2027 review is not far from October 2024.
• June 2024: Vale SA announced a 3.3 billion USD figure.
• Investment plan grows nickel production and copper production in Brazil and Canada.

KEY PLAYERS

• Anglo American Plc
• BHP Group Limited
• Cunico Corporation
• Eramet Group
• Glencore Plc
• IGO Limited
• Jinchuan Group International Resources Co. Ltd.
• Norilsk Nickel
• Pacific Metal Company
• Queensland Nickel Group
• Sherritt International Corporation
• Sumitomo Corporation
• Terraframe Ltd.
• Vale S.A.
• Votorantim SA

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