United States Nickel Market 2031 | Growth Drivers, Key Players & Investment Opportunities

Market Size and Growth

Global Nickel Market reached US$ 33.6 billion in 2022 and is expected to reach US$ 47.2 billion by 2031, growing with a CAGR of 5.5% during the forecast period 2024-2031.

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Key Development:

United States: Recent Nickel Industry Developments

✅ In January 2026, nickel prices reached a 19-month high on the London Metal Exchange before easing, reflecting renewed market interest and volatility driven by supply-side constraints and shifting demand dynamics.

✅ In December 2025, Vale Base Metals and Glencore Canada agreed to evaluate development of Sudbury copper-nickel deposits, while Talon Metals advanced plans to acquire the Eagle Mine and Humboldt Mill operations signalling consolidation and expansion in North American nickel supply.

✅ In December 2025, Lifezone Metals reported progress at the Kabanga Nickel Project, keeping the project on track for a Final Investment Decision in 2026 and reinforcing U.S. investor focus on securing long-term nickel supply for strategic industries.

✅ In December 2025, supply tightening linked to Indonesian policy actions supported higher nickel prices, indirectly strengthening discussions in the U.S. around domestic refining capacity and supply-chain resilience.

Japan: Recent Nickel Industry Developments
✅ In January 2026, Panasonic Energy and Sumitomo Metal Mining announced cooperation to recycle end-of-life EV battery scr@p in Japan to produce nickel cathode materials, strengthening domestic supply of critical battery metals and supporting circular-economy goals.

✅ In October 2025, Sumitomo Metal Mining indicated that the global nickel market is expected to remain in surplus through 2026, influenced by continued growth in Indonesian nickel production shaping procurement and pricing strategies for Japanese refiners.

✅ In December 2025 - January 2026, rising nickel prices driven by global supply constraints and Indonesian output decisions increased input-cost pressure for Japanese stainless-steel producers, prompting adjustments in sourcing and hedging strategies.

✅ In late 2025, Japan's refined-nickel sector accelerated focus on urban mining and supply diversification, prioritizing recovery of nickel from electronic waste and securing stable overseas sources to reduce dependency on raw-material imports.

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Europe: Recent Nickel Industry Developments

✅ In January 2026, nickel prices moved toward their highest levels in over a year as global supply disruptions triggered repricing, impacting European stainless-steel producers and battery-material supply chains.

✅ In January 2026, easing prices after the recent rally led European traders and producers to recalibrate inventory and risk-management strategies amid continued market volatility.

✅ In December 2025, expectations of reduced Indonesian nickel output for 2026 prompted European manufacturers to reassess sourcing strategies and hedge against potential raw-material shortages.

✅ In December 2025, evaluations of collaboration and supply agreements by major global producers highlighted Europe's strategic interest in securing stable nickel feedstock for EV batteries, aerospace alloys, and advanced manufacturing.

Key Players:

=> Glencore, Vale SA, Eramet SA, Sherritt International Corp., Sumitomo Metal Mining Co., Anglo American, MMC Norilsk Nickel, Jinchuan Group Ltd., BHP Billiton Ltd and Pacific Metal Company.

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Key Segments:

By Source

Pentlandite - ~60% share

Primary source for nickel extraction; widely used in stainless steel production and battery-grade nickel.

Laterite - ~40% share

Increasingly utilized in battery and alloy applications due to rising demand in electric vehicles and renewable energy storage.

By Mining Method

Underground Mining - ~55% share

Preferred for pentlandite deposits; higher ore quality but higher operating costs.

Surface Mining - ~45% share

Common for laterite deposits; lower cost, suitable for large-scale nickel production, especially for stainless steel and battery applications.

By Class

Nickel Class I - ~50% share

High-purity nickel used in stainless steel, high-performance alloys, and lithium-ion batteries.

Nickel Class II - ~50% share

Lower-purity nickel used in foundry, plating, and general industrial applications; steady demand in traditional sectors.

By Application

Stainless Steel - ~50% share

The largest consumption segment; driving nickel demand in construction, metal goods, and industrial applications.

Alloys - ~15% share

Specialized applications in aerospace, engineering, and automotive sectors.

Plating - ~10% share

Nickel plating for corrosion resistance and decorative purposes in industrial and consumer products.

Foundry - ~5% share

Used in casting and specialized metal products.

Batteries - ~15% share

Fast-growing segment driven by EV adoption and renewable energy storage technologies.

Others - ~5% share

Includes chemical catalysts, electronics, and miscellaneous industrial applications.

By End-User

Metal Goods - ~30% share

Applications in machinery, tools, and consumer products.

Electric and Electronics - ~20% share

Nickel used in batteries, circuit boards, and electronic components.

Engineering - ~15% share

Alloys and specialized nickel products for mechanical and structural applications.

Building & Construction - ~15% share

Stainless steel and alloy applications in infrastructure projects.

Transportation - ~15% share

Automotive, aerospace, and rail sectors adopting nickel alloys for strength and corrosion resistance.

Others - ~5% share

Miscellaneous industrial applications, chemical and research sectors.

By Region

North America - ~20% share

Strong demand from transportation, battery, and engineering sectors; focus on domestic mining projects.

South America - ~25% share

Rich laterite deposits in Brazil and Peru; surface mining dominates, serving global stainless steel and EV battery markets.

Europe - ~15% share

Steady demand from automotive, aerospace, and construction; imports mainly from South America and Africa.

Asia Pacific - ~35% share

Largest consumer market; China, Indonesia, and Philippines dominate production and consumption for stainless steel and batteries.

Middle East & Africa - ~5% share

Emerging market with mining in South Africa and limited regional consumption; growth in industrial and transportation sectors.

FAQ

What is the current size of the Nickel Market Market?

A: In 2022, the Nickel Market Market was valued at US$ 33.6 billion, reflecting its strong industry presence.

Q2: How large is the Nickel Market Market expected to be by 2031?

A: By 2031, industry forecasts suggest the Nickel Market Market will grow to around US$ 47.2 billion, demonstrating significant expansion.

Q3: What is the growth rate of the Nickel Market Market?

A: The market is projected to expand at a compound annual growth rate (CAGR) of 5.5% during the forecast period from 2024 to 2031.

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