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Nickel Market Size and Share Analysis: Forecasts
from 2024 to 2032
The global nickel market size was USD 41.61 billion in 2023 and is projected to grow from USD 44.59
billion in 2024 to USD 73.15 billion by 2032 at a CAGR of 7.3% during the forecast period. Fortune
Business InsightsTM has presented this information in its report titled, “Nickel Market, 2024-
2032”. Nickel (Ni) is a naturally occurring silvery-white, shiny metallic element. Because of its
remarkable physical and chemical qualities, the substance is a required component in a variety of
products. Its principal use is alloying stainless and heat-resistant steels, particularly with chromium and
other metals. Lower-grade Ni ore can now be processed because of advances in mining, smelting, and
refining technology. Furthermore, rising exploratory operations by mining corporations, fueled by low
commodity prices, are expected to enhance Ni metal uptake. Furthermore, increasing technological
advancements in stainless steel and rising consumer spending on Ni-based items, such as alloys and
batteries, would boost global market expansion over the anticipated timeline.
Segments-
The nickel market is segmented based on product type, application, end-use industry, and geography.
Product Type
Nickel is available in various forms, with the primary ones being:
 Class I Nickel (High purity nickel): Mostly used in batteries, electronics, and specialty steels.
 Class II Nickel (Nickel pig iron, ferronickel): Primarily used in stainless steel production.
 Nickel Compounds: Used in catalysts and other chemical applications.
Application
 Stainless Steel: Stainless steel is the largest application segment, consuming over 70% of
global nickel production. Nickel is essential for adding corrosion resistance and strength to steel.
 Batteries: With the growing adoption of electric vehicles, the demand for nickel in lithium-ion
batteries is expected to increase substantially.
 Alloys and Plating: Nickel-based alloys are used in aerospace, chemical processing, and oil &
gas industries.
 Other Applications: Includes nickel use in coins, electronics, and catalysis.
End-Use Industry
 Automotive: The demand for nickel in the automotive sector is rapidly increasing due to the
rise of EVs.
 Aerospace: Nickel alloys are widely used in the aerospace sector for turbine blades, engine
parts, and structural components.
 Construction: Nickel-based stainless steel is a preferred material in construction due to its
durability and corrosion resistance.
 Energy: Nickel plays a vital role in energy storage systems, particularly in grid storage and
renewable energy applications.
Geography
 Asia-Pacific: The largest regional market, driven by China’s stainless steel production and
increasing battery manufacturing.
 North America: Expected to see substantial growth due to the expanding EV industry.

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 Europe: Strong growth potential due to stringent environmental regulations and high EV
adoption rates.
 Latin America & Africa: Rising mining activities and increased nickel exploration in countries
like Indonesia and the Democratic Republic of Congo (DRC).
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Report Coverage-
The research study offers a thorough examination of the industry, focusing on critical factors such as top
companies and applications. It also provides quantitative data in terms of volume and value, market
analysis, market data research methodology, and industry trend insights. It focuses on important
industry advancements as well as the competitive landscape. In addition to the causes listed above, the
research includes a number of other variables that have contributed to the market's recent expansion.
Drivers & Restraints-
Increasing Demand for Stainless Steel to Augment Market
Growth
Product adoption will be aided by rising stainless steel demand in automotive, consumer goods, and
construction industries. Stainless steel accounts for more than two-thirds of global Ni use, according to
the Nickel Institute Organization. The product enhances the steel's formability, weldability, and ductility.
When utilized as an alloying element, it also provides corrosion resistance in specific applications.
Stainless steel's strong demand in numerous industries can also be ascribed to its many features,
including its lightweight, high tensile strength, durability, and ease of manufacture. As a result,
increased stainless steel consumption will boost product demand during the anticipated timeframe. Ni's
price has risen, making it a more expensive raw material for a variety of uses and industries.
Regional Insights-
Technological Advancements in Asia Pacific to make it a
Leading Region
In 2020, the Asia Pacific market was valued at USD 26.92 billion. In Asia Pacific, the nickel market
growth has been supported by increased technological advancement in stainless steel to make it more
sustainable. China has the largest nickel market share and is the fastest-growing country in the region.
The rise is linked to China's fast-increasing construction and automotive industries, as well as rising
research and development activities and rapid infrastructure projects, all of which are helping to
stimulate product demand.
Stainless steel is mostly used in electric vehicles in Europe. The product demand in this region will be
fueled by rapid growth of the automobile sector as well as increased technological advancement. The
U.S. is a leading country in North America. Stainless steel production in this region has been spurred by
rapid expansion of the building industry. The increased demand for Ni metal can be due to its high
flexibility, good energy absorption, and explosion-resistant qualities.
The product's consumption can be found in special steels across the Middle East and Africa. Steels'
capacity to enhance ductility and toughness at low temperatures contributes to their hardness and
strength. The South America market will rise due to increasing use of stainless steel and Ni alloys in
implanted medical devices and orthopedic applications such as joint replacements and stents.
Competitive Landscape-

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Companies Expand their Business as a Strategic Initiative
Vale, BHP, Anglo American plc, and Eramet are among the market's leading producers. These businesses
are involved in product development, capacity expansion, acquisitions, and market collaborations. Anglo
American is a mining firm that deals in Ni, diamonds, platinum, copper, and iron ore. Codemin mine
produces around 9,000 tonnes of Ni per year for the domestic market.
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Industry Development-
December 2021: Nicomet, a leading nickel and cobalt (Co) company, was acquired by Vedanta.
Nicomet has a production capacity of 7.5 tonnes of Ni and Co per year. This purchase will assist the
company in meeting the growing demand for batteries and stainless steel.
List of Key Market Players:
 Anglo American plc (U.K.)
 BHP (Australia)
 Eramet (France)
 Norilsk Nickel (Russia)
 Sumitomo Metal Mining Co., Ltd. (Japan)
 Glencore (Switzerland)
 Sherritt International Corporation (Canada)
 Vale (Brazil)

Jinchuan Group International Resources Co. Ltd (Hong Kong)
 Terrafame Ltd. (Finland)