Nickel Market Size, Share, Trends & Competitive Analysis By Type: Class I Nickel, Class II Nickel By Application: Stainless Steel, Alloy Steel, Non-Ferrous Alloys, Electroplating, Batteries, Other Applications By End-Use Industry: By Regions, and Industry Forecast, Global Report 2024-2032

  • Report ID: FDS695
  • Forecast Period: 2023-2030
  • No. of Pages: 150+
  • Industry: Metal and Mining

The global Nickel Market size was valued at USD 37.82 Billion in 2024 and is projected to expand at a compound annual growth rate (CAGR) of 4.8% during the forecast period, reaching a value of USD 54.65 Billion by 2032.

Nickel Market research report by Future Data Stats, offers a comprehensive view of the Market's historical data from 2019 to 2022, capturing trends, growth patterns, and key drivers. It establishes 2023 as the base year, analysing the Market landscape, consumer behaviour, competition, and regulations. Additionally, the report presents a well-researched forecast period from 2024 to 2032, leveraging data analysis techniques to project the Market's growth trajectory, emerging opportunities, and anticipated challenges.


Nickel, a lustrous transition metal, exhibits remarkable properties, including corrosion resistance and exceptional conductivity. Its malleability allows for easy shaping, making it a valuable component in various industries. Nickel finds extensive application in manufacturing stainless steel, imparting durability and strength to products ranging from kitchen appliances to architectural structures.

Moreover, nickel serves as a catalyst in numerous chemical reactions, facilitating processes in the production of plastics, pharmaceuticals, and renewable energy technologies. Its magnetic properties make it indispensable in electronic devices like mobile phones and computers. With its versatility and reliability, nickel continues to play a pivotal role in advancing technological innovation and industrial development worldwide.


The rising demand for electric vehicles (EVs) plays a significant role, as nickel is a crucial component in lithium-ion batteries, which power most EVs. Additionally, the expansion of stainless steel production, particularly in Asia, contributes to the heightened demand. Technological advancements and investments in mining and refining processes also support the market, making nickel more accessible and cost-effective. These drivers collectively push the market towards robust growth, with increasing applications in various industries.

However, Environmental concerns related to mining practices and the subsequent push for more sustainable methods pose significant challenges. Regulatory pressures and fluctuating prices add to the complexity, making it difficult for producers to maintain stable profit margins.



Class I nickel, known for its high purity, is essential in the production of batteries for electric vehicles (EVs) and other high-performance applications. This type of nickel commands a premium due to its quality and critical role in the rapidly expanding EV market, driving up demand and investment in its production.

Class II nickel, on the other hand, is primarily used in the stainless steel industry. Its lower purity compared to Class I makes it suitable for alloying with other metals, which is a key factor in its widespread use in construction, manufacturing, and other industrial applications. The robust demand for stainless steel, particularly in emerging economies, continues to sustain the market for Class II nickel.

As industries evolve, the demand dynamics shift, requiring producers to adapt to changing needs. While Class I nickel gains traction with the rise of clean energy technologies, Class II nickel remains indispensable for industrial purposes.


In stainless steel production, nickel's ability to enhance strength and corrosion resistance makes it an essential component. This application dominates the market, driven by the construction, automotive, and infrastructure sectors' consistent demand for durable materials.

In alloy steel and non-ferrous alloys, nickel's properties improve performance in demanding environments. These alloys find extensive use in aerospace, marine, and chemical processing industries. Nickel's contribution to high-performance materials in these applications underscores its critical role in advancing technology and industrial capabilities.

Electroplating and battery production represent other significant applications for nickel. Electroplating uses nickel to create corrosion-resistant and aesthetically pleasing coatings for various products. In the rapidly growing battery sector, nickel is a key material for lithium-ion batteries, powering everything from smartphones to electric vehicles.


As the EV market expands rapidly, nickel's role in battery production becomes increasingly critical, pushing demand higher and encouraging further investment in nickel mining and processing.

In the aerospace and defense sectors, nickel-based alloys are essential for their strength and resistance to extreme conditions. These industries rely on nickel for manufacturing jet engines, turbines, and other high-performance components, ensuring ongoing demand for high-purity nickel.

Nickel also plays a vital role in the industrial, electronics, and construction sectors. Industrial applications benefit from nickel's durability and resistance to corrosion, while the electronics industry uses nickel in components and circuitry. The construction industry utilizes nickel in stainless steel for buildings and infrastructure, underscoring its importance across a broad range of end-use industries. This diverse demand ensures the nickel market remains robust and adaptable.


In North America and Europe, the demand for nickel is primarily driven by the automotive and aerospace industries. These regions focus on developing advanced electric vehicles and high-performance aerospace components, fostering a steady demand for high-purity nickel. Additionally, stringent environmental regulations in these areas push for more sustainable production methods, influencing market strategies and investments.

Asia Pacific stands out as the largest and fastest-growing market for nickel, driven by rapid industrialization and urbanization. The region's burgeoning construction, electronics, and stainless steel industries significantly contribute to nickel demand. China, in particular, plays a pivotal role due to its massive stainless steel production and expanding electric vehicle market. Meanwhile, Latin America, the Middle East, and Africa are rich in nickel resources, with growing mining activities that cater to both domestic needs and global export demands.


  • Vale S.A.
  • Norilsk Nickel
  • Jinchuan Group International Resources Co. Ltd.
  • Glencore Plc
  • BHP Group
  • Anglo American Plc
  • Sherritt International Corporation
  • Eramet SA
  • Sumitomo Metal Mining Co., Ltd.
  • South32 Limited
  • Mitsubishi Materials Corporation
  • Pacific Metals Co., Ltd.
  • Nornickel
  • Queensland Nickel
  • Independence Group NL
  • Minara Resources Pty Ltd
  • PT Aneka Tambang Tbk (ANTAM)
  • Terrafame Ltd.
  • Amur Minerals Corporation
  • Western Areas Ltd.
  • Nickel Asia Corporation
  • OM Holdings Ltd.
  • Horizonte Minerals Plc
  • MMC Norilsk Nickel
  • China Molybdenum Co., Ltd.

Table of Contents

  1. Executive Summary
  2. Market Overview
    2.1. Market Definition and Scope
    2.2. Key Findings
  3. Market Dynamics
    3.1. Drivers
    3.2. Restraints
    3.3. Opportunities
    3.4. Challenges
  4. Nickel Market, by Type
    4.1. Class I Nickel
    4.2. Class II Nickel
  5. Nickel Market, by Application
    5.1. Stainless Steel
    5.2. Alloy Steel
    5.3. Non-Ferrous Alloys
    5.4. Electroplating
    5.5. Batteries
    5.6. Other Applications
  6. Nickel Market, by End-Use Industry
    6.1. Automotive
    6.2. Aerospace & Defense
    6.3. Industrial
    6.4. Electronics
    6.5. Construction
    6.6. Others
  7. Nickel Market, by Geography
    7.1. Asia-Pacific
    7.2. North America
    7.3. Europe
    7.4. Latin America
    7.5. Middle East & Africa
  8. Competitive Landscape
    8.1. Vendor Market Share
    8.2. Competitive Strategies
  9. Company Profiles
  10. Conclusion
  11. Appendix

Nickel Market Segmentation:

By Type:

  • Class I Nickel
  • Class II Nickel

By Application:

  • Stainless Steel
  • Alloy Steel
  • Non-Ferrous Alloys
  • Electroplating
  • Batteries
  • Other Applications

By End-Use Industry:

  • Automotive
  • Aerospace & Defense
  • Industrial
  • Electronics
  • Construction
  • Others

By Geography:

  • North America (USA, Canada, Mexico)
  • Europe (Germany, UK, France, Russia, Italy, Rest of Europe)
  • Asia-Pacific (China, Japan, South Korea, India, Southeast Asia, Rest of Asia-Pacific)
  • South America (Brazil, Argentina, Columbia, Rest of South America)
  • Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria, South Africa, Rest of MEA)

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With a collective industry experience of about 70 years of analysts and experts, Future Data Stats encompasses the most infallible research methodology for its market intelligence and industry analysis. Not only does the company dig deep into the innermost levels of the market, but also examines the minutest details for its market estimates and forecasts.

This approach helps build a greater market-specific view of size, shape, and industry trends within each industry segment. Various industry trends and real-time developments are factored into identifying key growth factors and the future course of the market. The research proceeds are the results of high-quality data, expert views & analysis, and valuable independent opinions. The research process is designed to deliver a balanced view of the global markets and allows stakeholders to make informed decisions, to attain their highest growth objectives.

Future Data Stats offers its clients exhaustive research and analysis, based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. These analytical tools and models distill the data & statistics and enhance the accuracy of our recommendations and advice.

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With this strong methodology, Future Data Stats ensures that its research and analysis is most reliable and guarantees sound business planning.

The research methodology of the global market involves extensive primary and secondary research. Primary research includes about 24 hours of interviews and discussions with a wide range of stakeholders that include upstream and downstream participants. Primary research typically is a bulk of our research efforts, coherently supported by extensive secondary research. Over 3000 product literature, industry releases, annual reports, and other such documents of key industry participants have been reviewed to obtain a better market understanding and gain enhanced competitive intelligence. In addition, authentic industry journals, trade associations’ releases, and government websites have also been reviewed to generate high-value industry insights.

Primary Research:

Primary Research


Desk Research


Company Analysis


•       Identify key opinion leaders

•       Questionnaire design

•       In-depth Interviews

•       Coverage across the value chain


•       Company Website

•       Company Annual Reports

•       Paid Databases

•       Financial Reports


•       Market Participants

•       Key Strengths

•       Product Portfolio

•       Mapping as per Value Chain

•       Key focus segment


Primary research efforts include reaching out to participants through emails, telephonic conversations, referrals, and professional corporate relations with various companies that make way for greater flexibility in reaching out to industry participants and commentators for interviews and discussions.

The aforementioned helps to:

  • Validate and improve data quality and strengthen the research proceeds
  • Develop a market understanding and expertise
  • Supply authentic information about the market size, share, growth, and forecasts

The primary research interview and discussion panels comprise experienced industry personnel.

These participants include, but are not limited to:

  • Chief executives and VPs of leading corporations specific to an industry
  • Product and sales managers or country heads; channel partners & top-level distributors; banking, investments, and valuation experts
  • Key opinion leaders (KOLs)

Secondary Research:

A broad array of industry sources for the secondary research typically includes, but is not limited to:

  • Company SEC filings, annual reports, company websites, broker & financial reports, and investor  presentations for a competitive scenario and shape of the industry
  • Patent and regulatory databases to understand technical & legal developments
  • Scientific and technical writings for product information and related preemptions
  • Regional government and statistical databases for macro analysis
  • Authentic news articles, web-casts, and other related releases to evaluate the market
  • Internal and external proprietary databases, key market indicators, and relevant press releases for  market estimates and forecasts



•       Top executives of end-use industries

•       C-level executives of the leading Parenteral Nutrition companies

•       Sales manager and regional sales manager of the Parenteral Nutrition companies

•       Industry Consultants

•       Distributors/Suppliers


•       Annual Reports

•       Presentations

•       Company Websites

•       Press Releases

•       News Articles

•       Government Agencies’ Publications

•       Industry Publications

•       Paid Databases


Analyst Tools and Models:



·         Arriving at
Global Market Size

·         Arriving at
Market Size

·         Market Share
of Key Players

·         Key Market Players

·         Key Market Players

·         Market Share
of Key Players

·         Arriving at
Market Size

·         Arriving at
Global Market Size


Nickel Market Dynamic Factors


  • Rising demand for electric vehicles, boosting nickel use in batteries.
  • Growth in stainless steel production, particularly in emerging economies.
  • Technological advancements improving mining and refining efficiency.
  • Increased investments in sustainable nickel production practices.


  • Environmental concerns and regulatory pressures affecting mining operations.
  • Price volatility impacting market stability and producer profitability.
  • Limited high-quality nickel reserves, leading to supply constraints.


  • Development of new nickel-based battery technologies for energy storage.
  • Expansion of recycling programs to recover and reuse nickel.
  • Investment in green mining techniques to reduce environmental impact.
  • Growth in emerging markets, driving demand for nickel-containing products.


  • Balancing supply and demand in a rapidly evolving market.
  • Navigating geopolitical tensions affecting global supply chains.
  • Addressing sustainability and ethical sourcing concerns.
  • Maintaining profitability amidst fluctuating raw material costs.

Frequently Asked Questions

The global Nickel Market size was valued at USD 37.82 Billion in 2024 and is projected to expand at a compound annual growth rate (CAGR) of 4.8% during the forecast period, reaching a value of USD 54.65 Billion by 2032.

The rising demand for electric vehicles, the expansion of stainless steel production, advancements in mining and refining technologies, and increased investments in sustainable production methods.

The development of new battery technologies, the growth of nickel recycling programs, and the adoption of green mining techniques. Additionally, there is a notable increase in the use of nickel in energy storage systems and electronics.

Asia Pacific, particularly China, is expected to dominate the nickel market due to its large stainless steel production and expanding electric vehicle industry. North America and Europe also play significant roles, driven by advancements in automotive and aerospace technologies.

The environmental concerns, regulatory pressures, and price volatility. Opportunities lie in the development of new nickel-based technologies, expansion of recycling programs, investment in sustainable mining practices, and growth in emerging markets.
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