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, 2025-2032”. 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.
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Segmentation Analysis:
The global nickel market is segmented into stainless steel, special steels, batteries, electroplating, alloys, and others.
Which segment holds the largest market share?
The stainless steel segment dominates the global nickel market. Rapid expansion in the construction and automotive industries and increasing consumer spending on stainless steel products such as tableware, cutlery, kitchen sinks, and furniture are key factors driving demand.
Why is nickel important in stainless steel production?
Nickel is a key alloying element that enhances formability, weldability, and corrosion resistance in stainless steel. It also improves ductility and toughness, making it vital for various applications in the automotive and building sectors.
How is nickel used in special steels?
In special steels, nickel contributes to the production of austenitic (face-centered cubic) crystal structures that are known for their superior strength and flexibility, thus driving demand in specialized industrial applications.
What is boosting demand in the batteries segment?
The batteries segment is witnessing strong growth due to advancements in nickel-containing battery technologies and the rising adoption of electric vehicles (EVs). Nickel improves energy density and storage capacity while keeping battery costs lower, making it a preferred material for EV manufacturers.
Why is nickel used in electroplating?
In the electroplating segment, nickel is valued for its corrosion and wear resistance, as well as its excellent adhesion properties for subsequent coating layers. It is widely used as an undercoat to improve surface protection and enhance the appearance of finished products.
Drivers & Restraints:
What is driving the growth of the nickel market?
The major driver is the rising demand for stainless steel in automotive, consumer goods, and construction industries. Stainless steel accounts for over two-thirds of global nickel consumption, as it offers lightweight durability, tensile strength, and ease of manufacture.
What challenges does the nickel market face?
One major restraint is the rising price of nickel, which makes it a costly raw material for manufacturers in several end-use industries, potentially impacting overall market growth.
Regional Insights:
The Asia Pacific region led the nickel market with a value of USD 26.92 billion in 2020, driven by technological advancements in stainless steel and strong growth in China’s construction and automotive sectors. In Europe, demand is boosted by stainless steel use in electric vehicles, while the U.S. market grows with rising construction activity and nickel’s superior strength properties. The Middle East & Africa see demand from special steel applications, and South America experiences growth from increasing use of nickel alloys in medical implants and orthopedic devices.
Competitive Landscape:
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.
Industry Development:
- March 2025 - Anglo American reported a 3% year-over-year increase in Q1 2025 nickel production, totaling 9,800 tonnes, driven by operational stability at the Barro Alto mine. The company also announced the sale of its nickel business to MMG Singapore Resources Pte. Ltd., expected to be completed by Q3 2025.
- February 2025 - Sumitomo reported a 4.36% year-over-year decline in Q4 2024 nickel production, totaling 18,800 metric tonnes. However, its NAC nickel-cobalt sulphide project in the Philippines saw a 23.81% quarter-over-quarter increase, producing 10,400 metric tonnes of nickel-cobalt sulphide.
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)
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