Nickel Market Overview

• Nickel market size has reached to $22.2 billion in 2024

• Expected to grow to $41.13 billion in 2029 at a compound annual growth rate (CAGR) of 13.5%

• Growth Driver: Surge In Electric Vehicle Adoption Boosts Nickel Market Growth

• Market Trend: TPC Wire & Cable Unveils New Nickel-Based Products For High-Temperature Applications

• Western Europe was the largest region in 2024.

What Is Covered Under Nickel Market?

Nickel refers to the process of extraction of nickel from mines. In this process, sulfide ores are crushed and ground to release nickel particles through selective flotation from the byproducts. This procedure involves stirring the ore with specific chemicals while using mechanical and pneumatic equipment to create air bubbles.

The main types of nickel are pentlandite (sulfide ore), and laterite. Pentlandite refers to a mineral, a sulfide of nickel, occurring in the form of bronze-colored granular aggregates, found with pyrrhotite the principal source of nickel. The various end-users involved in building and construction, iron and steel, agriculture, and chemicals. The mining type includes underground mining and surface mining.

What Is The Nickel Market Size 2025 And Growth Rate?

The nickel market size has grown strongly in recent years. It will grow from $22.2 billion in 2024 to $24.83 billion in 2025 at a compound annual growth rate (CAGR) of 11.8%. The growth in the historic period can be attributed to strong economic growth in emerging markets, an increase in infrastructure development, an increase in industrialization, and an increase in demand for stainless steel.

What’s The Trade War Impact On Mining Industry?

The rapid escalation of U.S. tariffs and the resulting trade tensions in spring 2025 are significantly impacting the mining sector, particularly in equipment procurement, export activity, and supply chain continuity. Higher duties on imported heavy machinery, drilling equipment, and specialized components have raised capital and operational costs for mining firms, delaying new project launches and limiting production efficiency. At the same time, retaliatory tariffs imposed by key trade partners have reduced export demand for U.S.-mined resources—especially critical minerals like lithium, copper, and rare earth elements—exacerbating revenue pressures. These dynamics are particularly challenging for mid-sized and specialty mining operators reliant on international markets. In response, the sector is increasingly investing in domestic equipment manufacturing partnerships, expanding recycling initiatives for strategic minerals, and advocating for trade exemptions to restore global competitiveness while ensuring long-term resource security.

How Is The Nickel Market Segmented?

1) By Type: Pentlantide (Sulfide Ore), Laterite

2) By Mining Type: Underground Mining, Surface Mining

Subsegments:

1) By Pentlandite (Sulfide Ore): Concentrates, Intermediate Products

2) By Laterite: Ferronickel, Nickel Matte, Nickel Sulfate

What Is Driving The Nickel Market? Surge In Electric Vehicle Adoption Boosts Nickel Market Growth

The increasing adoption of electric vehicles is expected to propel the growth of the nickel market going forward. Electric vehicles (EVs) are automobiles that are powered by one or more electric motors, using electrical energy stored in rechargeable batteries. The rise of electric vehicles is a significant driver for increased nickel demand, particularly in the context of advanced lithium-ion batteries. For instance, in March 2023, according to the International Energy Agency, a France-based intergovernmental organization, the electric car market experienced exponential growth as sales surpassed 10 million in 2022. A total of 14% of all new cars sold were electric in 2022, reflecting a substantial increase from approximately 9% in 2021. Therefore, the increasing adoption of electric vehicles is driving the growth of the nickel industry.

What Is Driving The Nickel Market? Automotive Battery Demand Propels Growth In The Nickel Market

The increasing demand for nickel in automobile batteries is also expected to contribute to the growth of nickel, thereby increasing demand for the nickel market in the forecast period. Modern automotive batteries, particularly those used in electric vehicles, often feature nickel-rich cathodes. These cathodes use a significant amount of nickel, which boosts overall nickel demand. For example, according to the International Energy Agency, a Paris-based autonomous intergovernmental organization, the demand for automotive lithium-ion (Li-ion) batteries experienced a substantial increase in 2022, rising by approximately 65% to reach 550 GWh (Gigawatt hour). This surge in demand was primarily driven by the growth in electric passenger car sales, which saw new registrations grow by 55% in 2022 compared to the previous year, 2021. Therefore, the increasing demand for nickel in automobile batteries is driving the market's growth during the forecast period.

Who Are The Major Players In The Global Nickel Market?

Major companies operating in the nickel market include Glencore, Vale, Sumitomo Metal Mining Co. Ltd, Erame, Norilsk Nickel Inc., BHP, Anglo American, Pacific Metal Company, Sherritt International Corporation, INDEPENDENCE GROUP NL, Tsingshan Holdings Group, Hindustan Copper Limited, Jinchuan Group International Resources Co. Ltd, Huayou Cobalt Co. Ltd, CNGR Advanced Material Co., Ltd, Rigqueza International Pte Ltd, Jindal Stainless Limited, Vedanta Resources Limited, Alliance Nickel Limited, Western Areas Limited, Jervois Mining, National Aluminum Company Limited, Nicomet Industries Limited, Deutsche Nickel GmbH, Solway Investment Group Limited, Société Le Nickel (SLN), Sumic Nickel Netherlands B.V, North American Nickel, Talon Metals, PolyMet Mining Corp, First Quantum Minerals Ltd, Royal Nickel Corporation, Turnagain Nickel, Lundin Mining Corporation, Wallbridge Mining Co. Ltd, Atlantic Nickel UK, Brazilian Nickel PLC, Mirabela Nickel Ltd, Mubadala Investment Company, Ma'aden, Siyanda Resources, African Rainbow Minerals, Africo Resources, Impala Platinum, Sibanye Stillwater

What Are The Key Trends Of The Global Nickel Market? TPC Wire & Cable Unveils New Nickel-Based Products For High-Temperature Applications

Companies in the nickel market are focusing on the introduction of new products of nickel to strengthen their position in the market. New products with nickel are being developed for applications in various industries. For instance, in August 2023, TPC Wire & Cable, a US-based company that specializes in providing wire, cable, and accessories for industrial automation, auto integrator, and original equipment manufacturers (OEM), introduced new products to the Thermo-Trex Line of Wire & Cable. Thermo-Trex 2000 Shielded Multi-Conductor is a versatile cable designed for power and control purposes in high-temperature environments, capable of enduring conductor temperatures reaching up to 450°C / 850°F. This cable boasts flexible properties and is equipped with finely stranded conductors made of nickel-plated copper, a shielding layer of nickel-plated copper braid, and an outer jacket woven from special glass materials treated with abrasion-resistant coatings. The Thermo-Trex 2800 RTD Cable is designed for applications involving high-temperature Resistance Temperature Detector (RTD) control and instrumentation. It can endure a maximum conductor temperature of 530°C / 1000°F.

What Are The Key Trends Of The Global Nickel Market? Atlas Materials Secures Funding For Innovative Nickel Processing Plant

Companies in the nickel market are focusing on increasing their investments to set up new plants for nickel processing. For example, in September 2023, Atlas Materials, a US-based start-up company that has developed a waste-free technology to process low-grade nickel for use in electric vehicle batteries, raised $27 million in funding to build a plant in North America that will use its waste-free technology to process low-grade nickel for use in electric vehicle (EV) batteries. The company's new technology processes saprolite nickel ores, which account for about a third of global nickel resources, into mixed hydroxide precipitate (MHP) for batteries, without producing any waste products.

Nickel Market Merger And Acquisition: PT Merdeka Battery Materials Expands Nickel Production Capabilities With PT Huaneng Metal Industry Purchase

In May 2023, PT Merdeka Battery Materials, an Indonesia-based company that provides nickel units of miner Merdeka Copper Gold, acquired the PT Huaneng Metal Industry, for an undisclosed amount. The acquisition is expected to help PT Merdeka Battery Materials capture additional profit margins from producing and selling high-grade nickel matte and transition its larger Rotary Kiln Electric Furnace (RKEF) asset base to class 1 nickel production. PT Huaneng Metal Industry is a nickel-processing facility.

Regional Outlook For The Global Nickel Market

Western Europe was the largest region in the nickel market in 2024. The regions covered in this market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in this market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.

What Defines the Nickel Market?

The nickel market includes revenues earned by entities by giving other metals the hardness, strength, and corrosion resistance they require. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

How is Market Value Defined and Measured?

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

What is the Market Assessment and Strategic Outlook for the Nickel Industry?

The nickel market research report is one of a series of new reports from The Business Research Company that provides market statistics, including industry global market size, regional shares, competitors with the market share, detailed market segments, market trends and opportunities, and any further data you may need to thrive in the nickel industry. The market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future state of the industry.