Nickel Market Analysis and Global Forecast 2023-2033
Price range: $ 1,390.00 through $ 5,520.00
Nickel Market Research Report: Information By Class Type (Class 1 (99.8%), Class 2 (Less than 99.8%), Nickel Alloys), By Application (Stainless Steel, Special Steels, Batteries, Electroplating, Alloys, Others), and by Region — Forecast till 2033
Page: 129
Nickel Market Overview
The Nickel Market size accounted for USD 1.35 Billion in 2023 and is estimated to account for 1.68 Billion in 2024. The Market is expected to reach USD 3.52 Billion by 2034 growing at a compound annual growth rate (CAGR) of 8.12% from 2024 to 2034. The Nickel Market is a crucial segment of the global metals industry, primarily driven by its extensive applications in stainless steel production, batteries, and various industrial uses. Nickel is traded on commodity exchanges, most notably the London Metal Exchange (LME).
The nickel market is experiencing steady growth, driven by increasing demand from the stainless steel and electric vehicle (EV) industries. The nickel market is a complex network of producers, consumers, and traders, with its activity heavily influenced by global industrial trends and technological advancements.
Global Nickel Market Synopsis
Nickel Market Dynamics
The major factors that have impacted the growth of Nickel Market are as follows:
Drivers:
Ø Rising Demand for Stainless Steel
Stainless steel production is the biggest driver of nickel demand. Expanding urbanization, commercial buildings, and industrial facilities boost stainless steel usage and growing use of stainless steel in vehicles, railways, and marine applications. Nickel-based batteries support energy storage systems for solar and wind power. Nickel is used in electrolyzers for hydrogen production, supporting clean energy initiatives and Nickel alloys are crucial for aircraft engines, turbines, and military applications.
Restraint:
- Price Volatility & Market Speculation and High Production Costs
Nickel prices are highly volatile due to supply-demand imbalances, speculative trading, and global economic conditions. Trading disruptions and price manipulation concerns affect market confidence. Nickel extraction, especially from laterite ores, is energy-intensive and costly. A lack of refining infrastructure for battery-grade nickel creates supply bottlenecks and reduced construction and industrial activity can lower stainless steel demand, impacting nickel consumption.
Opportunity:
⮚  Rising Demand for Nickel in EV Batteries
Automakers are increasing nickel content in batteries (NMC & NCA chemistries) to enhance energy density and vehicle range. With global EV adoption rising, the demand for Class 1 nickel (battery-grade) is expected to surge. Policies supporting electric vehicle production and battery supply chains will drive nickel investments. Increasing investment in recycling technologies reduces dependence on mined nickel and supports a circular economy and Companies adopting low-carbon and sustainable mining practices can gain a competitive edge as environmental regulations tighten.
Nickel Market Segment Overview
By Class Type
Based on Class Type, the market is segmented based on Class 1 (99.8%), Class 2 (Less than 99.8%), Nickel Alloys. Class 1 (99.8%) nickel dominant the market. This high-purity nickel is primarily used in industries where superior quality is crucial, such as the manufacturing of lithium-ion batteries and special alloys. The demand in this segment is driven by the increasing adoption of electric vehicles and energy storage solutions, which require high-performance materials to enhance efficiency and battery life.
By Application
Based on Application, the market segment has been divided into the Stainless Steel, Special Steels, Batteries, Electroplating, Alloys and Others. Stainless Steel segment dominant the market. This segment benefits primarily from the widespread use of stainless steel in construction, automotive, and consumer goods due to its durability and resistance to corrosion. The robust demand is propelled by global urbanization and industrial growth, driving substantial consumption of nickel.
Global Nickel Market Regional Analysis
Based on region, the global Nickel Market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. North America is projected to dominate the use of the Nickel Market followed by the Asia-Pacific and Europe regions.
North America Nickel Market
North America holds a dominant position in the Nickel Market. Canada is a major nickel producer, with high-grade deposits in Ontario and Quebec. U.S. demand is rising due to increased EV production and energy storage applications. Investment in EV battery supply chains, with North American manufacturers seeking local sourcing and Strong demand for nickel-based superalloys in aerospace and defense.
Asia-Pacific Nickel Market
The Asia-Pacific region has indeed emerged as the fastest-growing market for the Nickel Market industry. It’s driven by substantial demand from stainless steel and battery manufacturing. China is a major consumer and processor of nickel, while Indonesia and the Philippines are key producers. Strong demand for stainless steel in infrastructure and industrial applications and Expanding EV industry, with China leading battery production and adoption.
Competitive Landscape
The global Nickel Market is highly competitive, with numerous players offering a wide range of software solutions. The competitive landscape is characterized by the presence of established companies, as well as emerging startups and niche players. To increase their market position and attract a wide consumer base, the businesses are employing various strategies, such as product launches, and strategic alliances.
Prominent Players:
- BHP
- Eramet
- First Quantum Minerals Ltd.
- Glencore
- Independence Group NL
- Jinchuan Group International Resources Co. Ltd
- Lundin Mining Corporation
- Metallurgical Corporation of China Ltd.
- MMC Norilsk Nickel
- Rio Tinto.
Key Development
In October 2021, Anglo American Plc, the company produced approximately 31,500 tons of nickel, reflecting a slight increase from previous years due to strategic investments in its nickel assets.
Scope of the Report
Global Nickel Market, by Class Type
- Class 1 (99.8%)
- Class 2 (Less than 99.8%)
- Nickel Alloys
Global Nickel Market, by Application
- Stainless Steel
- Special Steels
- Batteries
- Electroplating
- Alloys
- Others
Global Nickel Market, by Region
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Benelux
- Nordic
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Indonesia
- Austalia
- Malaysia
- India
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of SouthAmerica
- Middle East &Africa
- Saudi Arabia
- UAE
- Egypt
- SouthAfrica
- Rest of Middle East & Africa
| Parameters | Indicators |
|---|---|
| Market Size | 2033: USD 3.52 Billion |
| CAGR (2023-2033) | 8.12% |
| Base year | 2022 |
| Forecast Period | 2023-2033 |
| Historical Data | 2021 (2017 to 2020 On Demand) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Key Segmentations | Class Type, Application |
| Geographies Covered | North America, Europe, Asia-Pacific, South America, Middle East, Africa |
| Key Vendors | BHP, Eramet, First Quantum Minerals Ltd., Glencore, Independence Group NL, Jinchuan Group International Resources Co. Ltd., Lundin Mining Corporation, Metallurgical Corporation of China Ltd., MMC Norilsk Nickel and Rio Tinto. |
| Key Market Opportunities | ·      Rising Demand for Nickel in EV Batteries
·      Sustainable & Ethical Nickel Sourcing |
| Key Market Drivers | ·      Rising Demand for Stainless Steel
·      Expansion of Renewable Energy & Energy Storage |
REPORT CONTENT BRIEF:
- High-level analysis of the current and future Nickel Market trends and opportunities
- Detailed analysis of current market drivers, restraining factors, and opportunities in the future
- Nickel Market historical market size for the year 2021, and forecast from 2023 to 2033
- Nickel Market share analysis at each product level
- Competitor analysis with detailed insight into its product segment, Government & Defense strength, and strategies adopted.
- Identifies key strategies adopted including product launches and developments, mergers and acquisitions, joint ventures, collaborations, and partnerships as well as funding taken and investment done, among others.
- To identify and understand the various factors involved in the global Nickel Market affected by the pandemic
- To provide a detailed insight into the major companies operating in the market. The profiling will include the Government & Defense health of the company’s past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.
Frequently Asked Questions (FAQ)
What is the growth rate of the global Nickel Market?
The global Nickel Market is growing at a CAGR of 8.12% over the next 10 years
Which region has the highest growth rate in the market of Nickel Market?
Asia Pacific is expected to register the highest CAGR during 2023-2033
Which region has the largest share of the global Nickel Market?
North America holds the largest share in 2022
Who are the key players in the global Nickel Market?
BHP, Eramet, First Quantum Minerals Ltd., Glencore, Independence Group NL, Jinchuan Group International Resources Co. Ltd., Lundin Mining Corporation, Metallurgical Corporation of China Ltd., MMC Norilsk Nickel and Rio Tinto. are the major companies operating in the market.
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Table of Contents
Chapter 1. Executive Summary
Chapter 2. Scope Of The Study
2.1. Market Definition
2.2. Scope Of The Study
2.2.1. Objectives of Report
2.2.2. Limitations
2.3. Market Structure
Chapter 3. Evolve BI Methodology
Chapter 4. Market Insights and Trends
4.1. Supply/ Value Chain Analysis
4.1.1. Raw End Users Providers
4.1.2. Manufacturing Process
4.1.3. Distributors/Retailers
4.1.4. End-Use Industry
4.2. Porter’s Five Forces Analysis
4.2.1. Threat Of New Entrants
4.2.2. Bargaining Power Of Buyers
4.2.3. Bargaining Power Of Suppliers
4.2.4. Threat Of Substitutes
4.2.5. Industry Rivalry
4.3. Impact Of COVID-19 on the Nickel Market
4.3.1. Impact on Market Size
4.3.2. End-Use Industry Trend, Preferences, and Budget Impact
4.3.3. Regulatory Framework/Government Policies
4.3.4. Key Players' Strategy to Tackle Negative Impact
4.3.5. Opportunity Window
4.4. Technology Overview
12.28. Macro factor
4.6. Micro Factor
4.7. Demand Supply Gap Analysis of the Nickel Market
4.8. Import Analysis of the Nickel Market
4.9. Export Analysis of the Nickel Market
Chapter 5. Market Dynamics
5.1. Introduction
5.2. DROC Analysis
5.2.1. Drivers
5.2.2. Restraints
5.2.3. Opportunities
5.2.4. Challenges
5.3. Patent Analysis
5.4. Industry Roadmap
5.5. Parent/Peer Market Analysis
Chapter 6. Global Nickel Market, By Class Type
6.1. Introduction
6.2. Class 1 (99.8%)
6.3. Class 2 (Less than 99.8%)
6.4. Nickel Alloys
Chapter 7. Global Nickel Market, By Application
7.1. Introduction
7.2. Stainless Steel
7.3. Special Steels
7.4. Batteries
7.5. Electroplating
7.6. Alloys
7.7. Others
Chapter 8. Global Nickel Market, By Region
8.1. Introduction
8.2. North America
8.2.1. Introduction
8.2.2. Driving Factors, Opportunity Analyzed, and Key Trends
8.2.3. Market Size and Forecast, By Country, 2024-2034
8.2.4. Market Size and Forecast, By Product Type, 2024-2034
8.2.5. Market Size and Forecast, By End User, 2024-2034
8.2.6. US
8.2.6.1. Introduction
8.2.6.2. Driving Factors, Opportunity Analyzed, and Key Trends
8.2.6.3. Market Size and Forecast, By Product Type, 2024-2034
8.2.6.4. Market Size and Forecast, By End User, 2024-2034
8.2.7. Canada
8.2.7.1. Introduction
8.2.7.2. Driving Factors, Opportunity Analyzed, and Key Trends
8.2.7.4. Market Size and Forecast, By Product Type, 2024-2034
8.2.7.5. Market Size and Forecast, By End User, 2024-2034
8.3. Europe
8.3.1. Introduction
8.3.2. Driving Factors, Opportunity Analyzed, and Key Trends
8.3.3. Market Size and Forecast, By Country, 2024-2034
8.3.4. Market Size and Forecast, By Product Type, 2024-2034
8.3.5. Market Size and Forecast, By End User, 2024-2034
8.3.6. Germany
8.3.6.1. Introduction
8.3.6.2. Driving Factors, Opportunity Analyzed, and Key Trends
8.3.6.3. Market Size and Forecast, By Product Type, 2024-2034
8.3.6.4. Market Size and Forecast, By End User, 2024-2034
8.3.7. France
8.3.7.1. Introduction
8.3.7.2. Driving Factors, Opportunity Analyzed, and Key Trends
8.3.7.3. Market Size and Forecast, By Product Type, 2024-2034
8.3.7.4. Market Size and Forecast, By End User, 2024-2034
8.3.8. UK
8.3.8.1. Introduction
8.3.8.2. Driving Factors, Opportunity Analyzed, and Key Trends
8.3.8.3. Market Size and Forecast, By Product Type, 2024-2034
8.3.8.4. Market Size and Forecast, By End User, 2024-2034
8.3.9. Italy
8.3.9.1. Introduction
8.3.9.2. Driving Factors, Opportunity Analyzed, and Key Trends
8.3.9.3. Market Size and Forecast, By Product Type, 2024-2034
8.3.9.4. Market Size and Forecast, By End User, 2024-2034
8.3.11. Rest Of Europe
8.3.11.1. Introduction
8.3.11.2. Driving Factors, Opportunity Analyzed, and Key Trends
8.3.11.3. Market Size and Forecast, By Product Type, 2024-2034
8.3.11.4. Market Size and Forecast, By End User, 2024-2034
8.4. Asia-Pacific
8.4.1. Introduction
8.4.2. Driving Factors, Opportunity Analyzed, and Key Trends
8.4.3. Market Size and Forecast, By Country, 2024-2034
8.4.4. Market Size and Forecast, By Product Type, 2024-2034
8.12.28. Market Size and Forecast, By End User, 2024-2034
8.4.6. China
8.4.6.1. Introduction
8.4.6.2. Driving Factors, Opportunity Analyzed, and Key Trends
8.4.6.3. Market Size and Forecast, By Product Type, 2024-2034
8.4.6.4. Market Size and Forecast, By End User, 2024-2034
8.4.7. India
8.4.7.1. Introduction
8.4.7.2. Driving Factors, Opportunity Analyzed, and Key Trends
8.4.7.3. Market Size and Forecast, By Product Type, 2024-2034
8.4.7.4. Market Size and Forecast, By End User, 2024-2034
8.4.8. Japan
8.4.8.1. Introduction
8.4.8.2. Driving Factors, Opportunity Analyzed, and Key Trends
8.4.8.3. Market Size and Forecast, By Product Type, 2024-2034
8.4.8.4. Market Size and Forecast, By End User, 2024-2034
8.4.9. South Korea
8.4.9.1. Introduction
8.4.9.2. Driving Factors, Opportunity Analyzed, and Key Trends
8.4.9.3. Market Size and Forecast, By Product Type, 2024-2034
8.4.9.4. Market Size and Forecast, By End User, 2024-2034
8.4.10. Rest Of Asia-Pacific
8.4.10.1. Introduction
8.4.10.2. Driving Factors, Opportunity Analyzed, and Key Trends
8.4.10.3. Market Size and Forecast, By Product Type, 2024-2034
8.4.10.4. Market Size and Forecast, By End User, 2024-2034
8.5. Rest Of The World (RoW)
8.5.1. Introduction
8.5.2. Driving Factors, Opportunity Analyzed, and Key Trends
8.5.3. Market Size and Forecast, By Product Type, 2024-2034
8.5.4. Market Size and Forecast, By End User, 2024-2034
Chapter 9. Company Landscape
9.1. Introduction
9.2. Vendor Share Analysis
9.3. Key Development Analysis
9.4. Competitor Dashboard
Chapter 10. Company Profiles
10.1. BHP
10.1.1. Business Overview
10.1.2. Government & Defense Analysis
10.1.2.1. Government & Defense – Existing/Funding
10.1.3. Product Portfolio
10.1.4. Recent Development and Strategies Adopted
10.1.5. SWOT Analysis
10.2. Eramet
10.2.1. Business Overview
10.2.2. Government & Defense Analysis
10.2.2.1. Government & Defense – Existing/Funding
10.2.3. Product Portfolio
10.2.4. Recent Development and Strategies Adopted
10.2.5. SWOT Analysis
10.3. First Quantum Minerals Ltd.
10.3.1. Business Overview
10.3.2. Government & Defense Analysis
10.3.2.1. Government & Defense – Existing/Funding
10.3.3. Product Portfolio
10.3.4. Recent Development and Strategies Adopted
10.3.5. SWOT Analysis
10.4. Glencore
10.4.1. Business Overview
10.4.2. Government & Defense Analysis
10.4.2.1. Government & Defense – Existing/Funding
10.4.3. Product Portfolio
10.4.4. Recent Development and Strategies Adopted
10.12.28. SWOT Analysis
10.5. Independence Group NL
10.5.1. Business Overview
10.5.2. Government & Defense Analysis
10.5.2.1. Government & Defense – Existing/Funding
10.5.3. Product Portfolio
10.5.4. Recent Development and Strategies Adopted
10.5.5. SWOT Analysis
10.6. Jinchuan Group International Resources Co. Ltd.
10.6.1. Business Overview
10.6.2. Government & Defense Analysis
10.6.2.1. Government & Defense – Existing/Funding
10.6.3. Product Portfolio
10.6.4. Recent Development and Strategies Adopted
10.6.5. SWOT Analysis
10.7. Lundin Mining Corporation
10.7.1. Business Overview
10.7.2. Government & Defense Analysis
10.7.2.1. Government & Defense – Existing/Funding
10.7.3. Product Portfolio
10.7.4. Recent Development and Strategies Adopted
10.7.5. SWOT Analysis
10.8 Metallurgical Corporation of China Ltd.
10.8.1. Business Overview
10.8.2. Government & Defense Analysis
10.8.2.1. Government & Defense – Existing/Funding
10.8.3. Product Portfolio
10.8.4. Recent Development and Strategies Adopted
10.8.5. SWOT Analysis
10.9 MMC Norilsk Nickel
10.9.1. Business Overview
10.9.2. Government & Defense Analysis
10.9.2.1. Government & Defense – Existing/Funding
10.9.3. Product Portfolio
10.9.4. Recent Development and Strategies Adopted
10.9.5. SWOT Analysis
10.10 Rio Tinto
10.10.1. Business Overview
10.10.2. Government & Defense Analysis
10.10.2.1. Government & Defense – Existing/Funding
10.10.3. Product Portfolio
10.10.4. Recent Development and Strategies Adopted
10.10.5. SWOT Analysis
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