Nickel Industry Growth Analysis, Opportunities, Forecast Trends, and Regional Outlook {{ currentPage ? currentPage.title : "" }}

The global nickel industry 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. according to Fortune Business Insights™ in its report titled, "Nickel Market, 2021-2028." Nickel (Ni), a naturally occurring silvery-white metallic element, is essential in various applications due to its outstanding physical and chemical properties. It is primarily used in alloying stainless and heat-resistant steels, often combined with chromium and other metals. Advances in mining, smelting, and refining technologies now allow for the processing of lower-grade nickel ore. Additionally, increased exploratory activities by mining companies, driven by low commodity prices, are anticipated to boost nickel metal uptake. Technological advancements in stainless steel production and rising consumer demand for nickel-based products, such as alloys and batteries, are expected to drive global market growth during the forecast period.

Market Segmentation

By Application

  • Special Steels

  • Stainless Steel

  • Batteries

  • Alloys

  • Electroplating

  • Others

By Region

  • Asia Pacific

  • South America

  • North America

  • Europe

  • Middle East & Africa

Report Coverage

The report provides an in-depth analysis of the nickel industry, highlighting key companies, applications, and market trends. It includes quantitative data on market size, volume, and value, along with a comprehensive analysis of market drivers and restraints. The study also covers significant industry developments and the competitive landscape.

Drivers & Restraints

Growing Demand for Stainless Steel

The increasing demand for stainless steel in the automotive, consumer goods, and construction sectors will drive market growth. According to the Nickel Institute Organization, stainless steel accounts for over two-thirds of global nickel consumption. Nickel enhances the formability, weldability, and ductility of steel and provides corrosion resistance in specific applications. The high demand for stainless steel, due to its lightweight, high tensile strength, durability, and ease of manufacture, will boost nickel demand over the forecast period. However, rising nickel prices may pose a challenge as it becomes a more expensive raw material for various industries.

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Regional Insights

Asia Pacific

In 2020, the Asia Pacific market was valued at USD 26.92 billion. Technological advancements in stainless steel production, especially in China, the region's largest and fastest-growing market, are driving growth. The rapid development of China's construction and automotive industries, along with increased R&D activities and infrastructure projects, are boosting demand for nickel.


Stainless steel is extensively used in electric vehicles in Europe. The region's market growth is fueled by the burgeoning automobile industry and technological advancements.

North America

The U.S. leads the North American market, driven by the expanding building industry and the high flexibility, energy absorption, and explosion-resistant properties of nickel.

Middle East & Africa

Nickel consumption in this region is primarily in special steels, valued for their enhanced ductility and toughness at low temperatures.

South America

The market growth in South America is due to the increasing use of stainless steel and nickel alloys in medical devices and orthopedic applications such as joint replacements and stents.

Competitive Landscape

Leading producers like Vale, BHP, Anglo American plc, and Eramet are expanding their businesses through product development, capacity expansion, acquisitions, and market collaborations. For example, Anglo American, a major mining company, produces about 9,000 tonnes of nickel annually from its Codemin mine for the domestic market.

Industry Development

In December 2021, Vedanta acquired Nicomet, a prominent nickel and cobalt producer with an annual production capacity of 7.5 tonnes. This acquisition aims to meet the growing demand for batteries and stainless steel.

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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