IMARC Group, a leading market research company, has recently released a report titled “Nickel Market Report by Product Type (Class I Products, Class II Products), Application (Stainless Steel and Alloy Steel, Non-ferrous Alloys and Superalloys, Electroplating, Casting, Batteries, and Others), End-Use Industry (Transportation & Defense, Fabricated Metal Products, Electrical & Electronics, Chemical, Petrochemical, Construction, Consumer Durables, Industrial Machinery, and Others), and Region 2025-2033”. The study provides a detailed analysis of the industry, including the Nickel market trends, share, size, and industry growth forecast. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
The global nickel market size reached USD 37.0 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 55.5 Billion by 2033, exhibiting a growth rate (CAGR) of 4.6% during 2025-2033.
Request to Get the Sample Report:
https://www.imarcgroup.com/nickel-market/requestsample
Nickel Market Trends
The nickel market is changing due to several factors. Nickel demand is rising due to electric vehicles (EVs) and renewable energy storage. This is especially true for batteries. By 2024, demand will grow as car makers seek better, nickel-rich batteries.
Additionally, the need for stainless steel is also increasing. Global infrastructure projects and construction drive this. This further raise nickel usage.
Industries will seek nickel that is sourced responsibly and recycled to promote sustainability. This shift could change supply chains and production methods.
Tensions and supply chain risks will push companies to invest in nickel mining.
In short, the nickel market will see higher demand and production shifts. There will be a focus on sustainability.
Market Dynamics 1: Surge in Electric Vehicle Production
The nickel market is set to grow due to rising electric vehicle (EV) demand. Nickel is key for lithium-ion batteries in EVs. As carmakers shift towards electric mobility, the need for high-nickel batteries will surge. These batteries often use nickel-cobalt-manganese (NCM) or nickel-cobalt-aluminum (NCA) combinations. By 2024, many countries expect to expand the global EV market by aiming to ban gas-powered cars. This shift will raise nickel demand. It will attract investments in nickel mining and processing.
Moreover, battery technology is advancing to enhance energy efficiency and lower costs. This progress will favor nickel-rich batteries, further increasing demand. To ensure a steady nickel supply, manufacturers will likely invest in mining projects. This will strengthen the supply chain. Thus, the nickel market will play a vital role in the green energy transition.
Market Dynamics 2: Infrastructure Development and Stainless-Steel Demand
The demand for stainless steel is boosting the nickel market. This steel, crucial for many sectors, uses a lot of nickel. As economies bounce back and new projects start, the need for stainless steel will grow. This is especially true in the construction, automotive, and manufacturing sectors. By 2024, we expect a surge in building projects, especially in developing countries. These projects will include bridges, buildings, and pipelines.
Here, builders favor stainless steel for its resistance to corrosion and durability. The trend towards sustainable materials will also boost stainless steel’s popularity. This steel is recyclable and often made with lower carbon emissions. These trends will keep nickel demand high. They will also spark new innovations in stainless steel production. This could lead to an increase in nickel content in these alloys. As the global economy improves, infrastructure development will boost stainless steel demand. This will shape the nickel market.
Market Dynamics 3: Supply Chain and Geopolitical Challenges
The nickel market faces supply chain issues and geopolitical tensions. They affect production and prices. Most of the world’s nickel comes from Indonesia, the Philippines, and Russia. Thus, political instability or new regulations there could cause shortages. By 2024, tariffs and export limits might complicate nickel sourcing.
Also, stricter environmental rules could raise production costs. Companies now focus on sustainability and responsible sourcing. They want to reduce risks, but it raises costs. Nickel prices and supply depend on a balance. It is between supply chain stability and geopolitical factors.
Nickel Market Report Segmentation:
Breakup by Product Type:
- Class I Products
- Class II Products
The market has two segments: Class I and Class II. Class I products are the largest segment.
Breakup by Application:
- Stainless Steel and Alloy Steel
- Non-ferrous Alloys and Superalloys
- Electroplating
- Casting
- Batteries
- Others
This segment includes stainless steel and alloy steel, non-ferrous alloys and superalloys, electroplating, casting, and batteries. Stainless and alloy steel hold the largest market share.
Breakup by End-Use Industry:
- Transportation & Defense
- Fabricated Metal Products
- Electrical & Electronics
- Chemical
- Petrochemical
- Construction
- Consumer Durables
- Industrial Machinery
- Others
The market covers transportation & defense, fabricated metal products, electrical & electronics, chemical, petrochemical, construction, consumer durables, industrial machinery, and others, with transportation and defense holding the largest market share.
Breakup by Regional Markets:
- Asia Pacific
- North America
- Europe
- Latin America
- Middle East and Africa
The analysis covers North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. It details country-specific dynamics in each region.
Competitive Landscape with Key Players:
The competitive landscape of the nickel market size has been studied in the report with the detailed profiles of the key players operating in the market.
Some of These Key Players Include:
- Anglo American Plc
- BHP Group Limited
- Cunico Corporation
- Eramet Group
- Glencore Plc
- IGO Limited
- Jinchuan Group International Resources Co. Ltd.
- Norilsk Nickel
- Pacific Metal Company
- Queensland Nickel Group
- Sherritt International Corporation
- Sumitomo Corporation
- Terraframe Ltd.
- Vale S.A.
- Votorantim SA.
Ask Analyst for Customized Report:
https://www.imarcgroup.com/request?type=report&id=1843&flag=C
Key Highlights of the Report:
- Market Performance (2018-2023)
- Market Outlook (2024-2032)
- Market Trends
- Market Drivers and Success Factors
- Impact of COVID-19
- Value Chain Analysis
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
About Us
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
Contact Us:
IMARC Group
134 N 4th St
Brooklyn, NY 11249, USA
Website: imarcgroup.com
Email: [email protected]
Americas: +1-631-791-1145 | Europe & Africa: +44-753-713-2163 | Asia: +91-120-433-0800
