Nickel Market Report 2025 (Global Edition)

Global Nickel Market Report 2025 Market Size Split by Product (Class I Products, Class II Products), by Application (Stainless Steel and Alloy Steel, Non-ferrous Alloys and Superalloys, Electroplating...

Nickel Market Report Description

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Nickel Market Insights Video

Competitive Landscape of the Nickel Market

The competitive landscape of the nickel market is characterized by a diverse range of players competing to gain market share through product innovation, strategic partnerships, and aggressive marketing efforts. Key players in the market include established electronics manufacturers, specialized nickel companies, and emerging start-ups aiming to disrupt the market with innovative solutions.

In April 2022, Vale S.A., a Brazilian mining firm, opened the Onça Puma nickel mine in Brazil, which has an estimated annual production capacity of 28,000 tons of nickel.

(Source: https://vale.com/esg/controversies)

Top Companies Market Share in Nickel Industry: (In no particular order of Rank)

• 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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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.

Regional Analysis of Nickel Market

Which Region will dominate the Nickel Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. The rapid expansion of the construction industry in the United States, which is the biggest consumer of nickel in North America, has boosted stainless steel output in the region. Stainless steel is a popular use for nickel, and its high flexibility, good energy absorption, and explosion-resistant qualities make it ideal for a variety of building projects. The advent of electric vehicles is a major driver of growing nickel demand worldwide, and North America is no exception. Nickel is an important component in the manufacture of lithium-ion batteries, which power most E.V.s. As the usage of electric vehicles increases, so will the need for nickel in North America.

Which Region is Expanding at the Fastest CAGR?

Asia-Pacific stands out as the fastest-growing region in the nickel market due to several compelling reasons. The Asia Pacific area is rapidly industrializing, which is driving up demand for nickel in a variety of industries, including stainless steel manufacture, construction, and machinery manufacturing. Historically, stainless steel was the region's leading consumer of nickel. China, in particular, is a major manufacturer of stainless steel, and demand is likely to continue to rise. The Asia Pacific area is leading the electric vehicle revolution. China is the world's largest producer of electric vehicles, which is increasing demand for nickel, a vital component of lithium-ion batteries found in E.V.s.

The current report Scope analyzes Nickel Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Nickel

According to Cognitive Market Research, the global nickel market size was estimated at USD 35695.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 14278.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.2% from 2024 to 2031.

• According to Cognitive Market Research, the U.S. had a major share in the nickel market with a market size of USD 11265.41 million in 2024 and is projected to grow at a CAGR of 3.0% during the forecast period. As the United States seeks cleaner transportation and invests in E.V. infrastructure, demand for nickel is expected to climb.
• The Canadian nickel market had a market share of USD 1713.37 million in 2024 and is projected to grow at a CAGR of 4.0% during the forecast period. Nickel is a significant component in lithium-ion batteries, which power the majority of electric vehicles. Canada is the world's sixth-largest nickel producer, with output likely to expand in the future years. 
• The Mexico nickel market is projected to witness growth at a CAGR of 3.7% during the forecast period, with a market size of USD 1299.31 million in 2024

Europe Nickel

According to Cognitive Market Research, the global nickel market size was estimated at USD 35695.2 Million, out of which Europe held the market of more than 30% of the global revenue with a market size of USD 10708.56 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.5% from 2024 to 2031.

• The United Kingdom nickel market had a market share of USD 1799.04 million in 2024 and is projected to grow at a CAGR of 4.3% during the forecast period. In the U.K., The government's campaign for cleaner transportation is projected to increase demand for nickel for E.V. batteries.
• The France nickel market is projected to witness growth at a CAGR of 2.7% during the forecast period, with a market size of USD 985.19 million in 2024.
• According to Cognitive Market Research, the German nickel market size was valued at USD 2120.29 million in 2024 and is projected to grow at a CAGR of 3.7% during the forecast period. Germany particularly, is seeing a spike in electric vehicle (E.V.) adoption. Nickel is a critical component of lithium-ion batteries used in E.V.s, resulting in increased demand.
• The Italy nickel market is projected to witness growth at a CAGR of 2.9% during the forecast period, with a market size of USD 920.94 million in 2024.
• The Russian nickel market is projected to witness growth at a CAGR of 2.5% during the forecast period, with a market size of USD 1659.83 million in 2024.
• The Spain nickel market is projected to witness growth at a CAGR of 2.6% during the forecast period with a market size of USD 878.10 million in 2024.
• The Luxembourg nickel market is projected to witness growth at a CAGR of 3.6% during the forecast period, with a market size of USD 331.97 million in 2024.
• The Portugal nickel market is projected to witness growth at a CAGR of 3.3% during the forecast period, with a market size of USD 224.88 million in 2024.
• The Greece nickel market is projected to witness growth at a CAGR of 3.8% during the forecast period, with a market size of USD 128.50 million in 2024.
• The rest of Europe's nickel market is projected to witness growth at a CAGR of 2.2% during the forecast period, with a market size of USD 1659.83 million in 2024

Asia Pacific Nickel

According to Cognitive Market Research, the global nickel market size was estimated at USD 35695.2 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 8209.90 million in 2024 and will grow at a compound annual growth rate (CAGR) of 7.0% from 2024 to 2031.

• According to Cognitive Market Research, the China nickel market size was valued at USD 3694.45 million in 2024 and is projected to grow at a CAGR of 6.5% during the forecast period. The rise of China's building and manufacturing sectors has a significant impact on nickel demand for stainless steel manufacture.
• The Japan nickel market is projected to witness growth at a CAGR of 5.5% during the forecast period, with a market size of USD 1132.97 million in 2024.
• The Indian nickel market had a market share of USD 985.19 million in 2024 and is projected to grow at a CAGR of 8.8% during the forecast period. Nickel is in high demand in India due to the country's increasing stainless steel industry, which is used in construction and the automotive sector.
• The South Korean nickel market is projected to witness growth at a CAGR of 6.1% during the forecast period, with a market size of USD 820.99 million in 2024.
• The Australian nickel market is projected to witness growth at a CAGR of 6.7% during the forecast period, with a market size of USD 426.91 million in 2024.
• The Southeast Asia nickel market is projected to witness growth at a CAGR of 8.0% during the forecast period, with a market size of USD 566.48 million in 2024.
• The Rest of the Asia Pacific nickel market is projected to witness growth at a CAGR of 6.8% during the forecast period, with a market size of USD 582.90 million in 2024

South America Nickel

According to Cognitive Market Research, the global nickel market size was estimated at USD 35695.2 Million, out of which Latin America market of more than 5% of the global revenue with a market size of USD 1784.76 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.4% from 2024 to 2031.

• According to Cognitive Market Research, the Brazil nickel market size was valued at USD 763.88 million in 2024 and is projected to grow at a CAGR of 5.0% during the forecast period. Nickel is an essential component of stainless steel, and Brazil's expanding industrial sector is fuelling demand for the metal.
• The Argentina nickel market had a market share of USD 299.84 million in 2024 and is projected to grow at a CAGR of 5.3% during the forecast period. Nickel is an important component of stainless steel. A rising stainless steel industry in Argentina could increase demand for nickel.
• The Colombia nickel market is projected to witness growth at a CAGR of 4.2% during the forecast period, with a market size of USD 158.84 million in 2024.
• The Peru nickel market is projected to witness growth at a CAGR of 4.6% during the forecast period, with a market size of USD 146.35 million in 2024.
• The Chile nickel market is projected to witness growth at a CAGR of 4.7% during the forecast period, with a market size of USD 128.50 million in 2024.
• The Rest of the Latin America nickel market is projected to witness growth at a CAGR of 3.5% during the forecast period with a market size of USD 287.35 million in 2024

Middle East Nickel

According to Cognitive Market Research, the global nickel market size was estimated at USD 35695.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 713.90 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.7% from 2024 to 2031.

• The GCC Countries' nickel market is projected to witness growth at a CAGR of 5.5% during the forecast period, with a market size of USD 305.55 million in 2024. nickel market sales flourish due to GCC countries not being large nickel users, but their strategic location and economic influence have an impact on the global nickel market.
• The Egypt nickel market is projected to witness growth at a CAGR of 5.0% during the forecast period, with a market size of USD 74.96 million in 2024.
• The South African nickel market is projected to witness growth at a CAGR of 5.7% during the forecast period, with a market size of USD 112.80 million in 2024. nickel market sales flourish in South Africa due to nickel imports have increased, indicating a burgeoning domestic industry that relies on imports for raw materials.
• The Turkey nickel market is projected to witness growth at a CAGR of 4.2% during the forecast period with a market size of USD 61.40 million in 2024.
• The Nigeria nickel market is projected to witness growth at a CAGR of 3.8% during the forecast period, with a market size of USD 74.96 million in 2024.
• The Rest of the MEA nickel market is projected to witness growth at a CAGR of 3.7% during the forecast period, with a market size of USD 84.24 million in 2024

Nickel Market Analysis

Nickel Market Product Type Segment Analysis

According to Cognitive Market Research, Class I Products Product Type stands out as the dominating category. Class I products are often of high quality and necessary to a given sector. They frequently set the standard for performance and reliability. In the context of Nickel. Nickel is a fundamental component of stainless steel, noted for its corrosion resistance and strength, making it suitable for a variety of uses. High-performance batteries for electric vehicles and electronics frequently employ nickel-containing cathodes to increase energy density.

Class II Products Product Type emerges as the fastest-growing category in the nickel market. Class II products are the fastest-growing segment of the global nickel market. This increase is mostly driven by the thriving electric vehicle (E.V.) industry. Typically, they are nickel goods that have been deliberately engineered to boost performance or usefulness. A vital raw ingredient for stainless steel manufacture. They are used in lithium-ion batteries for E.V.s because of their high conductivity and energy density. Improves corrosion resistance and electrical conductivity in a variety of applications.

• Class I Products
• Class II Products

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Nickel Industry. Request a Free Sample PDF!

Nickel Market Application Segment Analysis

According to cognitive market research, the dominating category is Stainless Steel and Alloy Steel. The increase in worldwide construction and infrastructure projects drives up demand for stainless steel. This steel, a critical component of buildings, pipelines, and automobile parts, is primarily reliant on nickel for strength and corrosion resistance. As these areas increase, so will the demand for nickel in stainless steel manufacture. Nickel has qualities that make it suitable for alloying with steel. It increases the steel's corrosion resistance, making the finished product more durable and long-lasting. This property is very useful in applications that are exposed to hostile environments.

The fastest-growing category in the nickel market is Batteries. Lithium-ion batteries are the most widely used rechargeable battery technology for portable gadgets and, increasingly, electric vehicles (E.V.s). They require nickel as a vital component to achieve their high energy density and performance. The rapid expansion of the electric vehicle industry is a significant driver. As more people switch to electric vehicles, the need for lithium-ion batteries, and thus nickel, skyrockets. Nickel has several advantages over other battery materials, including lower cost and higher energy density. This makes it appealing to manufacturers, particularly given the growing demand for longer-range E.V.s.

• Stainless Steel and Alloy Steel
• Non-ferrous Alloys and Superalloys
• Electroplating
• Casting
• Batteries
• Others

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Nickel End-Use Segment Analysis

According to Cognitive Market Research, the dominating category is Electrical & Electronics End-Uses. Nickel is also an essential component in the many electronic devices and infrastructure required for renewable energy integration. Nickel is an important component of stainless steel, which is commonly used in E&E applications because of its durability, corrosion resistance, and ability to carry electricity. The proliferation of lithium-ion batteries for electric vehicles and electronics has considerably raised nickel demand. Nickel enhances battery performance and range. The global E&E business is constantly expanding, fuelled by factors like increased consumer demand for electronic gadgets and the continued transition towards renewable energy sources like solar and wind power, which also rely on nickel-containing components.

The fastest-growing category in the nickel market is nickel with End-Use is Industrial Machinery End-Uses. Nickel is an important component of stainless steel, recognized for its toughness and corrosion resistance. As global infrastructure development and industrial output increase, so does the demand for stainless steel for buildings, mechanical parts, and industrial equipment, which drives the demand for nickel. Nickel is an essential component in lithium-ion batteries, which are the dominant technology in electric vehicles. With a growing emphasis on sustainability and more E.V. adoption, demand for nickel in this sector is likely to rise.

• Transportation & Defense
• Fabricated Metal Products
• Electrical & Electronics
• Chemical
• Petrochemical
• Construction
• Consumer Durables
• Industrial Machinery
• Others

Author's Detail

Manoj Phagare

Senior Research Analyst at Cognitive Market Research

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• Worked on several market, industry & business research projects, on various models such as Syndicated, Custom, Subscriptions and Consults
• Proficient in secondary research and familiar with all paid research databases
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• Expertise in statistical techniques used in data forecasting, possess strong grip on all aspects of market engineering & data analysis
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Author's Conclusion