DELRAY BEACH, Fla., Nov. 6, 2026 /PRNewswire/ — According to MarketsandMarkets™, the Nickel Market estimated to reach USD 80.68 billion by 2031 from USD 57.59 billion in 2026, registering a CAGR of 7.0% during the forecast period.
Browse 260 market data Tables and 60 Figures spread through 270 Pages and in-depth TOC on ‘Nickel Market – Global Forecast to 2031’
Nickel Market Size & Forecast:
- Market Size Available for Years: 2023-2031
- 2026 Market Size: USD 57.59 billion
- 2031 Projected Market Size: USD 80.68 billion
- CAGR (2026-2031): 7.0%
Nickel Market Trends & Insights:
- The global nickel market is growing due to increasing demand for stainless steel, nickel-based alloys, electric vehicle batteries, and other industrial applications. The market in Asia Pacific is supported by large-scale stainless-steel production, expanding industrial activity, strong nickel refining capabilities, and investments in battery manufacturing across China, Indonesia, Japan, South Korea, and India. In Europe, the market is supported by demand for stainless steel and specialty alloys, investments in electric vehicle battery manufacturing, and efforts to strengthen domestic battery-material supply chains. North America is witnessing growth, supported by investments in electric vehicle batteries, demand for high-performance alloys in aerospace and energy applications, and initiatives to strengthen critical mineral supply chains. Meanwhile, South America benefits from nickel resources and mining activities, particularly in Brazil, alongside investments in mineral extraction and processing. The Middle East & Africa region is supported by nickel mining and processing activities, particularly in countries such as South Africa and Madagascar, as well as investments in mineral development and industrial infrastructure. Regional market growth will continue to depend on stainless steel demand, battery chemistry trends, nickel prices, and the expansion of mining and refining capacity.
- By region, Asia Pacific accounted for 85.7% of the nickel market in 2025, supported by large-scale stainless-steel production, extensive nickel refining and smelting capacity, and growing demand for nickel-containing battery materials across China, Indonesia, Japan, South Korea, and India. Indonesia’s expanding nickel mining, smelting, and downstream processing industries, alongside China’s strong stainless steel manufacturing base, further strengthen the region’s market position.
- By form, the nickel sulphate (battery grade) segment is estimated to grow at a CAGR of 11.5% between 2026 and 2031, supported by increasing demand for high-purity nickel compounds used in lithium-ion battery cathode manufacturing. Growing electric vehicle production, expanding battery manufacturing capacity, and increasing demand for nickel-rich cathode chemistries, particularly nickel-manganese-cobalt (NMC) and nickel-cobalt-aluminium (NCA), are contributing to the segment’s growth.
- By grade, the battery grade (nickel sulphate) segment is estimated to grow at a CAGR of 13.9% between 2026 and 2031, driven by its use in the production of high-purity nickel chemicals and cathode active materials for lithium-ion batteries. Increasing demand for nickel-rich batteries used in electric vehicles, investments in battery-material processing facilities, and efforts to establish integrated nickel supply chains are expected to support the market growth.
- By application, the rechargeable battery cathodes (NMC/NCA) segment is anticipated to record a CAGR of 13.7% during the forecast period, driven by increasing demand for nickel-containing cathode materials used in electric vehicle batteries and selected energy storage applications. Expanding electric vehicle adoption, advances in high-nickel cathode technologies, and investments in battery manufacturing are supporting demand. However, the growing adoption of lithium iron phosphate (LFP) batteries, which do not contain nickel, may moderate nickel demand growth in certain electric vehicle segments.
- By end-use industry, the automotive & e-mobility segment is anticipated to record a CAGR of 11.6% during the forecast period, driven by increasing electric vehicle production and rising demand for nickel-containing battery cathodes. Nickel is a key raw material in nickel-manganese-cobalt (NMC) and nickel-cobalt-aluminium (NCA) batteries, which are used in various electric vehicle applications. Growing EV adoption, investments in battery manufacturing, and advancements in high-nickel cathode chemistries are supporting segment growth. Furthermore, automakers’ efforts to improve battery energy density and driving range, alongside investments in nickel refining and battery-material production, are expected to strengthen demand for nickel in the automotive and e-mobility sector.
- TSINGSHAN HOLDING GROUP, Jinchuan Group Co., Ltd., and Norilsk Nickel were identified as key players in the nickel market, given their strong market share and product footprint.
- PT Vale Indonesia (INCO), PT Merdeka Battery Materials, and Harita Nickel, among others, have distinguished themselves among startups and SMEs by securing strong footholds in specialized niche areas, underscoring their potential as emerging market leaders.
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The growth of the nickel market can be attributed to increasing demand for stainless steel, expanding industrial manufacturing, and rising adoption of electric vehicles (EVs). Nickel is a key raw material used in stainless steel production, nickel-based alloys, and lithium-ion batteries for EVs and energy storage applications. Market growth is driven by investments in construction, infrastructure, chemical processing, power generation, and automotive manufacturing, where nickel-containing materials provide corrosion resistance, strength, and durability. Growing demand for battery-grade nickel sulphate for nickel-rich cathode chemistries, such as NMC and NCA, is further supporting market development. At the same time, investments in nickel mining, smelting, refining, and downstream processing, particularly in Indonesia, are expanding production capacity and strengthening supply chains. However, nickel price volatility, rising production costs, environmental regulations, and the growing adoption of lithium iron phosphate (LFP) batteries, which do not require nickel in their cathodes, continue to influence market dynamics.
Class 2 (NPI & ferronickel) segment accounted for largest share of nickel market in 2025
Based on grade, the Class 2 nickel segment, comprising nickel pig iron (NPI) and ferronickel, is estimated to account for the largest share of the nickel market in 2025. Its market position is supported by extensive use in stainless steel manufacturing, particularly in grades that require nickel to improve corrosion resistance, strength, and durability. NPI and ferronickel are widely used as nickel-bearing inputs in stainless steel production, especially in China and Indonesia, where large-scale smelting and stainless-steel manufacturing capacities support demand. Growing investments in stainless steel production, industrial infrastructure, and downstream metal processing are expected to sustain consumption of these materials. In addition, Indonesia’s abundant laterite nickel resources and expanding domestic smelting capacity have strengthened the supply of NPI and ferronickel for the global stainless-steel industry. However, demand for Class 1 nickel remains significant, particularly for battery-grade nickel chemicals, specialty alloys, and other applications requiring high-purity nickel.
Automotive & e-mobility segment to be the fastest-growing end-use industry during forecast period
Based on end-use industry, the automotive & e-mobility segment is anticipated to register the highest CAGR in the nickel industry from 2026 to 2031, driven by the increasing adoption of electric vehicles (EVs) and the growing use of nickel-containing lithium-ion batteries. Nickel is an important component of cathode materials used in nickel manganese cobalt (NMC) and nickel cobalt aluminum (NCA) batteries, which offer high energy density and support longer driving ranges. The expansion of EV manufacturing, battery gigafactories, and charging infrastructure is expected to increase demand for battery-grade nickel and nickel sulphate. Furthermore, investments in battery supply chains, advancements in nickel-rich cathode technologies, and automakers’ efforts to secure reliable supplies of critical battery materials are expected to support segment growth. However, the increasing adoption of lithium iron phosphate (LFP) batteries, which do not require nickel in their cathodes, may moderate demand growth in certain EV applications during the forecast period.
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Middle East & Africa to exhibit highest CAGR in the nickel market between 2026 and 2031
Based on region, the Middle East & Africa region is anticipated to register the highest CAGR in the nickel market during the forecast period, supported by investments in industrial infrastructure, stainless steel manufacturing, mining, and downstream metal processing. In the Middle East, economic diversification initiatives, industrial development, and investments in construction, energy, and manufacturing are creating opportunities for nickel-containing materials used in equipment, alloys, and infrastructure. In Africa, nickel mining and processing activities in countries such as South Africa, Madagascar, and Côte d’Ivoire contribute to regional supply, while investments in mineral development and industrial capacity could support further growth. Additionally, the expansion of electric mobility and battery-related supply chains may create incremental demand for battery-grade nickel products. However, regional market growth will depend on industrial activity, mining investment, infrastructure development, nickel price trends, and the pace of downstream processing capacity expansion.
Key Players
Leading players in the nickel companies include Tsingshan Holding Group (China), Jinchuan Group Co., Ltd. (China), Norilsk Nickel (Russia), Vale Base Metals (Canada), Huayou Cobalt Co., Ltd. (China), GEM Co., Ltd. (China), Nickel Industries Limited (Australia), Lygend Resources & Technology Co., Ltd. (China), Glencore (Switzerland), and Sumitomo Metal Mining Co., Ltd. (Japan), among others.
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Investment Funding
The nickel market is witnessing continued investment activity, supported by growing electric vehicle (EV) adoption, expanding lithium-ion battery manufacturing, increasing demand for stainless steel, and government initiatives to strengthen critical-mineral supply chains. Investment activity is concentrated in nickel mining, laterite processing, smelting, refining, and battery-grade nickel chemical production. Major producers are investing in capacity expansion, high-pressure acid leach (HPAL) projects, and nickel sulfate production to serve stainless steel manufacturers and battery supply chains. Indonesia continues to attract substantial investment in nickel mining and downstream processing, while North America and Europe are focusing on supply chain diversification, battery-material production, and recycling. Investments are also directed toward improving processing efficiency, recovering nickel from end-of-life batteries, and reducing the environmental footprint of production. These developments are supporting investment across the nickel value chain, although project economics remain sensitive to nickel prices, capital intensity, permitting requirements, environmental regulations, and the cost competitiveness of battery chemistries that use less or no nickel.
Revenue Shift
The nickel market is experiencing a shift toward battery-grade nickel products, integrated processing operations, and supply chains aligned with electric mobility and energy storage. Demand for nickel remains strongly supported by stainless steel production, while battery-grade nickel chemicals, particularly nickel sulfate, are gaining importance in lithium-ion batteries that use nickel-containing cathodes such as NMC and NCA. Producers are increasingly prioritizing cost efficiency, product quality, supply-chain integration, and reliable long-term offtake agreements to manage nickel price volatility and changing market conditions. At the same time, investment is expanding across mining, smelting, refining, battery-material production, and recycling to capture value across the supply chain. Indonesia continues to attract investment in laterite nickel mining and downstream processing, while established producers are focusing on operational efficiency and resource optimization. Battery recycling and improved recovery technologies are also gaining attention for their potential to recover nickel from end-of-life batteries and industrial waste. However, the pace of revenue growth in battery-related nickel products remains influenced by nickel prices, stainless steel demand, processing costs, and the growing adoption of lithium iron phosphate (LFP) batteries, which do not require nickel in their cathodes.
Mergers and Acquisitions
Mergers and acquisitions in the nickel market have focused on consolidating resource portfolios, securing strategic interests in nickel-producing assets, and strengthening access to battery-material supply chains. In April 2024, Vale completed the sale of a 10% stake in Vale Base Metals to Manara Minerals for approximately USD 2.5 billion, supporting investment in its global base metals portfolio. In June 2024, Indonesia’s MIND ID completed the acquisition of additional shares in PT Vale Indonesia, becoming its largest shareholder with a 34% stake, while Vale Canada and Sumitomo Metal Mining retained interests of approximately 33.9% and 11.5%, respectively. In September 2024, Nickel Industries advanced its acquisition of the Sampala nickel-cobalt project in Indonesia through agreements covering three mining licenses with a combined area of 6,654 hectares and estimated resources of 2.3 million tonnes of contained nickel. In January 2026, Nickel Industries announced a strategic transaction under which South Korean company Sphere Corp. would acquire a 10% interest in the Excelsior Nickel Cobalt (ENC) HPAL project at a stated valuation of USD 2.4 billion, alongside a nickel cathode offtake arrangement. In April 2026, Nickel Industries completed the acquisition of its final 2% interest in ENC for USD 46 million, increasing its ownership to 46% and making it the project’s largest shareholder. These transactions reflect industry efforts to optimize asset ownership, consolidate nickel resources, attract strategic investment, and strengthen integration between mining, processing, and downstream markets.
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