Refined Nickel Market Analysis

ID: MRFR/CnM/6396-HCR

140 Pages

Chitranshi Jaiswal

October 2025

Refined Nickel Market Research Report Information by Applications (Stainless Steel, Batteries and Plating), End-Use Industry (Industrial Machinery, Metallurgy, Automotive, Building and Construction), Region (Asia-Pacific, North America, Europe, Latin America and others) - Forecast till 2035

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Summary Table of Contents Segmentation Download PDF

Market Analysis

In-depth Analysis of Refined Nickel Market Industry Landscape

The refined nickel market is characterized by dynamic and intricate market dynamics, shaped by various factors that influence its supply and demand. Refined nickel is a key constituent of stainless steel production and other alloys that are used in many sectors including construction, automobile industry as well as electronics. One of the main drivers behind market dynamics is the global size of stainless steel demand which continually boosts consumption for refined nickel. In developing economies where there are rapid industrializations taking place along with infrastructure growth, the need for stainless steels escalates hence intensifying the demand for refined nickel even more. Mining activities, geopolitical factors and technology developments affect the supply side of the refined nickel market. Nickel extraction is mainly done through mining activities therefore any disruptions within mining sector either due to geopolitical tensions or environmental concerns may significantly shift market dynamics. Also mining technologies along with extractive methods have been advancing thus contributing towards setting up overall supply situation thereby impacting on equilibrium within the entire marketplace. At the same time, refined nickel market gets influenced by two types of macroeconomic factors: global economic conditions and currency fluctuations. For example, in times of economic recession, industries reduce output and hence demand for refined nickel is affected. Furthermore, these rates of exchange can affect production costs thereby altering the competitiveness of the producing regions making dynamics changes in markets. In recent years, the refined nickel market has seen an increasing importance on electric vehicles as well as renewable energy resources. This has boosted the demand for nickel due to increased usage of high-nickel content batteries especially those with NCM (nickel-cobalt-manganese) and NCA(nickel-cobalt-aluminium) chemistries. In addition to this, there is complexity in the dynamics of refined nickel market following growth in world electric vehicle market through efforts aimed at reducing carbon emissions. Moreover, trade ties between major producers and consumers impact market trends. The tariff imposition or removal and signing or leaving out some countries during trade negotiations may create doubts concerning how much refined nickel move from one country to another globally. Hence, it is necessary that participants be ready to react fast to various geopolitical landscape shifts indicating close-knit nature of different economies’ markets.

1. Market Overview

2. Market Trends

3. Market Segment Insights

4. Key Players and Competitive Insights

5. Industry Developments

6. Market Segmentation

7. Report Scope

8. Market Highlights

9. FAQs

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Market Summary

As per Market Research Future Analysis, the global refined nickel market is projected to grow at a CAGR of 4.8%, reaching over 2 billion tons from 2022 to 2030. Approximately 65% of nickel is consumed in the western world, primarily for austenitic stainless steel production, while 12% is used in superalloys, crucial for aerospace applications. The automotive sector significantly drives demand for nickel in stainless steel and batteries, alongside increasing needs in energy storage systems. The market faced challenges during the Covid-19 pandemic, leading to production halts and supply chain disruptions, but is recovering as restrictions ease. Key players are focusing on enhancing production capabilities to meet rising global demand.

Key Market Trends & Highlights

The refined nickel market is witnessing significant growth driven by various factors.

CAGR of 4.8% expected from 2022 to 2030.
65% of nickel is used in stainless steel production.
Automotive sector's demand for nickel is surging due to electric vehicle manufacturing.
Asia-Pacific leads in nickel consumption, with Indonesia being the largest producer.

Refined Nickel Market

CAGR

4.8% from 2022 to 2030

Market Size & Forecast

Market Size	Over 2 billion tons
CAGR	4.8% from 2022 to 2030
Largest Regional Market	Asia-Pacific
Key Application	Stainless Steel

Major Players

Norilsk Nickel, Vale, BHP, Jinchuan Group International Resources Co. Ltd., Glencore

Market Trends

The global refined nickel market is poised for growth, driven by increasing demand from the electric vehicle sector and renewable energy technologies, which may reshape the dynamics of supply and pricing.

U.S. Geological Survey

Refined Nickel Market Market Drivers

Market Trends and Projections

Expansion of Renewable Energy Technologies

The Global Refined Nickel Market Industry is significantly influenced by the expansion of renewable energy technologies. Nickel plays a crucial role in energy storage systems, particularly in batteries used for solar and wind energy applications. As countries strive to meet renewable energy targets, the demand for refined nickel is likely to increase. The integration of nickel in energy storage solutions enhances the efficiency and reliability of renewable energy systems. This trend not only supports the growth of the refined nickel market but also aligns with global efforts to transition towards cleaner energy sources.

Growing Demand in Aerospace and Defense Sectors

The aerospace and defense sectors are increasingly reliant on high-performance materials, including refined nickel, due to its excellent strength-to-weight ratio and corrosion resistance. The Global Refined Nickel Market Industry benefits from this trend, as manufacturers seek materials that can withstand extreme conditions. As global defense budgets expand and air travel continues to recover, the demand for refined nickel is expected to rise. This sector's growth contributes to the overall market dynamics, further solidifying refined nickel's position as a critical material in advanced manufacturing processes.

Technological Advancements in Nickel Extraction

Technological innovations in nickel extraction and processing are transforming the Global Refined Nickel Market Industry. Enhanced methods, such as hydrometallurgical processes, improve the efficiency of nickel recovery from ores, reducing costs and environmental impact. These advancements not only increase the supply of refined nickel but also make it more sustainable. As industries seek to minimize their carbon footprint, the adoption of these technologies is likely to accelerate. Consequently, the market is poised for growth, as companies invest in modernizing their operations to align with global sustainability goals, thereby ensuring a steady supply of refined nickel for various applications.

Increasing Demand from Electric Vehicle Production

The Global Refined Nickel Market Industry experiences a notable surge in demand driven by the electric vehicle (EV) sector. Nickel is a critical component in lithium-ion batteries, which are essential for EVs. As automakers ramp up production to meet consumer demand for sustainable transportation, the need for refined nickel is projected to rise significantly. In 2024, the market is valued at 1.52 USD Billion, with expectations to reach 2.53 USD Billion by 2035. This growth indicates a compound annual growth rate (CAGR) of 4.75% from 2025 to 2035, highlighting the pivotal role of refined nickel in the transition to electric mobility.

Regulatory Support for Sustainable Mining Practices

Regulatory frameworks promoting sustainable mining practices are shaping the Global Refined Nickel Market Industry. Governments worldwide are implementing stricter environmental regulations, encouraging companies to adopt more sustainable extraction methods. This shift not only addresses environmental concerns but also enhances the reputation of the nickel industry. As companies comply with these regulations, they are likely to invest in cleaner technologies, which could lead to increased production of refined nickel. This regulatory support fosters a more sustainable market environment, potentially attracting investments and driving growth in the refined nickel sector.

Market Segment Insights

Regional Insights

Key Companies in the Refined Nickel Market market include

Industry Developments

Future Outlook

Refined Nickel Market Future Outlook

The Global Refined Nickel Market is projected to grow at a 4.75% CAGR from 2024 to 2035, driven by rising demand in electric vehicle batteries and renewable energy technologies.

New opportunities lie in:

Invest in advanced nickel processing technologies to enhance yield and reduce costs.
Develop strategic partnerships with electric vehicle manufacturers for tailored nickel supply solutions.
Explore recycling initiatives to reclaim nickel from spent batteries, addressing sustainability concerns.

By 2035, the refined nickel market is expected to achieve robust growth, positioning itself as a cornerstone of the green energy transition.

Market Segmentation

Report Scope

Report Attribute/Metric	Details
Market Size	2022: USD 2 Million
CAGR	4% (2022-2030)
Base Year	2021
Forecast Period	2022-2030
Historical Data	2019 & 2020
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	application, end-use industry, and region
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors	Norilsk Nickel (Russia), Vale (Brazil), BHP (Australia), Jinchuan Group International Resources Co. Ltd (China), Sumitomo Metal Mining Co.(Japan), Anglo American (US), Ambatovy (US), Sherritt International Corporation (Canada), Minara Resources (Australia), and Glencore (Switzerland).
Key Market Opportunities	The increasing demand for nickel in the manufacturing of batteries used in electric vehicles (EVs) is expected to drive the global market
Key Market Drivers	The demand for stainless steel and alloys of stainless steel in various end-use industries such as industrial machinery, automotive, building and construction, and others.

Market Highlights

Author

Chitranshi Jaiswal

Research Analyst Level I

She holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.

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FAQs

At what CAGR is the refined nickel market projected to grow during the forecast period?

The growth rate of the global refined nickel market is at a CAGR of 4.8%, with a value of more than 2 billion tons over the estimated forecasting period.

Which region is projected to lead the refined nickel market?

The APAC region is projected to lead the refined nickel market.

Which application segment will lead the refined nickel market?

Stainless steel will lead the refined nickel market.

Which end use industry will dominate the refined nickel market?

Industrial machinery will dominate the refined nickel market.

What are the key factors driving the refined nickel market growth?

Increasing use in various end use industries and growing industrialization in developing economies are the key factors driving the refined nickel market growth.

Table of Contents
Executive Summary
Scope of the Report
1. Market Definition
2. Scope of the Study
  1. Research Objectives
  2. Assumptions & Limitations
3. Market Structure
Market Research Methodology
1. Research Process
2. Secondary Research
3. Primary Research
4. Forecast Model
Market Landscape
1. Five Forces Analysis
  1. Threat of New Entrants
  2. Bargaining power of Buyers
  3. Bargaining power of Suppliers
  4. Threat of Substitutes
  5. Segment Rivalry
2. Value Chain/Supply Chain of Global Refined Nickel Market
3. Pricing Analysis, By Region
4. Trade Analysis4
Industry Overview of Global Refined Nickel Market
1. Introduction
2. Growth Drivers
3. Impact Analysis
4. Market Challenges
Market Trends
1. Introduction
2. Growth Trends
3. Impact Analysis
Global Refined Nickel Market, by Application
1. Introduction
2. Stainless Steel
  1. Market Estimates & Forecast, 2020–2027
  2. Market Estimates & Forecast, by Region, 2020–2027
3. Non-Ferrous Alloy
  1. Market Estimates & Forecast, 2020–2027
  2. Market Estimates & Forecast, by Region, 2020–2027
4. Plating
  1. Market Estimates & Forecast, 2020–2027
  2. Market Estimates & Forecast, by Region, 2020–2027
5. Alloys & Steel Casting
  1. Market Estimates & Forecast, 2020–2027
  2. Market Estimates & Forecast, by Region, 2020–2027
6. Batteries
  1. Market Estimates & Forecast, 2020–2027
  2. Market Estimates & Forecast, by Region, 2020–2027
7. Others
  1. Market Estimates & Forecast, 2020–2027
  2. Market Estimates & Forecast, by Region, 2020–2027
Global Refined Nickel Market, by End-Use Industry
1. Introduction
2. Industrial Machinery
  1. Market Estimates & Forecast, 2020–2027
  2. Market Estimates & Forecast, by Region, 2020–2027
3. Metallurgy
  1. Market Estimates & Forecast, 2020–2027
  2. Market Estimates & Forecast, by Region, 2020–2027
4. Automotive & Transportation
  1. Market Estimates & Forecast, 2020–2027
  2. Market Estimates & Forecast, by Region, 2020–2027
5. Electronics
  1. Market Estimates & Forecast, 2020–2027
  2. Market Estimates & Forecast, by Region, 2020–2027
6. Others
  1. Market Estimates & Forecast, 2020–2027
  2. Market Estimates & Forecast, by Region, 2020–2027
Global Refined Nickel Market, by Region
1. Introduction
2. North America
  1. Market Estimates & Forecast, 2020–2027
  2. Market Estimates & Forecast, by Application, 2020–2027
  3. Market Estimates & Forecast, by End-Use Industry, 2020–2027
  4. US
  5. Canada
3. Europe
  1. Market Estimates & Forecast, 2020–2027
  2. Market Estimates & Forecast, by Application, 2020–2027
  3. Market Estimates & Forecast, by End-Use Industry, 2020–2027
  4. Germany
  5. France
  6. Italy
  7. Spain
  8. UK
  9. Russia
  10. Poland
4. Asia-Pacific
  1. Market Estimates & Forecast, 2020–2027
  2. Market Estimates & Forecast, by Application, 2020–2027
  3. Market Estimates & Forecast, by End-Use Industry, 2020–2027
  4. China
  5. India
  6. Japan
  7. Australia
  8. New Zealand
  9. Rest of Asia-Pacific
5. Middle East & Africa
  1. Market Estimates & Forecast, 2020–2027
  2. Market Estimates & Forecast, by Application, 2020–2027
  3. Market Estimates & Forecast, by End-Use Industry, 2020–2027
  4. Turkey
  5. Israel
  6. North Africa
  7. GCC
  8. Rest of the Middle East & Africa
6. Latin America
  1. Market Estimates & Forecast, 2020–2027
  2. Market Estimates & Forecast, by Application, 2020–2027
  3. Market Estimates & Forecast, by End-Use Industry, 2020–2027
  4. Brazil
  5. Argentina
  6. Mexico
  7. Rest of Latin America
Company Landscape
Company Profiles
1. Norilsk Nickel
  1. Company Overview
  2. Application/Business Segment Overview
  3. Financial Updates
  4. Key Developments
2. Vale
  1. Company Overview
  2. Application/Business Segment Overview
  3. Financial Updates
  4. Key Developments
3. BHP
  1. Company Overview
  2. Application/Business Segment Overview
  3. Financial Updates
  4. Key Developments
4. Jinchuan Group International Resources Co. Ltd
  1. Company Overview
  2. Application/Business Segment Overview
  3. Financial Updates
  4. Key Developments
5. Sumitomo Metal Mining Co.
  1. Company Overview
  2. Application/Business Segment Overview
  3. Financial Updates
  4. Key Developments
6. Anglo American
  1. Company Overview
  2. Application/Business Segment Overview
  3. Financial Updates
  4. Key Developments
7. Ambatovy
  1. Company Overview
  2. Application/Business Segment Overview
  3. Financial Updates
  4. Key Developments
8. Sherritt International Corporation
  1. Company Overview
  2. Application/Business Segment Overview
  3. Financial Updates
  4. Key Developments
9. Minara Resources
  1. Company Overview
  2. Application/Business Segment Overview
  3. Financial Updates
  4. Key Developments
10. Glencore
  1. Company Overview
  2. Application/Business Segment Overview
  3. Financial Updates
  4. Key Developments
Conclusion
List of Tables and Figures
1. List of Tables
2. Table 2 Global Refined Nickel Market, by Region, 2020–2027
3. Table 3 North America: Refined Nickel Market, by Country, 2020–2027
4. Table 4 Europe: Refined Nickel Market, by Country, 2020–2027
5. Table 5 Asia-Pacific: Refined Nickel Market, by Country, 2020–2027
6. Table 7 Middle East & Africa: Refined Nickel Market, by Country, 2020–2027
7. Table 6 Latin America: Refined Nickel Market, by Country, 2020–2027
8. Table 8 Global Refined Nickel Application Market, by Region, 2020–2027
9. Table 9 North America: Refined Nickel Application Market, by Country, 2020–2027
10. Table 10 Europe: Refined Nickel Application Market, by Country, 2020–2027 Table11 Asia-Pacific: Refined Nickel Application Market, by Country, 2020–2027 Table13 Middle East & Africa: Refined Nickel Application Market, by Country, 2020–2027 Table12 Latin America: Refined Nickel Application Market, by Country, 2020–2027 Table14 North America: Refined Nickel End-Use Industry Market, by Country, 2020–2027 Table13 Europe: Refined Nickel End-Use Industry Market, by Country, 2020–2027 Table14 Asia-Pacific: Refined Nickel End-Use Industry Market, by Country, 2020–2027 Table16 Middle East & Africa: Refined Nickel End-Use Industry Market, by Country, 2020–2027 Table15 Latin America: Refined Nickel End-Use Industry Market, by Country, 2020–2027 Table23 Global Application Market, by Region, 2020–2027 Table24 Global End-Use Industry Market, by Region, 2020–2027 Table25 North America: Refined Nickel Market, by Country, 2020–2027 Table26 North America: Refined Nickel Market, by Application, 2020–2027 Table27 North America: Refined Nickel Market, by End-Use Industry, 2020–2027 Table28 Europe: Refined Nickel Market, by Country, 2020–2027 Table29 Europe: Refined Nickel Market, by Application, 2020–2027 Table30 Europe: Refined Nickel Market, by End-Use Industry, 2020–2027 Table31 Asia-Pacific: Refined Nickel Market, by Country, 2020–2027 Table32 Asia-Pacific: Refined Nickel Market, by Application, 2020–2027 Table33 Asia-Pacific: Refined Nickel Market, by End-Use Industry, 2020–2027 Table36 Middle East & Africa: Refined Nickel Market, by Country, 2020–2027 Table37 Middle East & Africa Refined Nickel Market, by Application, 2020–2027 Table33 Middle East & Africa: Refined Nickel Market, by End-Use Industry, 2020–2027 Table34 Latin America: Refined Nickel Market, by Country, 2020–2027 Table35 Latin America Refined Nickel Market, by Application, 2020–2027 Table33 Latin America: Refined Nickel Market, by End-Use Industry, 2020–2027 List of Figures
11. FIGURE 1 Global Refined Nickel Market Segmentation
12. FIGURE 2 Forecast Methodology
13. FIGURE 3 Five Forces Analysis of Global Refined Nickel Market
14. FIGURE 4 Value Chain of Global Refined Nickel Market
15. FIGURE 5 Share of Global Refined Nickel Market in 2020, by Country (%)
16. FIGURE 6 Global Refined Nickel Market, 2020–2027,
17. FIGURE 7 Sub-Segments of Application, 2020
18. FIGURE 8 Global Refined Nickel Market Size, by Application, 2020
19. FIGURE 9 Share of Global Refined Nickel Market, by Application, 2020–2027
20. FIGURE 10 Sub-Segments of End-Use Industry
21. FIGURE 11 Global Refined Nickel Market Size, by End-Use Industry, 2020
22. FIGURE 12 Share of Global Refined Nickel Market, by End-Use Industry, 2020–2027

Refined Nickel Market Segmentation

Market Segmentation Overview

Detailed segmentation data will be available in the full report
Comprehensive analysis by multiple parameters
Regional and country-level breakdowns
Market size forecasts by segment

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