Nickel Market Size & Forecast to 2030: Volume to Rise from 3.40 Million Tons to 4.23 Million Tons, Says Mordor Intelligence

Nickel Market Outlook and Growth Highlights 

Global nickel demand is rising steadily, backed by strong stainless-steel production, new battery-grade refining capacity, and continued investment in regional supply chains. The nickel market is projected to increase from 3.40 million tons in 2025 to 4.23 million tons by 2030, registering a CAGR of 4.42%. Stainless steel remains the dominant consumer segment, supported by rapid output growth in China and Indonesia. At the same time, demand for high-purity Class I nickel used in EV batteries is expanding, even as lower-grade supply continues to exceed near-term needs. 

Market Drivers & Insights | Nickel Market Trends Shaping the 2025–2030 Outlook 

Rising Stainless-Steel Production Strengthens Core Nickel Consumption 

Stainless steel continues to dominate nickel usage, supported by ongoing construction activity, industrial expansion, and strong demand for consumer appliances. China and Indonesia remain central to this trend, with Indonesia’s integrated nickel pig iron (NPI) ecosystem enabling low-cost metal production.

Steady Growth in Battery-Grade Nickel Refining 

The shift toward EV adoption continues to boost interest in battery-grade nickel sulfate, used in high-energy cathode chemistries. While the batteries segment still represents a smaller portion of total nickel demand, it is the fastest-growing category, backed by new refining projects in Canada, the United States, and Asia. 

Class I Shortage Persists Despite Overall Surplus 

Industry forecasts indicate that although the global nickel market remains in surplus, the supply of high-purity Class I nickel used in nickel-rich batteries remains comparatively tight. Class II materials—primarily NPI—dominate supply, but they cannot directly substitute battery-grade nickel without additional processing. 

Nickel Market Breakdown 

By Application 

• Stainless Steel: 
•  The largest segment, driven by construction, consumer appliances, industrial components, and automotive parts. 
• Batteries: 

 Fastest-growing segment due to EV adoption and rising grid-scale storage needs. 

• Alloys & Casting: 

 Used in aerospace, power generation, and industrial heat-resistant parts. 

• Plating: 

 Sustained demand from decorative and anti-corrosion applications. 

• Other Applications: 

 Includes chemical processing, electronics components, and specialty metal uses. 

By End-User Industry 

• Automotive & Transportation 
• Consumer Durables 
• Fabricated Metal Products 
• Construction 
• Industrial Machinery 
• Other Industrial Uses 

By Geography 

• Asia-Pacific: 

 The dominant regional market, accounting for the highest consumption, supported by large-scale stainless-steel capacity and expanding refining infrastructure in Indonesia and China. 

• North America: 

 Growth influenced by localization of EV supply chains, new nickel projects, and government sourcing policies. 

• Europe: 

 Strong focus on responsible sourcing, low-carbon refining, and supply diversification. 

• South America: 

 Brazil attracts interest due to strong reserve potential and ongoing project developments. 

• Middle East & Africa: 

 Emerging interest from investors seeking long-term exposure to energy transition minerals. 

Access the full report and stay informed with real-time updates tailored to your region-including Japan-specific trends - https://www.mordorintelligence.com/ja/industry-reports/nickel-market?utm_source=industrytoday  

Companies in the Nickel Industry

• Anglo American 
• Antam 
• BHP 
• Canada Nickel Company 
• Eramet 
• Glencore 
• Jinchuan Group International Resources Co., Ltd. 
• Nickel Asia Corporation 
• Norilsk Nickel 
• PACIFIC METALS CO., LTD. 
• PT Vale Indonesia 
• Sherritt International Corporation 
• Sibanye-Stillwater 
• South32 
• Sumitomo Metal Mining Co., Ltd. 
• TSINGSHAN HOLDING GROUP 
• Vale 

Conclusion | Outlook for the Global Nickel Market 

The global nickel market is entering a period marked by balanced, steady growth. Stainless steel will continue serving as the foundation of nickel demand, while the battery sector adds a long-term structural layer of opportunity. Regional supply chain shifts, refining investments, and policy decisions in Asia-Pacific are expected to shape market direction through 2030. 

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