Global Primary Nickel Market Growth, Share, Size, Trends and Forecast (2025 - 2031)

• November 2023: Eramet, the French mining and metallurgy company, announced to spend USD 2 billion on expanding its nickel and lithium production to meet the rising demand for electric vehicles. The company aims to increase its Ni and Li production capacity by 50% and 90% by 2023.

• February 2023: Anglo-American acquired a 9.9% minority interest in Canada Nickel Company Inc. The move expands its product offering by adding battery-grade nickel. It complements Ni production from PGM mines in South Africa and Ni assets in Brazil. The Crawford nickel project in Ontario, Canada, will be the additional production source. The investment secures a reliable Ni supply for electric vehicles in a market expected to grow significantly.

Hydrometallurgical processes, using aqueous solutions to extract nickel, are favored for their relatively lower environmental impact, especially in the production of high-purity nickel for battery manufacturing. Pyrometallurgical processes, involving high temperatures, remain dominant due to their efficiency in large-scale production, particularly for stainless steel. Electrorefining, which involves the purification of nickel through electrolysis, is crucial for producing high-purity nickel used in industries requiring specific material properties, such as aerospace and electronics.

The market is also segmented by form, with nickel being available in forms like nickel pig iron, nickel sulfate, electrolytic nickel, and nickel hydroxide. Nickel pig iron is mainly used in stainless steel production and offers a cost-effective solution for the steel industry, though it has a lower purity. Nickel sulfate is a key component in battery production, particularly in electric vehicles, and its demand has surged with the growth of the EV market. Electrolytic nickel, known for its high purity, is essential for applications in superalloys and coins. Nickel hydroxide is mainly used in nickel-metal hydride (NiMH) batteries, a key component in various energy storage systems.

In terms of application, the primary nickel market is utilized in various industries including the production of stainless steel, batteries, alloys, and catalysts. The automotive sector is a significant consumer of nickel, particularly for the production of batteries for electric vehicles. Nickel's role in enhancing the performance and durability of alloys also makes it indispensable in industries such as aerospace, construction, and electronics, where high-strength and corrosion-resistant materials are essential. Additionally, nickel serves as a catalyst in chemical processes, further driving its demand in diverse industrial applications.

End-user segmentation reveals that the automotive, aerospace, construction, electronics, and energy sectors are the largest consumers of primary nickel. The automotive industry uses nickel for both traditional and electric vehicles, with a growing demand for nickel in EV batteries. The aerospace sector relies on nickel for producing heat-resistant and high-strength alloys for aircraft components. In construction, nickel's role in producing stainless steel for buildings, infrastructure, and appliances remains crucial. Electronics depend on nickel for components like batteries, connectors, and circuit boards, while the energy sector uses nickel for energy storage systems and renewable energy technologies, reflecting a shift toward greener energy solutions.

Geographically, the primary nickel market is dominated by regions such as Asia-Pacific, North America, and Europe. Asia-Pacific is the largest consumer, with China being a key player in nickel production and consumption, especially in steel manufacturing and battery production. North America and Europe are also significant consumers, driven by the demand for high-purity nickel in electronics, aerospace, and energy storage systems. As global demand for electric vehicles and renewable energy technologies increases, regions such as Latin America and Africa, which are rich in nickel reserves, are also seeing growth in nickel production and export.

Global Primary Nickel Segment Analysis

The Global Primary Nickel Market has been segmented by Process, Form, Application, End User, and Geography.

Global Primary Nickel Market, Segmentation by Process

The Global Primary Nickel Market has been segmented by Process into Hydrometallurgical, Pyrometallurgical, and Electrorefining.

Hydrometallurgical processes involve the use of aqueous solutions to extract metals from ores or concentrates. This method is often applied to ores that are difficult to treat using traditional pyrometallurgical techniques. Hydrometallurgy typically consists of leaching, solvent extraction, and electrowinning, offering a more environmentally friendly alternative to high-temperature methods. It is commonly used in the extraction of metals like gold, copper, and nickel.

Pyrometallurgical processes, on the other hand, use high temperatures to extract metals from ores. These processes, such as smelting, roasting, and refining, involve the heating of ores in furnaces or reactors to separate valuable metals from impurities. Pyrometallurgy is highly effective for extracting metals like iron, copper, and lead, though it tends to be energy-intensive and can result in significant emissions. Despite this, it remains a dominant technique in large-scale metal production due to its efficiency.

Electrorefining is a process that uses electrolysis to purify metals. In this technique, an impure metal is used as the anode in an electrolytic cell, and the desired metal is deposited onto the cathode. This method is particularly useful for refining metals like copper, silver, and gold. Electrorefining is a critical part of modern metallurgy because it yields high-purity metals and minimizes the loss of valuable elements during the refining process. It is also seen as a cleaner method compared to some pyrometallurgical techniques.

Global Primary Nickel Market, Segmentation by Form

The Global Primary Nickel Market has been segmented by Form into Nickel Pig Iron, Nickel Sulfate, Electrolytic Nickel, and Nickel Hydroxide.

Nickel pig iron is a form of nickel produced primarily through the smelting of laterite ores with coke and flux in a blast furnace. This form of nickel typically contains a lower purity compared to other refined nickel products and is often used in the production of stainless steel. The low-cost nature of nickel pig iron makes it an attractive option for industries requiring high volumes of nickel at a more affordable price. However, the environmental impact and high carbon footprint of its production process are concerns for sustainability.

Nickel sulfate is a chemical compound that plays a crucial role in industries like battery manufacturing, particularly for electric vehicles (EVs). It is produced through hydrometallurgical methods, involving the dissolution of nickel ores and subsequent purification. Nickel sulfate is essential for producing high-performance batteries, especially in lithium-ion battery cells, where its high purity is vital for efficiency and performance. The demand for nickel sulfate has surged with the growing EV market, making it a key material in the transition to renewable energy.

Electrolytic nickel is a refined form of nickel that undergoes an electrorefining process to achieve high purity. It is produced by electrolysis, where impure nickel is dissolved in a solution and pure nickel is deposited onto cathodes. This form of nickel is used in applications that require high-quality material, such as in the production of superalloys, coins, and catalysts. Electrolytic nickel is valued for its superior purity and is essential in industries like aerospace, automotive, and electronics, where the quality of materials is critical to performance and durability.

Nickel hydroxide is an important compound in the production of rechargeable batteries, particularly nickel-metal hydride (NiMH) batteries. It is typically produced through the precipitation of nickel salts in an alkaline environment and is used as a cathode material in these batteries. Nickel hydroxide is also utilized in the production of various chemicals and can be further processed into nickel sulfate. The rising demand for renewable energy technologies and energy storage systems has increased the need for nickel hydroxide, highlighting its importance in supporting green technologies.

Global Primary Nickel Market, Segmentation by Application

The Global Primary Nickel Market has been segmented by Application into Stainless steel Special Steels, Batteries, Electroplating, Alloys and Non-stainless.

The Global Primary Nickel Market serves a variety of applications that cater to diverse industrial sectors, each contributing to the demand for nickel in different forms and quantities. Stainless steel production remains the largest application segment, utilizing nickel primarily for its corrosion resistance and ability to impart strength and durability to steel alloys. Stainless steel finds extensive use in construction, automotive manufacturing, household appliances, and infrastructure projects globally, driving steady demand for primary nickel as economies grow and urbanization continues.

Another burgeoning application for primary nickel is in batteries, particularly in lithium-ion batteries used for electric vehicles (EVs) and energy storage systems. Nickel enhances battery performance by increasing energy density and stability, crucial for extending driving range and improving efficiency in EVs. The shift towards sustainable energy solutions and the global push for decarbonization further accelerates demand for nickel in battery materials. Additionally, nickel's use in electroplating applications for corrosion protection and decorative finishes, as well as in specialized alloys for aerospace, electronics, and industrial equipment, underscores its versatility and critical role across various high-performance industries. As technological advancements continue to drive innovation in battery technology and alloy development, the Global Primary Nickel Market is poised for continued growth and adaptation to evolving industrial demands worldwide.

Global Primary Nickel Market, Segmentation by End User

The Global Primary Nickel Market has been segmented by End User into Automotive, Aerospace, Construction, Electronics, and Energy.

The automotive industry is one of the largest end-users of nickel, primarily due to its role in the production of stainless steel and other alloys used in vehicle manufacturing. Nickel is also essential in the production of batteries for electric vehicles (EVs), where it plays a key role in the performance and longevity of lithium-ion battery cells. As the automotive industry shifts toward electrification, the demand for nickel is expected to grow significantly, driven by the increasing need for energy storage solutions and lightweight materials that improve fuel efficiency and vehicle performance.

In the aerospace industry, nickel is used in the creation of high-performance alloys that can withstand extreme temperatures and harsh environments. These alloys are crucial for parts like turbine blades, engines, and other components that require superior strength and resistance to heat and corrosion. The aerospace sector's demand for nickel remains strong due to the continuous need for advanced materials that enhance the safety, efficiency, and performance of aircraft. The use of nickel in aerospace alloys is expected to continue growing as technology advances and global air travel increases.

The construction industry uses nickel primarily in the form of stainless steel, which is valued for its durability, resistance to corrosion, and low maintenance requirements. Stainless steel is essential in the construction of buildings, infrastructure, and appliances, where longevity and aesthetics are crucial. The increased demand for urbanization and infrastructure development, particularly in emerging markets, drives the need for nickel in construction materials. Additionally, nickel-containing alloys are used in other construction applications where strength and corrosion resistance are paramount.

In electronics, nickel plays a critical role in the production of various components such as connectors, batteries, and circuit boards. Nickel-based alloys and electroplated coatings are used to improve the conductivity and durability of electronic devices. With the continuous advancement of technology and the growing demand for consumer electronics, such as smartphones, laptops, and wearables, the need for high-quality nickel components is increasing. The electronics industry also relies on nickel for the production of rechargeable batteries used in everything from laptops to electric vehicles.

The energy sector is a significant consumer of nickel, particularly in renewable energy technologies. Nickel is a key material in the production of batteries, including those used for grid energy storage and electric vehicles. It is also used in the construction of power plants, where its alloys provide resistance to high temperatures and corrosion. As the world shifts toward more sustainable energy solutions, the demand for nickel is expected to rise, particularly for use in energy storage systems, wind turbines, and solar power technologies. The growing focus on reducing carbon emissions and transitioning to cleaner energy sources will continue to drive the demand for nickel in the energy sector.

Global Primary Nickel Market, Segmentation by Geography

The Global Primary Nickel Market has been segmented by Geography into five regions; North America, Europe, Asia Pacific, Middle East and Africa and Latin America.

Global Primary Nickel Market Share (%), by Geographical Region, 2024

The Global Primary Nickel Market exhibits distinct regional dynamics across five key regions: North America, Europe, Asia Pacific, Middle East and Africa, and Latin America. North America and Europe represent mature markets with established industrial sectors that demand primary nickel for stainless steel production, aerospace applications, and advanced alloys. These regions also emphasize stringent environmental regulations and sustainability practices, influencing the adoption of cleaner mining technologies and promoting recycling initiatives to meet nickel demand sustainably.

Asia Pacific dominates the global primary nickel market both in terms of production and consumption, driven primarily by rapid industrialization and urbanization in countries such as China, Japan, and India. The region's robust manufacturing base fuels substantial demand for nickel in stainless steel, electronics, and automotive sectors. In contrast, the Middle East and Africa and Latin America regions are emerging markets for primary nickel, characterized by growing infrastructure investments and increasing industrialization. These regions show potential for significant nickel consumption in construction, mining equipment, and infrastructure development, supported by ongoing economic diversification efforts and expanding industrial capabilities. Overall, the global primary nickel market's regional segmentation reflects varied growth opportunities and challenges influenced by economic factors, regulatory environments, and industrial development stages across different parts of the world.

This report provides an in depth analysis of various factors that impact the dynamics of Global Primary Nickel Market. These factors include; Market Drivers, Restraints and Opportunities Analysis.

Drivers, Restraints and Opportunity Analysis

Key players in Global Primary Nickel Market include:

• Anglo American
• BHP
• Cunico Corp.
• Eramet
• Glencore
• INDEPENDENCE GROUP NL
• Jinchuan Group International Resources Co. Ltd
• Norilsk Nickel
• Pacific Metal Company
• QUEENSLAND NICKEL SALES
• Sherritt International Corporation

In this report, the profile of each market player provides following information:

• Company Overview and Product Portfolio
• Key Developments
• Financial Overview
• Strategies
• Company SWOT Analysis