Nickel Market Insights 2025, Analysis and Forecast to 2030, by Manufacturers, Regions, Technology, Application

By: HDIN Research Published: 2025-03-30 Pages: 90
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Nickel Market Summary
Introduction
The Nickel market is defined by its critical role in industrial and emerging technologies, leveraging its corrosion resistance, high-temperature durability, and rust-proof properties. Primarily used in stainless steel and alloy production, nickel also powers batteries like nickel-hydrogen, nickel-cadmium, and nickel-manganese types, vital for electric vehicles and energy storage. Global nickel resources exceed 350 million tons, with 54% in laterites, 35% in sulfide deposits, and 10% in hydrothermal and seafloor sources. In 2024, mine production dipped to 3.7 million tons from 3.75 million in 2023, despite Indonesia’s 8% output rise, reflecting a shift to oversupply. In 2023, refined nickel production reached 3.45 million tons against 3.18 million tons consumed, yielding a 272,100-ton surplus, compressing profit margins across the value chain. Indonesia dominates supply, while demand pivots toward batteries amid stainless steel saturation. Geopolitical factors, including trade policies and environmental regulations, alongside a slowing global economy, shape a market facing downward pressure despite green technology growth.

Market Size and Growth Forecast
The global Nickel market is projected to reach USD 50 billion to USD 54 billion in 2025, with a CAGR of -2% to -1% through 2030, shrinking to USD 45 billion to USD 49 billion, reflecting oversupply and muted demand growth.

Regional Analysis
Asia Pacific: Expected at -1% to 0%, Indonesia and China lead supply and stainless steel use. Trends shift toward battery applications.
North America: Forecasted at -2% to -1%, the U.S. focuses on batteries and aerospace. Trends emphasize recycling amid surplus.
Europe: Projected at -3% to -1%, Germany and France face stainless steel decline. Trends favor green nickel for EVs.
South America: Anticipated at -1% to 0%, Brazil grows in alloys. Trends lean toward export stability.
Middle East and Africa: Expected at 0% to 1%, South Africa sustains mining. Trends focus on cost efficiency.

Application Analysis
Stainless Steel: Projected at -3% to -1%, it dominates but slows with oversupply. Trends shift to premium grades.
Non-Ferrous Alloys: Expected at -1% to 0%, it serves aerospace. Trends favor high-performance alloys.
Electroplate: Forecasted at -2% to 0%, it supports coatings. Trends emphasize durability.
Batteries: Projected at 1% to 3%, it grows with EVs. Trends focus on high-nickel chemistries.

Key Market Players
Vale: A Brazilian leader, Vale excels in nickel mining and refining.
Norilsk Nickel: A Russian giant, Norilsk dominates sulfide deposits.
BHP Billiton: An Australian firm, BHP focuses on sustainable nickel.
Jinchuan Group: A Chinese player, Jinchuan leads in refined nickel.
Glencore: A global miner, Glencore targets diverse applications.
Sumitomo Metal Mining: A Japanese firm, Sumitomo advances battery nickel.
Sherritt International: A Canadian innovator, Sherritt refines laterite ores.
Eramet: A French producer, Eramet serves alloys and batteries.
South 32: An Australian entity, South 32 emphasizes cost efficiency.
Anglo American: A diversified miner, Anglo targets premium nickel.
Antam: An Indonesian firm, Antam boosts regional supply.

Porter’s Five Forces Analysis
Threat of New Entrants: Low, with high barriers from capital and environmental compliance, though battery demand attracts niche players.
Threat of Substitutes: Moderate, as cobalt and lithium compete in batteries, but nickel’s cost-effectiveness sustains its role.
Bargaining Power of Buyers: High, with stainless steel firms leveraging surplus to demand lower prices.
Bargaining Power of Suppliers: Moderate, as Indonesia’s dominance gives leverage, balanced by oversupply.
Competitive Rivalry: High, with price wars and differentiation via green nickel intensifying competition.

Impact of Tariff Conflicts on Supply Chain Localization
Tariff conflicts have reshaped the Nickel market’s supply chain, driving localization to counter trade barriers and secure ore access. U.S.-China tensions and Indonesia’s export focus prompt regional production shifts, with firms investing in domestic refining in North America and Europe to reduce reliance on Asian imports. This cuts tariff costs, aligns with battery demand in the U.S., and supports Europe’s green goals. In Asia Pacific, Indonesia strengthens local processing, capitalizing on its resource base. Localization reduces shipping expenses and enhances resilience, though it demands significant capital and regulatory navigation. Long-term, it mitigates trade volatility, ensuring supply stability in a surplus-driven market.

Market Opportunities and Challenges
Opportunities
Battery Growth: EV and storage demand boosts high-nickel applications.
Green Nickel: Sustainability trends favor low-carbon production.
Recycling: Surplus encourages secondary nickel use.
Emerging Markets: South Africa and Indonesia offer supply potential.
Tech Innovation: Advanced refining enhances competitiveness.
Challenges
Oversupply: Excess production depresses prices and margins.
Environmental Pressure: Mining regulations raise costs.
Economic Slowdown: Stainless steel demand weakens globally.
Substitute Threat: Battery alternatives challenge nickel’s role.
Trade Risks: Tariffs disrupt export flows.
Table of Contents
Chapter 1 Executive Summary
Chapter 2 Abbreviation and Acronyms
Chapter 3 Preface
3.1 Research Scope
3.2 Research Sources
3.2.1 Data Sources
3.2.2 Assumptions
3.3 Research Method
Chapter 4 Market Landscape
4.1 Market Overview
4.2 Classification/Types
4.3 Application/End Users
Chapter 5 Market Trend Analysis
5.1 Introduction
5.2 Drivers
5.3 Restraints
5.4 Opportunities
5.5 Threats
Chapter 6 Industry Chain Analysis
6.1 Upstream/Suppliers Analysis
6.2 Nickel Analysis
6.2.1 Technology Analysis
6.2.2 Cost Analysis
6.2.3 Market Channel Analysis
6.3 Downstream Buyers/End Users
Chapter 7 Latest Market Dynamics
7.1 Latest News
7.2 Merger and Acquisition
7.3 Planned/Future Project
7.4 Policy Dynamics
Chapter 8 Trading Analysis
8.1 Export of Nickel by Region
8.2 Import of Nickel by Region
8.3 Balance of Trade
Chapter 9 Historical and Forecast Nickel Market in North America (2020-2030)
9.1 Nickel Market Size
9.2 Nickel Demand by End Use
9.3 Competition by Players/Suppliers
9.4 Type Segmentation and Price
9.5 Key Countries Analysis
9.5.1 United States
9.5.2 Canada
9.5.3 Mexico
Chapter 10 Historical and Forecast Nickel Market in South America (2020-2030)
10.1 Nickel Market Size
10.2 Nickel Demand by End Use
10.3 Competition by Players/Suppliers
10.4 Type Segmentation and Price
10.5 Key Countries Analysis
10.5.1 Brazil
10.5.2 Argentina
10.5.3 Chile
10.5.4 Peru
Chapter 11 Historical and Forecast Nickel Market in Asia & Pacific (2020-2030)
11.1 Nickel Market Size
11.2 Nickel Demand by End Use
11.3 Competition by Players/Suppliers
11.4 Type Segmentation and Price
11.5 Key Countries Analysis
11.5.1 China
11.5.2 India
11.5.3 Japan
11.5.4 South Korea
11.5.5 Asean
11.5.6 Australia
Chapter 12 Historical and Forecast Nickel Market in Europe (2020-2030)
12.1 Nickel Market Size
12.2 Nickel Demand by End Use
12.3 Competition by Players/Suppliers
12.4 Type Segmentation and Price
12.5 Key Countries Analysis
12.5.1 Germany
12.5.2 France
12.5.3 United Kingdom
12.5.4 Italy
12.5.5 Spain
12.5.6 Belgium
12.5.7 Netherlands
12.5.8 Austria
12.5.9 Poland
12.5.10 Russia
Chapter 13 Historical and Forecast Nickel Market in MEA (2020-2030)
13.1 Nickel Market Size
13.2 Nickel Demand by End Use
13.3 Competition by Players/Suppliers
13.4 Type Segmentation and Price
13.5 Key Countries Analysis
13.5.1 Egypt
13.5.2 Israel
13.5.3 South Africa
13.5.4 Gulf Cooperation Council Countries
13.5.5 Turkey
Chapter 14 Summary For Global Nickel Market (2020-2030)
14.1 Nickel Market Size
14.2 Nickel Demand by End Use
14.3 Competition by Players/Suppliers
14.4 Type Segmentation and Price
Chapter 15 Global Nickel Market Forecast (2021-2026)
15.1 Nickel Market Size Forecast
15.2 Nickel Demand Forecast
15.3 Competition by Players/Suppliers
15.4 Type Segmentation and Price Forecast
Chapter 16 Analysis of Global Key Vendors
15.1 Vale
15.1.1 Company Profile
15.1.2 Main Business and Nickel Information
15.1.3 SWOT Analysis of Vale
15.1.4 Vale Nickel Sales, Revenue, Price and Gross Margin (2020-2025)
15.2 Norilsk Nickel
15.2.1 Company Profile
15.2.2 Main Business and Nickel Information
15.2.3 SWOT Analysis of Norilsk Nickel
15.2.4 Norilsk Nickel Nickel Sales, Revenue, Price and Gross Margin (2020-2025)
15.3 BHP Billiton
15.3.1 Company Profile
15.3.2 Main Business and Nickel Information
15.3.3 SWOT Analysis of BHP Billiton
15.3.4 BHP Billiton Nickel Sales, Revenue, Price and Gross Margin (2020-2025)
15.4 Jinchuan Group
15.4.1 Company Profile
15.4.2 Main Business and Nickel Information
15.4.3 SWOT Analysis of Jinchuan Group
15.4.4 Jinchuan Group Nickel Sales, Revenue, Price and Gross Margin (2020-2025)
15.5 Glencore
15.5.1 Company Profile
15.5.2 Main Business and Nickel Information
15.5.3 SWOT Analysis of Glencore
15.5.4 Glencore Nickel Sales, Revenue, Price and Gross Margin (2020-2025)
15.6 Sumitomo Metal Mining
15.6.1 Company Profile
15.6.2 Main Business and Nickel Information
15.6.3 SWOT Analysis of Sumitomo Metal Mining
15.6.4 Sumitomo Metal Mining Nickel Sales, Revenue, Price and Gross Margin (2020-2025)
15.7 Sherritt International
15.7.1 Company Profile
15.7.2 Main Business and Nickel Information
15.7.3 SWOT Analysis of Sherritt International
15.7.4 Sherritt International Nickel Sales, Revenue, Price and Gross Margin (2020-2025)
Please ask for sample pages for full companies list
Table Abbreviation And Acronyms List
Table Research Scope Of Nickel Report
Table Data Sources Of Nickel Report
Table Major Assumptions Of Nickel Report
Table Nickel Classification
Table Nickel Applications List
Table Drivers Of Nickel Market
Table Restraints Of Nickel Market
Table Opportunities Of Nickel Market
Table Threats Of Nickel Market
Table Raw Materials Suppliers List
Table Different Production Methods Of Nickel
Table Cost Structure Analysis Of Nickel
Table Key End Users List
Table Latest News Of Nickel Market
Table Merger And Acquisition List
Table Planned/Future Project Of Nickel Market
Table Policy Of Nickel Market
Table 2020-2030 Regional Export Of Nickel
Table 2020-2030 Regional Import Of Nickel
Table 2020-2030 Regional Trade Balance
Table 2020-2030 North America Nickel Market Size And Market Volume List
Table 2020-2030 North America Nickel Demand List By Application
Table 2020-2025 North America Nickel Key Players Sales List
Table 2020-2025 North America Nickel Key Players Market Share List
Table 2020-2030 North America Nickel Demand List By Type
Table 2020-2025 North America Nickel Price List By Type
Table 2020-2030 United States Nickel Market Size And Market Volume List
Table 2020-2030 United States Nickel Import & Export List
Table 2020-2030 Canada Nickel Market Size And Market Volume List
Table 2020-2030 Canada Nickel Import & Export List
Table 2020-2030 Mexico Nickel Market Size And Market Volume List
Table 2020-2030 Mexico Nickel Import & Export List
Table 2020-2030 South America Nickel Market Size And Market Volume List
Table 2020-2030 South America Nickel Demand List By Application
Table 2020-2025 South America Nickel Key Players Sales List
Table 2020-2025 South America Nickel Key Players Market Share List
Table 2020-2030 South America Nickel Demand List By Type
Table 2020-2025 South America Nickel Price List By Type
Table 2020-2030 Brazil Nickel Market Size And Market Volume List
Table 2020-2030 Brazil Nickel Import & Export List
Table 2020-2030 Argentina Nickel Market Size And Market Volume List
Table 2020-2030 Argentina Nickel Import & Export List
Table 2020-2030 Chile Nickel Market Size And Market Volume List
Table 2020-2030 Chile Nickel Import & Export List
Table 2020-2030 Peru Nickel Market Size And Market Volume List
Table 2020-2030 Peru Nickel Import & Export List
Table 2020-2030 Asia & Pacific Nickel Market Size And Market Volume List
Table 2020-2030 Asia & Pacific Nickel Demand List By Application
Table 2020-2025 Asia & Pacific Nickel Key Players Sales List
Table 2020-2025 Asia & Pacific Nickel Key Players Market Share List
Table 2020-2030 Asia & Pacific Nickel Demand List By Type
Table 2020-2025 Asia & Pacific Nickel Price List By Type
Table 2020-2030 China Nickel Market Size And Market Volume List
Table 2020-2030 China Nickel Import & Export List
Table 2020-2030 India Nickel Market Size And Market Volume List
Table 2020-2030 India Nickel Import & Export List
Table 2020-2030 Japan Nickel Market Size And Market Volume List
Table 2020-2030 Japan Nickel Import & Export List
Table 2020-2030 South Korea Nickel Market Size And Market Volume List
Table 2020-2030 South Korea Nickel Import & Export List
Table 2020-2030 Southeast Asia Nickel Market Size List
Table 2020-2030 Southeast Asia Nickel Market Volume List
Table 2020-2030 Southeast Asia Nickel Import List
Table 2020-2030 Southeast Asia Nickel Export List
Table 2020-2030 Australia Nickel Market Size And Market Volume List
Table 2020-2030 Australia Nickel Import & Export List
Table 2020-2030 Europe Nickel Market Size And Market Volume List
Table 2020-2030 Europe Nickel Demand List By Application
Table 2020-2025 Europe Nickel Key Players Sales List
Table 2020-2025 Europe Nickel Key Players Market Share List
Table 2020-2030 Europe Nickel Demand List By Type
Table 2020-2025 Europe Nickel Price List By Type
Table 2020-2030 Germany Nickel Market Size And Market Volume List
Table 2020-2030 Germany Nickel Import & Export List
Table 2020-2030 France Nickel Market Size And Market Volume List
Table 2020-2030 France Nickel Import & Export List
Table 2020-2030 United Kingdom Nickel Market Size And Market Volume List
Table 2020-2030 United Kingdom Nickel Import & Export List
Table 2020-2030 Italy Nickel Market Size And Market Volume List
Table 2020-2030 Italy Nickel Import & Export List
Table 2020-2030 Spain Nickel Market Size And Market Volume List
Table 2020-2030 Spain Nickel Import & Export List
Table 2020-2030 Belgium Nickel Market Size And Market Volume List
Table 2020-2030 Belgium Nickel Import & Export List
Table 2020-2030 Netherlands Nickel Market Size And Market Volume List
Table 2020-2030 Netherlands Nickel Import & Export List
Table 2020-2030 Austria Nickel Market Size And Market Volume List
Table 2020-2030 Austria Nickel Import & Export List
Table 2020-2030 Poland Nickel Market Size And Market Volume List
Table 2020-2030 Poland Nickel Import & Export List
Table 2020-2030 Russia Nickel Market Size And Market Volume List
Table 2020-2030 Russia Nickel Import & Export List
Table 2020-2030 Mea Nickel Market Size And Market Volume List
Table 2020-2030 Mea Nickel Demand List By Application
Table 2020-2025 Mea Nickel Key Players Sales List
Table 2020-2025 Mea Nickel Key Players Market Share List
Table 2020-2030 Mea Nickel Demand List By Type
Table 2020-2025 Mea Nickel Price List By Type
Table 2020-2030 Egypt Nickel Market Size And Market Volume List
Table 2020-2030 Egypt Nickel Import & Export List
Table 2020-2030 Israel Nickel Market Size And Market Volume List
Table 2020-2030 Israel Nickel Import & Export List
Table 2020-2030 South Africa Nickel Market Size And Market Volume List
Table 2020-2030 South Africa Nickel Import & Export List
Table 2020-2030 Gulf Cooperation Council Countries Nickel Market Size And Market Volume List
Table 2020-2030 Gulf Cooperation Council Countries Nickel Import & Export List
Table 2020-2030 Turkey Nickel Market Size And Market Volume List
Table 2020-2030 Turkey Nickel Import & Export List
Table 2020-2025 Global Nickel Market Size List By Region
Table 2020-2025 Global Nickel Market Size Share List By Region
Table 2020-2025 Global Nickel Market Volume List By Region
Table 2020-2025 Global Nickel Market Volume Share List By Region
Table 2020-2025 Global Nickel Demand List By Application
Table 2020-2025 Global Nickel Demand Market Share List By Application
Table 2020-2025 Global Nickel Capacity List
Table 2020-2025 Global Nickel Key Vendors Capacity Share List
Table 2020-2025 Global Nickel Key Vendors Production List
Table 2020-2025 Global Nickel Key Vendors Production Share List
Table 2020-2025 Global Nickel Key Vendors Production Value List
Table 2020-2025 Global Nickel Key Vendors Production Value Share List
Table 2020-2025 Global Nickel Demand List By Type
Table 2020-2025 Global Nickel Demand Market Share List By Type
Table 2020-2025 Regional Nickel Price List
Table 2025-2030 Global Nickel Market Size List By Region
Table 2025-2030 Global Nickel Market Size Share List By Region
Table 2025-2030 Global Nickel Market Volume List By Region
Table 2025-2030 Global Nickel Market Volume Share List By Region
Table 2025-2030 Global Nickel Demand List By Application
Table 2025-2030 Global Nickel Demand Market Share List By Application
Table 2025-2030 Global Nickel Capacity List
Table 2025-2030 Global Nickel Key Vendors Capacity Share List
Table 2025-2030 Global Nickel Key Vendors Production List
Table 2025-2030 Global Nickel Key Vendors Production Share List
Table 2025-2030 Global Nickel Key Vendors Production Value List
Table 2025-2030 Global Nickel Key Vendors Production Value Share List
Table 2025-2030 Global Nickel Demand List By Type
Table 2025-2030 Global Nickel Demand Market Share List By Type
Table 2025-2030 Nickel Regional Price List

Figure Market Size Estimated Method
Figure Major Forecasting Factors
Figure Nickel Picture
Figure 2020-2030 Regional Trade Balance
Figure 2020-2030 North America Nickel Market Size And Cagr
Figure 2020-2030 North America Nickel Market Volume And Cagr
Figure 2020-2030 South America Nickel Market Size And Cagr
Figure 2020-2030 South America Nickel Market Volume And Cagr
Figure 2020-2030 Asia & Pacific Nickel Market Size And Cagr
Figure 2020-2030 Asia & Pacific Nickel Market Volume And Cagr
Figure 2020-2030 Europe Nickel Market Size And Cagr
Figure 2020-2030 Europe Nickel Market Volume And Cagr
Figure 2020-2030 Mea Nickel Market Size And Cagr
Figure 2020-2030 Mea Nickel Market Volume And Cagr
Figure 2020-2025 Global Nickel Capacity Production And Growth Rate
Figure 2020-2025 Global Nickel Production Value And Growth Rate
Figure 2025-2030 Global Nickel Capacity Production And Growth Rate
Figure 2025-2030 Global Nickel Production Value And Growth Rate

Research Methodology

  • Market Estimated Methodology:

    Bottom-up & top-down approach, supply & demand approach are the most important method which is used by HDIN Research to estimate the market size.

1)Top-down & Bottom-up Approach

Top-down approach uses a general market size figure and determines the percentage that the objective market represents.

Bottom-up approach size the objective market by collecting the sub-segment information.

2)Supply & Demand Approach

Supply approach is based on assessments of the size of each competitor supplying the objective market.

Demand approach combine end-user data within a market to estimate the objective market size. It is sometimes referred to as bottom-up approach.

  • Forecasting Methodology
  • Numerous factors impacting the market trend are considered for forecast model:
  • New technology and application in the future;
  • New project planned/under contraction;
  • Global and regional underlying economic growth;
  • Threatens of substitute products;
  • Industry expert opinion;
  • Policy and Society implication.
  • Analysis Tools

1)PEST Analysis

PEST Analysis is a simple and widely used tool that helps our client analyze the Political, Economic, Socio-Cultural, and Technological changes in their business environment.

  • Benefits of a PEST analysis:
  • It helps you to spot business opportunities, and it gives you advanced warning of significant threats.
  • It reveals the direction of change within your business environment. This helps you shape what you’re doing, so that you work with change, rather than against it.
  • It helps you avoid starting projects that are likely to fail, for reasons beyond your control.
  • It can help you break free of unconscious assumptions when you enter a new country, region, or market; because it helps you develop an objective view of this new environment.

2)Porter’s Five Force Model Analysis

The Porter’s Five Force Model is a tool that can be used to analyze the opportunities and overall competitive advantage. The five forces that can assist in determining the competitive intensity and potential attractiveness within a specific area.

  • Threat of New Entrants: Profitable industries that yield high returns will attract new firms.
  • Threat of Substitutes: A substitute product uses a different technology to try to solve the same economic need.
  • Bargaining Power of Customers: the ability of customers to put the firm under pressure, which also affects the customer's sensitivity to price changes.
  • Bargaining Power of Suppliers: Suppliers of raw materials, components, labor, and services (such as expertise) to the firm can be a source of power over the firm when there are few substitutes.
  • Competitive Rivalry: For most industries the intensity of competitive rivalry is the major determinant of the competitiveness of the industry.

3)Value Chain Analysis

Value chain analysis is a tool to identify activities, within and around the firm and relating these activities to an assessment of competitive strength. Value chain can be analyzed by primary activities and supportive activities. Primary activities include: inbound logistics, operations, outbound logistics, marketing & sales, service. Support activities include: technology development, human resource management, management, finance, legal, planning.

4)SWOT Analysis

SWOT analysis is a tool used to evaluate a company's competitive position by identifying its strengths, weaknesses, opportunities and threats. The strengths and weakness is the inner factor; the opportunities and threats are the external factor. By analyzing the inner and external factors, the analysis can provide the detail information of the position of a player and the characteristics of the industry.

  • Strengths describe what the player excels at and separates it from the competition
  • Weaknesses stop the player from performing at its optimum level.
  • Opportunities refer to favorable external factors that the player can use to give it a competitive advantage.
  • Threats refer to factors that have the potential to harm the player.
  • Data Sources
Primary Sources Secondary Sources
Face to face/Phone Interviews with market participants, such as:
Manufactures;
Distributors;
End-users;
Experts.
Online Survey
Government/International Organization Data:
Annual Report/Presentation/Fact Book
Internet Source Information
Industry Association Data
Free/Purchased Database
Market Research Report
Book/Journal/News

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