Nickel Market worth $80.68 billion by 2031
The report "Nickel Market by Form (Nickel Pig Iron (NPI), Ferronickel), Grade (Class 2, Class 1), Application (Stainless Steel Production), End-use Industry (Building & Construction, Energy & Power), and Region - Global Forecast To 2031" is 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, by Form (Nickel Pig Iron (NPI), Ferronickel), Grade (Class 2, Class 1), Application (Stainless Steel Production), End-use Industry (Building & Construction, Energy & Power), and Region - Global Forecast To 2031"
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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 market 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.
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.
The report profiles key companies, including 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).
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