Nickel Global Market Report 2026

Nickel extraction, also known as nickel mining, is the process of extracting nickel from mines. This process involves crushing and grinding sulfide ores to release nickel particles, which are then selectively floated from the byproducts. The flotation process includes stirring the ore with specific chemicals and using mechanical and pneumatic equipment to generate air bubbles, facilitating the separation of nickel.

The primary types of nickel ores are pentlandite (a sulfide ore) and laterite. Pentlandite is a mineral, a nickel sulfide occurring in bronze-colored granular aggregates, commonly found alongside pyrrhotite, which is the principal source of nickel. Various end-users benefit from nickel applications, including industries involved in building and construction, iron and steel production, agriculture, and chemicals. The mining methods employed for nickel extraction encompass both underground mining and surface mining.

Tariffs are impacting the nickel market by increasing costs of imported mining equipment, processing machinery, flotation chemicals, and refining infrastructure used in sulfide and laterite nickel extraction. Asia-Pacific regions are significantly affected due to export-oriented nickel production, while North America and Europe face higher costs for refined nickel imports. These tariffs are influencing pricing volatility and investment decisions. However, they are also encouraging domestic processing capacity expansion, regional refining investments, and development of localized nickel value chains.

The nickel market research report is one of a series of new reports from The Business Research Company that provides nickel market statistics, including nickel industry global market size, regional shares, competitors with a nickel market share, detailed nickel market segments, market trends and opportunities, and any further data you may need to thrive in the nickel industry. This nickel market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The nickel market size has grown rapidly in recent years. It will grow from $24.83 billion in 2025 to $28.01 billion in 2026 at a compound annual growth rate (CAGR) of 12.8%. The growth in the historic period can be attributed to expansion of stainless steel production, growth in industrial alloy demand, availability of sulfide and laterite ore reserves, development of flotation processing methods, rising investments in nickel mining operations.

The nickel market size is expected to see rapid growth in the next few years. It will grow to $47.05 billion in 2030 at a compound annual growth rate (CAGR) of 13.8%. The growth in the forecast period can be attributed to increasing demand from electric vehicle batteries, rising focus on low-carbon nickel supply chains, expansion of nickel sulfate production capacity, growing adoption of high-efficiency refining technologies, increasing strategic investments in nickel resources. Major trends in the forecast period include increasing focus on battery-grade nickel production, rising adoption of advanced ore processing techniques, growing investment in laterite nickel projects, expansion of sustainable nickel extraction practices, enhanced use of automation in nickel mining.

The rising demand for nickel in automotive batteries is expected to drive growth in the nickel market during the forecast period. Modern electric vehicle batteries often use nickel-rich cathodes, which require substantial amounts of nickel, increasing overall market demand. For instance, in February 2024, data from Adamas Intelligence, a Canada-based EV analytics firm, showed that global nickel deployed in new electric vehicle batteries reached approximately 286,529 tonnes in 2023, a 37% increase from 2022, with the United States seeing a 49% rise over the same period, reflecting widespread adoption of nickel-rich battery chemistries. Therefore, growing nickel use in automobile batteries is fueling market expansion.

Companies operating in the nickel market are strategically introducing new nickel-based products to enhance their market positions. Innovations in nickel applications across various industries are a focal point for these companies. For instance, TPC Wire & Cable, a US-based company specializing in wire, cable, and accessories, introduced new additions to the Thermo-Trex Line of Wire & Cable in August 2023. Notable among them is the Thermo-Trex 2000 Shielded Multi-Conductor, designed for power and control in high-temperature environments, featuring flexible properties, finely stranded nickel-plated copper conductors, a nickel-plated copper braid shielding layer, and an outer jacket woven from special glass materials with abrasion-resistant coatings. Another introduction is the Thermo-Trex 2800 RTD Cable, tailored for high-temperature Resistance Temperature Detector (RTD) control and instrumentation applications, capable of withstanding a maximum conductor temperature of 530°C / 1000°F.

In May 2023, PT Merdeka Battery Materials, based in Indonesia and a provider of nickel units for miner Merdeka Copper Gold, completed the acquisition of PT Huaneng Metal Industry for an undisclosed amount. This acquisition is anticipated to enable PT Merdeka Battery Materials to capture additional profit margins through the production and sale of high-grade nickel matte. Furthermore, it facilitates the transition of its extensive Rotary Kiln Electric Furnace (RKEF) asset base to class 1 nickel production. PT Huaneng Metal Industry, the acquired entity, is a facility specializing in nickel processing.

Major companies operating in the nickel market are Glencore, Vale, Sumitomo Metal Mining Co. Ltd, Eramet, Norilsk Nickel Inc., BHP, Anglo American, Pacific Metal Company, Sherritt International Corporation, INDEPENDENCE GROUP NL, Tsingshan Holdings Group, Jinchuan Group International Resources Co. Ltd, Vedanta Resources Limited, Alliance Nickel Limited, Western Areas Limited, Jervois Mining, Deutsche Nickel GmbH, Solway Investment Group Limited, Societe Le Nickel (SLN), Sumic Nickel Netherlands B.V, North American Nickel, Talon Metals, PolyMet Mining Corp, First Quantum Minerals Ltd, Royal Nickel Corporation, Turnagain Nickel, Lundin Mining Corporation, Wallbridge Mining Co. Ltd, Atlantic Nickel UK, Brazilian Nickel PLC, Mirabela Nickel Ltd, Ma'aden, Siyanda Resources, African Rainbow Minerals, Africo Resources

Western Europe was the largest region in the nickel market in 2025. The regions covered in the nickel market report are Asia-Pacific, South East Asia, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the nickel market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Taiwan, Russia, South Korea, UK, USA, Canada, Italy, Spain

The nickel market includes revenues earned by entities by giving other metals the hardness, strength, and corrosion resistance they require. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

Nickel Market Global Report 2026 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses nickel market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

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Where is the largest and fastest growing market for nickel ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward, including technological disruption, regulatory shifts, and changing consumer preferences? The nickel market global report from the Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, total addressable market (TAM), market attractiveness score (MAS), competitive landscape, market shares, company scoring matrix, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market. This section also examines key products and services offered in the market, evaluates brand-level differentiation, compares product features, and highlights major innovation and product development trends.
• The supply chain analysis section provides an overview of the entire value chain, including key raw materials, resources, and supplier analysis. It also provides a list competitor at each level of the supply chain.
• The updated trends and strategies section analyses the shape of the market as it evolves and highlights emerging technology trends such as digital transformation, automation, sustainability initiatives, and AI-driven innovation. It suggests how companies can leverage these advancements to strengthen their market position and achieve competitive differentiation.
• The regulatory and investment landscape section provides an overview of the key regulatory frameworks, regularity bodies, associations, and government policies influencing the market. It also examines major investment flows, incentives, and funding trends shaping industry growth and innovation.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include the technological advancements such as AI and automation, Russia-Ukraine war, trade tariffs (government-imposed import/export duties), elevated inflation and interest rates.
• The total addressable market (TAM) analysis section defines and estimates the market potential compares it with the current market size, and provides strategic insights and growth opportunities based on this evaluation.
• The market attractiveness scoring section evaluates the market based on a quantitative scoring framework that considers growth potential, competitive dynamics, strategic fit, and risk profile. It also provides interpretive insights and strategic implications for decision-makers.
• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth.
• Expanded geographical coverage includes Taiwan and Southeast Asia, reflecting recent supply chain realignments and manufacturing shifts in the region. This section analyzes how these markets are becoming increasingly important hubs in the global value chain.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The company scoring matrix section evaluates and ranks leading companies based on a multi-parameter framework that includes market share or revenues, product innovation, and brand recognition.

Scope

• Markets Covered:1) By Type: Pentlantide (Sulfide Ore); Laterite
• 2) By Mining Type: Underground Mining; Surface Mining
• 3) By Application: Stainless Steel; Batteries; Aerospace And Automotive; Electronics And Electrical; Other Applications
• Subsegments:
• 1) By Pentlandite (Sulfide Ore): Concentrates; Intermediate Products
• 2) By Laterite: Ferronickel; Nickel Matte; Nickel Sulfate
• Companies Mentioned: Glencore; Vale; Sumitomo Metal Mining Co. Ltd; Eramet; Norilsk Nickel Inc.; BHP; Anglo American; Pacific Metal Company; Sherritt International Corporation; INDEPENDENCE GROUP NL; Tsingshan Holdings Group; Jinchuan Group International Resources Co. Ltd; Vedanta Resources Limited; Alliance Nickel Limited; Western Areas Limited; Jervois Mining; Deutsche Nickel GmbH; Solway Investment Group Limited; Societe Le Nickel (SLN); Sumic Nickel Netherlands B.V; North American Nickel; Talon Metals; PolyMet Mining Corp; First Quantum Minerals Ltd; Royal Nickel Corporation; Turnagain Nickel; Lundin Mining Corporation; Wallbridge Mining Co. Ltd; Atlantic Nickel UK; Brazilian Nickel PLC; Mirabela Nickel Ltd; Ma'aden; Siyanda Resources; African Rainbow Minerals; Africo Resources
• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Taiwan; Russia; South Korea; UK; USA; Canada; Italy; Spain
• Regions: Asia-Pacific; South East Asia; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
• Time Series: Five years historic and ten years forecast.
• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
• Data Segmentations: country and regional historic and forecast data, market share of competitors, market segments.
• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
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