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    Refined Nickel Market Size

    ID: MRFR/CnM/6396-HCR
    140 Pages
    Chitranshi Jaiswal
    September 2025

    Refined Nickel Market Research Report Information by Applications (Stainless Steel, Batteries and Plating), End-Use Industry (Industrial Machinery, Metallurgy, Automotive, Building and Construction), Region (Asia-Pacific, North America, Europe, Latin America and others) - Forecast till 2030

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    Refined Nickel Market Infographic

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    Refined Nickel Size

    Refined Nickel Market Growth Projections and Opportunities

    The refined nickel market is affected by various market factors that are critical for determining its dynamics. One of the main determinants of this market is the global demand for stainless steel. With the growth of industries like construction, automotive and manufacturing, there has also been an increase in requirement for stainless steel thereby altering the demand for refined nickel. The recent analysis report on market showed that global refined nickel market was estimated to be more than 2 billion tons with a CAGR forecasted rate of 4.8% during the period between 2022-2027. Also, supply and demand dynamics have a significant impact on the refined nickel market. It is important to note that one of these major sources is nickel ores from which it is normally extracted from. The supply chain can be altered by geological and geopolitical factors which can also lead to price variations in nickel. Additionally, mining projects and novel extraction measures may affect overall refined nickel availability in the marketplace. Major consuming regions’ economic conditions and industrial activities play a big role too. China and India as emerging economies with high industrialization contribute significantly to refined nickel consumption. In the case where such countries experience economic downturn or shift their industrial production rates, these changes might affect prices in addition to consumption patterns. Exchange rates are another factor affecting trade in refined-nickel especially because it is traded internationally. The risk of investing varies depending on fluctuations experienced by investors against different currencies worldwide For instance, if substitute currency appreciates or depreciates vis-a-vis the US dollar, changes in global production costs; trade positions and final prices of refined-nickel are prone to change. Technological advancements in processing methods can impact the efficiency and cost-effectiveness of refining nickel. New refining technologies and extraction methods can lead to increased production while lowering costs hence making it more affordable for different companies requiring refined nickel. These trends continue to transform the refined nickel market through research and development in materials science and metallurgy. As a result, political stability as well as trade policies applied in key producing countries for this metal like Russia, Canada are crucial factors. Trade Wars, political Unrest or new government policies can disrupt supply chains and make market conditions uncertain. At the same time, trade pacts plus various levels of tariffs also define competition within such businesses.  

    Refined Nickel Market Size Graph

    Market Summary

    As per Market Research Future Analysis, the global refined nickel market is projected to grow at a CAGR of 4.8%, reaching over 2 billion tons from 2022 to 2030. Approximately 65% of nickel is consumed in the western world, primarily for austenitic stainless steel production, while 12% is used in superalloys, crucial for aerospace applications. The automotive sector significantly drives demand for nickel in stainless steel and batteries, alongside increasing needs in energy storage systems. The market faced challenges during the Covid-19 pandemic, leading to production halts and supply chain disruptions, but is recovering as restrictions ease. Key players are focusing on enhancing production capabilities to meet rising global demand.

    Key Market Trends & Highlights

    The refined nickel market is witnessing significant growth driven by various factors.

    • CAGR of 4.8% expected from 2022 to 2030.
    • 65% of nickel is used in stainless steel production.
    • Automotive sector's demand for nickel is surging due to electric vehicle manufacturing.
    • Asia-Pacific leads in nickel consumption, with Indonesia being the largest producer.

    Market Size & Forecast

    Market Size Over 2 billion tons
    CAGR 4.8% from 2022 to 2030
    Largest Regional Market Asia-Pacific
    Key Application Stainless Steel

    Major Players

    Norilsk Nickel, Vale, BHP, Jinchuan Group International Resources Co. Ltd., Glencore

    Market Trends

    The global refined nickel market is poised for growth, driven by increasing demand from the electric vehicle sector and renewable energy technologies, which may reshape the dynamics of supply and pricing.

    U.S. Geological Survey

    Refined Nickel Market Market Drivers

    Market Trends and Projections

    Expansion of Renewable Energy Technologies

    The Global Refined Nickel Market Industry is significantly influenced by the expansion of renewable energy technologies. Nickel plays a crucial role in energy storage systems, particularly in batteries used for solar and wind energy applications. As countries strive to meet renewable energy targets, the demand for refined nickel is likely to increase. The integration of nickel in energy storage solutions enhances the efficiency and reliability of renewable energy systems. This trend not only supports the growth of the refined nickel market but also aligns with global efforts to transition towards cleaner energy sources.

    Growing Demand in Aerospace and Defense Sectors

    The aerospace and defense sectors are increasingly reliant on high-performance materials, including refined nickel, due to its excellent strength-to-weight ratio and corrosion resistance. The Global Refined Nickel Market Industry benefits from this trend, as manufacturers seek materials that can withstand extreme conditions. As global defense budgets expand and air travel continues to recover, the demand for refined nickel is expected to rise. This sector's growth contributes to the overall market dynamics, further solidifying refined nickel's position as a critical material in advanced manufacturing processes.

    Technological Advancements in Nickel Extraction

    Technological innovations in nickel extraction and processing are transforming the Global Refined Nickel Market Industry. Enhanced methods, such as hydrometallurgical processes, improve the efficiency of nickel recovery from ores, reducing costs and environmental impact. These advancements not only increase the supply of refined nickel but also make it more sustainable. As industries seek to minimize their carbon footprint, the adoption of these technologies is likely to accelerate. Consequently, the market is poised for growth, as companies invest in modernizing their operations to align with global sustainability goals, thereby ensuring a steady supply of refined nickel for various applications.

    Increasing Demand from Electric Vehicle Production

    The Global Refined Nickel Market Industry experiences a notable surge in demand driven by the electric vehicle (EV) sector. Nickel is a critical component in lithium-ion batteries, which are essential for EVs. As automakers ramp up production to meet consumer demand for sustainable transportation, the need for refined nickel is projected to rise significantly. In 2024, the market is valued at 1.52 USD Billion, with expectations to reach 2.53 USD Billion by 2035. This growth indicates a compound annual growth rate (CAGR) of 4.75% from 2025 to 2035, highlighting the pivotal role of refined nickel in the transition to electric mobility.

    Regulatory Support for Sustainable Mining Practices

    Regulatory frameworks promoting sustainable mining practices are shaping the Global Refined Nickel Market Industry. Governments worldwide are implementing stricter environmental regulations, encouraging companies to adopt more sustainable extraction methods. This shift not only addresses environmental concerns but also enhances the reputation of the nickel industry. As companies comply with these regulations, they are likely to invest in cleaner technologies, which could lead to increased production of refined nickel. This regulatory support fosters a more sustainable market environment, potentially attracting investments and driving growth in the refined nickel sector.

    Market Segment Insights

    Regional Insights

    Key Companies in the Refined Nickel Market market include

    Industry Developments

    Future Outlook

    Refined Nickel Market Future Outlook

    The Global Refined Nickel Market is projected to grow at a 4.75% CAGR from 2024 to 2035, driven by rising demand in electric vehicle batteries and renewable energy technologies.

    New opportunities lie in:

    • Invest in advanced nickel processing technologies to enhance yield and reduce costs.
    • Develop strategic partnerships with electric vehicle manufacturers for tailored nickel supply solutions.
    • Explore recycling initiatives to reclaim nickel from spent batteries, addressing sustainability concerns.

    By 2035, the refined nickel market is expected to achieve robust growth, positioning itself as a cornerstone of the green energy transition.

    Market Segmentation

    Report Scope

    Report Attribute/Metric Details
      Market Size 2022: USD 2 Million
      CAGR   4% (2022-2030)
      Base Year   2021
      Forecast Period   2022-2030
      Historical Data   2019 & 2020
      Forecast Units   Value (USD Million)
      Report Coverage    Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
      Segments Covered   application, end-use industry, and region
      Geographies Covered    North America, Europe, Asia-Pacific, and Rest of the World (RoW)
      Key Vendors   Norilsk Nickel (Russia), Vale (Brazil), BHP (Australia), Jinchuan Group International Resources Co. Ltd (China), Sumitomo Metal Mining Co.(Japan), Anglo American (US), Ambatovy (US), Sherritt International Corporation (Canada), Minara Resources (Australia), and Glencore (Switzerland).
      Key Market Opportunities   The increasing demand for nickel in the manufacturing of batteries used in electric vehicles (EVs) is expected to drive the global market
      Key Market Drivers   The demand for stainless steel and alloys of stainless steel in various end-use industries such as industrial machinery, automotive, building and construction, and others.

    Market Highlights

    Author

    Chitranshi Jaiswal
    Research Analyst Level I

    She holds an experience of about 6+ years in market research and business consulting, working under the spectrum of information communication technology, telecommunications and semiconductor domains. aarti conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. her expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc.

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    Latest Comments

    John Doe
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    This is a great article! Really helped me understand the topic better.

    Posted on July 23, 2025, 10:15 AM
    Jane Smith
    [email protected]

    Thanks for sharing this. I’ve bookmarked it for later reference.

    Posted on July 22, 2025, 7:45 PM
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    FAQs

    At what CAGR is the refined nickel market projected to grow during the forecast period?

    The growth rate of the global refined nickel market is at a CAGR of 4.8%, with a value of more than 2 billion tons over the estimated forecasting period.

    Which region is projected to lead the refined nickel market?

    The APAC region is projected to lead the refined nickel market.

    Which application segment will lead the refined nickel market?

    Stainless steel will lead the refined nickel market.

    Which end use industry will dominate the refined nickel market?

    Industrial machinery will dominate the refined nickel market.

    What are the key factors driving the refined nickel market growth?

    Increasing use in various end use industries and growing industrialization in developing economies are the key factors driving the refined nickel market growth.

    1. Industry Overview of Global Refined Nickel Market
      1. Introduction
      2. Growth Drivers
      3. Impact Analysis
      4. Market Challenges
      5. Introduction
      6. Growth Trends
      7. Impact Analysis
      8. Introduction
      9. Stainless Steel
        1. Market Estimates & Forecast, 2020–2027
    2. Market Estimates & Forecast, by Region, 2020–2027
      1. Non-Ferrous Alloy
        1. Market Estimates & Forecast, 2020–2027
        2. Market
    3. Estimates & Forecast, by Region, 2020–2027
      1. Plating
    4. Market Estimates & Forecast, 2020–2027
      1. Market Estimates
    5. Forecast, by Region, 2020–2027
      1. Alloys & Steel Casting
    6. Market Estimates & Forecast, 2020–2027
      1. Market Estimates
    7. Forecast, by Region, 2020–2027
      1. Batteries
        1. Market Estimates & Forecast, 2020–2027
        2. Market Estimates & Forecast, by Region, 2020–2027
      2. Others
        1. Market Estimates & Forecast, 2020–2027
        2. Market Estimates & Forecast, by Region, 2020–2027
    8. Refined Nickel Market, by End-Use Industry
      1. Introduction
      2. Industrial Machinery
        1. Market Estimates & Forecast, 2020–2027
    9. Market Estimates & Forecast, by Region, 2020–2027
      1. Metallurgy
        1. Market Estimates & Forecast, 2020–2027
        2. Market Estimates
    10. & Forecast, by Region, 2020–2027
      1. Automotive & Transportation
        1. Market Estimates & Forecast, 2020–2027
        2. Market Estimates
    11. & Forecast, by Region, 2020–2027
      1. Electronics
        1. Market
    12. Estimates & Forecast, 2020–2027
      1. Market Estimates & Forecast, by Region, 2020–2027
      2. Others
        1. Market Estimates & Forecast, 2020–2027
        2. Market Estimates & Forecast, by Region, 2020–2027
      3. Introduction
      4. North America
        1. Market Estimates & Forecast, 2020–2027
        2. Market
    13. Estimates & Forecast, by Application, 2020–2027
      1. Market Estimates
    14. & Forecast, by End-Use Industry, 2020–2027
      1. US
    15. Market Estimates & Forecast, 2020–2027
      1. Market Estimates
    16. Forecast, by Application, 2020–2027
      1. Market Estimates & Forecast
    17. by End-Use Industry, 2020–2027
      1. Canada
        1. Market Estimates & Forecast, 2020–2027
      2. Europe
        1. Market Estimates & Forecast, 2020–2027
        2. Market Estimates & Forecast, by Application, 2020–2027
        3. Market Estimates & Forecast, by End-Use Industry, 2020–2027
        4. Germany
    18. Market Estimates & Forecast, by End-Use Industry, 2020–2027
      1. France
        1. Market Estimates & Forecast, 2020–2027
    19. Market Estimates & Forecast, by Application, 2020–2027
      1. Market
    20. Estimates & Forecast, by End-Use Industry, 2020–2027
      1. Italy
        1. Market Estimates & Forecast, 2020–2027
    21. & Forecast, by Application, 2020–2027
      1. Market Estimates
    22. Forecast, by End-Use Industry, 2020–2027
      1. Spain
        1. Market
    23. Estimates & Forecast, 2020–2027
      1. Market Estimates & Forecast, by Application, 2020–2027
        1. Market Estimates & Forecast, by End-Use Industry, 2020–2027
        2. UK
        3. Russia
        4. Poland
    24. Market Estimates & Forecast, by End-Use Industry, 2020–2027
      1. Asia-Pacific
        1. Market Estimates & Forecast, 2020–2027
        2. Market Estimates
    25. & Forecast, by Application, 2020–2027
      1. Market Estimates
    26. Forecast, by End-Use Industry, 2020–2027
      1. China
        1. Market
    27. Estimates & Forecast, 2020–2027
      1. Market Estimates & Forecast, by Application, 2020–2027
        1. Market Estimates & Forecast, by End-Use Industry, 2020–2027
        2. India
        3. Japan
        4. Australia
    28. Market Estimates & Forecast, by End-Use Industry, 2020–2027
      1. New Zealand
        1. Market Estimates & Forecast, 2020–2027
    29. Market Estimates & Forecast, by Application, 2020–2027
      1. Market
    30. Estimates & Forecast, by End-Use Industry, 2020–2027
      1. Rest of Asia-Pacific
        1. Market Estimates & Forecast, 2020–2027
    31. Market Estimates & Forecast, by Application, 2020–2027
      1. Market
    32. Estimates & Forecast, by End-Use Industry, 2020–2027
      1. Middle East & Africa
        1. Market Estimates & Forecast, 2020–2027
    33. Market Estimates & Forecast, by Application, 2020–2027
      1. Market
    34. Estimates & Forecast, by End-Use Industry, 2020–2027
      1. Turkey
        1. Market Estimates & Forecast, 2020–2027
    35. & Forecast, by Application, 2020–2027
      1. Market Estimates
    36. Forecast, by End-Use Industry, 2020–2027
      1. Israel
        1. Market
    37. Estimates & Forecast, 2020–2027
      1. Market Estimates & Forecast, by Application, 2020–2027
        1. Market Estimates & Forecast, by End-Use Industry, 2020–2027
        2. North Africa
        3. GCC
        4. Rest of the Middle East & Africa
      2. Latin America
        1. Market Estimates & Forecast, 2020–2027
        2. Market Estimates & Forecast, by Application, 2020–2027
        3. Market Estimates & Forecast, by End-Use Industry, 2020–2027
        4. Brazil
    38. Market Estimates & Forecast, by End-Use Industry, 2020–2027
      1. Argentina
        1. Market Estimates & Forecast, 2020–2027
    39. Market Estimates & Forecast, by Application, 2020–2027
      1. Market
    40. Estimates & Forecast, by End-Use Industry, 2020–2027
      1. Mexico
        1. Market Estimates & Forecast, 2020–2027
    41. Estimates & Forecast, by Application, 2020–2027
      1. Market Estimates
    42. & Forecast, by End-Use Industry, 2020–2027
      1. Rest of Latin America
        1. Market Estimates & Forecast, 2020–2027
    43. Estimates & Forecast, by Application, 2020–2027
      1. Market Estimates
    44. & Forecast, by End-Use Industry, 2020–2027
      1. Norilsk Nickel
        1. Company Overview
        2. Application/Business Segment Overview
        3. Financial Updates
        4. Key Developments
      2. Vale
        1. Company Overview
        2. Application/Business Segment Overview
        3. Financial Updates
        4. Key Developments
      3. BHP
        1. Company Overview
        2. Application/Business Segment Overview
        3. Financial Updates
        4. Key Developments
    45. Jinchuan Group International Resources Co. Ltd
      1. Company Overview
        1. Application/Business Segment Overview
        2. Financial Updates
        3. Key Developments
      2. Sumitomo Metal Mining Co.
        1. Company Overview
        2. Application/Business Segment Overview
        3. Financial Updates
        4. Key Developments
      3. Anglo American
        1. Company Overview
        2. Application/Business Segment Overview
        3. Financial Updates
        4. Key Developments
      4. Ambatovy
        1. Company Overview
        2. Application/Business Segment Overview
        3. Financial Updates
        4. Key Developments
      5. Sherritt International Corporation
        1. Company Overview
        2. Application/Business Segment Overview
        3. Financial Updates
        4. Key Developments
      6. Minara Resources
        1. Company Overview
        2. Application/Business Segment Overview
        3. Financial Updates
        4. Key Developments
      7. Glencore
        1. Company Overview
        2. Application/Business Segment Overview
        3. Financial Updates
        4. Key Developments
    46. Global Refined Nickel Market, by Region, 2020–2027
    47. Refined Nickel Market, by Country, 2020–2027
    48. Nickel Market, by Country, 2020–2027
    49. Market, by Country, 2020–2027
    50. Nickel Market, by Country, 2020–2027
    51. Market, by Country, 2020–2027
    52. Market, by Region, 2020–2027
    53. Market, by Country, 2020–2027
    54. Market, by Country, 2020–2027
    55. Market, by Country, 2020–2027
    56. Nickel Application Market, by Country, 2020–2027
    57. Refined Nickel Application Market, by Country, 2020–2027
    58. America: Refined Nickel End-Use Industry Market, by Country, 2020–2027 2020–2027 by Country, 2020–2027 2020–2027
    59. Europe: Refined Nickel Market, by Application, 2020–2027
    60. Refined Nickel Market, by End-Use Industry, 2020–2027
    61. Refined Nickel Market, by Country, 2020–2027
    62. Nickel Market, by Application, 2020–2027
    63. Nickel Market, by End-Use Industry, 2020–2027
    64. Africa: Refined Nickel Market, by Country, 2020–2027
    65. East & Africa Refined Nickel Market, by Application, 2020–2027
    66. Middle East & Africa: Refined Nickel Market, by End-Use Industry, 2020–2027 Nickel Market
    67. Refined Nickel Market, 2020–2027
    68. Size, by End-Use Industry, 2020
    69. by End-Use Industry, 2020–2027

    Refined Nickel Market Segmentation

    Market Segmentation Overview

    • Detailed segmentation data will be available in the full report
    • Comprehensive analysis by multiple parameters
    • Regional and country-level breakdowns
    • Market size forecasts by segment
    Infographic

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