HYDERABAD, India, Jan. 7, 2026 /PRNewswire/ -- According to the latest report from Mordor Intelligence, the global nickel market stood at 3.40 million tons in 2025 and is projected to expand from 3.55 million tons in 2026 to 4.39 million tons by 2031 in terms of volume, reflecting a 4.36% CAGR. Growth is fueled by rising stainless-steel output in China and Indonesia, alongside heavy investment in battery-grade refining.
While battery demand remains smaller, it is strategically important for Class I nickel used in EV cathodes. Risks persist with potential export curbs from the Philippines and emerging deep-sea mining ventures that could alter long-term dynamics.
Emerging Trends & Developments:
Accelerating Battery-Grade Refinery Projects
New refinery developments in North America highlight the push for localized, cleaner feedstock to support electric vehicle production. Despite some canceled ventures, companies continue investing in facilities that align with sustainability goals and future demand.
Sustainability Premiums and Localized Sourcing
Automakers are tightening carbon standards, encouraging miners to adopt renewable energy and traceability systems. While formal "clean nickel" contracts remain absent, private agreements and investor pressure are pushing the industry toward greener, regionally sourced supply.
Shortage of High Quality Nickel
Even with an overall surplus, the market faces a persistent gap in Class I nickel needed for advanced batteries. Producers upgrading lower-grade material are gaining an edge, reinforcing the importance of refining technologies to meet evolving demand.
Segmentation Overview:
Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of Asia-Pacific
North America
- United States
- Canada
- Mexico
Europe
- Germany
- United Kingdom
- Italy
- France
- Russia
- Rest of Europe
South America
- Brazil
- Argentina
- Rest of South America
Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
Regional Outlook:
North America is focusing on building domestic supply, with projects in Canada and the U.S. aligned to clean energy and EV manufacturing needs. Mexico benefits from its proximity to American auto hubs, though trade uncertainties remain a challenge.
Europe faces the dual pressure of strict sustainability standards and rising costs, prompting investment in greener refining solutions. South America, led by Brazil's resource base, continues to attract funding despite infrastructure hurdles. Meanwhile, the Middle East and Africa are emerging players, drawing interest from Gulf investors eager to diversify into future-facing minerals.
Explore Competitive Landscape Details: https://www.mordorintelligence.com/industry-reports/nickel-market/companies?utm_source=prnewswire
Nickel Companies:
- Anglo American
- Antam
- BHP
- Canada Nickel Company
- Eramet
- Glencore
- Jinchuan Group International Resources Co., Ltd.
- Nickel Asia Corporation
- Norilsk Nickel
- PACIFIC METALS CO., LTD.
- PT Vale Indonesia
- Sherritt International Corporation
- Sibanye-Stillwater
- South32
- Sumitomo Metal Mining Co., Ltd.
- TSINGSHAN HOLDING GROUP
- Vale
For a full breakdown of nickel market size, segmentation data & competitive intelligence, access all details of the Mordor Intelligence report at: https://www.mordorintelligence.com/industry-reports/nickel-market?utm_source=prnewswire
Check out related reports published by Mordor Intelligence:
Copper Market: The report breaks down the market by source (mining and recycling), key end-use sectors (construction, infrastructure, industry, transport, consumer goods, electronics, and others), and regions (Asia-Pacific, North America, Europe, South America, Middle East & Africa), with forecasts given in volume.
Read more about companies active in copper industry at: https://www.mordorintelligence.com/industry-reports/copper-market/companies?utm_source=prnewswire
Diatomite Market: The industry is divided by source (freshwater and saltwater diatomite), process types (natural, calcined, flux-calcined), applications (filtration, cement, fillers, absorbents, insecticides, and other uses), and regions (Asia-Pacific, North America, Europe, South America, Middle East & Africa).
Read more about companies active in diatomite industry at: https://www.mordorintelligence.com/industry-reports/diatomite-market/companies?utm_source=prnewswire
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