Global Nickel Market Size 2024, Forecast To 2033

The nickel market has demonstrated strong growth, increasing from $36.7 billion in 2023 to $40.27 billion in 2024, with a compound annual growth rate (CAGR) of 9.7% during the historic period. This growth is attributed to strong economic expansion in emerging markets, an increase in infrastructure development, industrialization, and the growing demand for stainless steel. Projecting into the future, the market is expected to sustain strong growth, reaching $57.5 billion in 2028 at a CAGR of 9.3%. Contributing factors include rising urbanization, growing demand for electric vehicles, rising government support, and increasing demand for nickel in automobile batteries. Key trends in the forecast period encompass a focus on increasing investments to set up new plants for nickel processing, the introduction of new sustainable procurement frameworks to promote responsible and environmentally friendly practices in the mining and processing of nickel, the introduction of new nickel products, and a focus on strategic partnerships and mergers and acquisitions to expand product or service portfolios and geographic presence.