Nickel Mining Market supported by partnerships in mining operations

The global nickel mining market size was valued at USD 90.57 billion in 2024 and is projected to reach USD 105.82 billion by 2033, growing at a CAGR of 2.0% from 2025 to 2033. Market growth is primarily driven by the increasing demand from the stainless steel industry.

Nickel plays a vital role as an alloying element that enhances the strength, corrosion resistance, and heat tolerance of stainless steel. With rapid industrialization in emerging economies, particularly across Asia Pacific and Latin America, the construction and infrastructure sectors are expanding significantly. This trend fuels stainless steel consumption and, in turn, sustains the demand for nickel mining.

In addition to stainless steel, nickel has become indispensable for lithium-ion battery production, particularly in high-nickel chemistries such as NMC (Nickel Manganese Cobalt) and NCA (Nickel Cobalt Aluminum). These chemistries deliver higher energy density and longer driving ranges, making them essential in the electric vehicle (EV) industry. As EV adoption accelerates, global sales surpassed 17 million units in 2024—an increase of over 25 percent compared to the previous year—with EVs accounting for more than 20 percent of all new passenger vehicle sales. This surge is intensifying the demand for high-purity nickel used in battery cathodes, leading to investments in new mining projects and refining technologies to secure supply.

The growing emphasis on renewable energy and energy storage solutions is also expanding the nickel mining sector. Utility-scale and off-grid battery storage systems increasingly rely on high-nickel chemistries to stabilize grids and support renewable integration. Governments and private enterprises alike are prioritizing the security of raw materials for these applications, driving further exploration and extraction efforts globally.

Technological innovations in mining and ore processing are unlocking new opportunities. Advancements in hydrometallurgy, particularly High-Pressure Acid Leach (HPAL) methods, have improved the efficiency of extracting nickel from laterite ores. These innovations make low-grade deposits economically viable, expanding the resource base and supporting sustained market growth.

Supply chain security has become another key driver. As the global energy transition accelerates, nations and corporations are working to diversify sourcing strategies and reduce reliance on a limited number of suppliers. This has prompted a wave of mining investments, exploration projects, and long-term supply agreements.

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Key Market Trends & Insights

• Asia Pacific dominated the nickel mining market in 2024 with a 62.0% revenue share.
• The U.S. nickel mining market is projected to grow at a CAGR of 2.0% from 2025 to 2033.
• Stainless steel accounted for more than 70.0% of global market revenue in 2024.

Market Size & Forecast

• 2024 Market Size: USD 90.57 Billion
• 2033 Projected Market Size: USD 105.82 Billion
• CAGR (2025–2033): 2.0%
• Asia Pacific: Largest market in 2024
• Europe: Fastest growing market

Key Nickel Mining Company Insights

• Anglo American: Headquartered in London, UK, Anglo American operates across Africa, Australia, and the Americas. The company, founded in 1917, is a global leader in platinum, diamonds, copper, and iron ore, with a strong sustainability focus. Its key nickel asset is the Barro Alto mine in Brazil, a high-quality laterite operation that uses the rotary kiln electric furnace (RKEF) process.
• BHP: Headquartered in Melbourne, Australia, BHP is one of the world’s largest producers of iron ore, copper, and metallurgical coal. The company’s flagship nickel operation is Nickel West in Western Australia. With a strong track record of operational excellence, BHP continues to emphasize low-emission technologies and sustainable mining practices.

Leading Companies in the Nickel Mining Market

• Anglo American
• BHP
• Eramet
• Glencore
• Jinchuan Group International Resources Co. Ltd.
• MMC Norilsk Nickel
• Norilsk Nickel
• Sherritt International Corporation
• Sumitomo Metal Mining Co., Ltd.
• Vale S.A.

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Conclusion

The nickel mining market is undergoing a period of transformation, shaped by both traditional demand from stainless steel and the rising need for high-purity nickel in electric vehicles and energy storage solutions. Technological advancements, coupled with geopolitical shifts and supply chain security efforts, are driving new investments and reshaping global dynamics. With Asia Pacific leading in consumption and Europe emerging as the fastest-growing market, the sector is poised for steady growth, underpinned by its critical role in industrial development, electrification, and the global energy transition.

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