Nickel Mining Market Is Projected To Reach Approximately $105.82 Billion By 2033: Grand View Research Inc.

 Nickel Mining Market Growth & Trends

The global nickel mining market size is anticipated to reach USD 105.82 billion by 2033, according to a new report by Grand View Research, Inc. The market is projected to grow at a CAGR of 2.0% from 2025 to 2033. The rising demand for nickel in electric batteries is propelling mining activities worldwide. The product plays a crucial role in batteries, allowing them to store more energy while also being cost-effective. It is used in two popular types of batteries: Nickel Cobalt Aluminium (NCA) and Nickel Manganese Cobalt (NMC). NCA batteries contain 80% nickel, while NMC batteries contain 33%.

The increasing production of electric batteries is expected to have a positive influence on mining. In March 2022, a Swedish-based battery manufacturer, Northvolt AB, announced plans to construct a gigafactory in Northern Germany with an estimated annual production capacity of 60 GWH. Its production is set to commence in 2025. Europe’s focus on green energy transition is anticipated to boost sustainable mining activities in the region. There are large-scale reserves of nickel in the region, and growing demand for the product in batteries for electric vehicles and renewable energy is anticipated to boost its production over the coming years.

The market is characterized by high competition and fragmentation, which is why major players are acquiring their competitors to maintain their dominance. For example, in December 2022, BHP acquired a nickel-copper project located in Western Australia from Oz Minerals for USD 6.19 billion. Similarly, in December 2021, Australia-based IGO acquired Western Areas, a Western Australia-based nickel miner and sulfide producer.

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Nickel Mining Market Report Highlights

• The stainless steel segment accounted for the largest market share of 70.5% in 2024, attributed to nickel’s critical role as an alloying agent in stainless steel production. 
• The batteries segment is one of the fastest-growing end-use areas in the nickel mining market, driven by the global shift toward electrification and clean energy. 
• The nickel mining market in North America is gaining momentum due to increasing demand for battery materials and efforts to strengthen domestic supply chains. 
• The nickel mining market in Europe is anticipated to register the fastest CAGR over the forecast period due to strong policy support to enhance supply chain resilience and reduce dependence on external sources. 
• Asia Pacific accounted for the largest market revenue share of 62.0% in 2024. Asia Pacific is witnessing significant growth in the nickel mining market due to expanding industrial activities, rapid urbanization, and strong demand for stainless steel and batteries.

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Nickel Mining Market Segmentation

Grand View Research has segmented the global nickel mining market report on the basis of end use and region:

Nickel Mining End Use Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)

• Stainless Steel
• Non-Ferrous Alloys
• Batteries
• Others

Nickel Mining Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)

• North America
  • US.
  • Canada
  • Mexico
• Europe
  • Germany
  • Spain
  • Italy
  • France
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
• Latin America
  • Brazil
• Middle East & Africa

List Of Key Players 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.

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.