Nickel Mining Market Size To Reach $83.81 Billion By 2030

Nickel Mining Market Growth & Trends

The global nickel mining market is anticipated to reach USD 83.81 billion by 2030, according to a new report by Grand View Research, Inc., projected to grow at a CAGR of 6.6% from 2023 to 2030. 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

• Based on end-use, the stainless steel segment is expected to register a CAGR of 6.5%, in terms of revenue, over the forecast period. The rising demand for stainless steel in various industries such as oil & gas and construction is driving the segment growth

• The non-ferrous alloys segment is projected to have a CAGR of 6.8% in terms of revenue, over the forecast period. The growth of the segment is attributed to the increasing demand for non-ferrous alloys from industries operating at high temperatures and pressures such as aerospace and defense, and oil and gas.

• Based on region, Asia Pacific held the largest market share of about 58.0% in 2022 of the global market. The region's dominance is attributed to the presence of large reserves in countries like China, Indonesia, the Philippines, and Australia

• The nickel mining industry is facing competition from the recycling sector. For instance, according to Nickel Institutes, around 68% of nickel in consumer products is recycled, starting a new cycle.

Nickel Mining Market Segmentation

Grand View Research has segmented the global nickel mining market based on end-use and region:

Nickel Mining End-use Outlook (Volume, Kil0tons; Revenue, USD Million, 2018 - 2030)

• Stainless Steel

• Non-Ferrous Alloys

• Batteries

• Others

Nickel Mining Regional Outlook (Volume, Kil0tons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • Russia

  • Norway

• Asia Pacific

  • China

  • Philippines

  • Australia

  • Indonesia

• Central & South America

  • Brazil

• Middle East & Africa

List of Key Players in the Nickel Mining Market

• Vale S.A

• Glencore

• BHP

• Sumitomo Metal Mining Co., Ltd.

• Sherritt International Corporation

• IGO LIMITED

• Eramet

• Mincor Resources NL

• Lundin Mining Corporation

• Norilsk Nickel

• Nickel Asia Corporation