The global nickel mining market is poised for significant growth over the next decade, driven by accelerating demand from electric vehicle (EV) battery manufacturers and the continued expansion of the stainless-steel industry, according to a new report by SNS Insider.
The market, valued at USD 58.96 billion in 2025, is projected to reach USD 111.30 billion by 2035, expanding at a compound annual growth rate (CAGR) of 6.6% between 2026 and 2035.
Nickel remains a critical raw material for stainless-steel production, which accounted for approximately 68% of global nickel consumption in 2025. However, the fastest-growing demand segment is expected to come from EV batteries, as automakers increasingly adopt nickel-rich lithium-ion battery chemistries to enhance vehicle range and energy density.
According to the report, Class I nickel, known for its high purity and suitability for battery-grade nickel sulfate production, held more than 60% of the market in 2025. Meanwhile, Class II nickel and nickel pig iron (NPI) are expected to witness rapid growth due to expanding low-cost production capacity in Indonesia.
Asia-Pacific remained the dominant regional market in 2025, supported by Indonesia’s position as the world’s largest nickel producer and China’s extensive stainless-steel and EV battery manufacturing industries. Indonesia alone accounted for nearly half of regional nickel output, benefiting from integrated mining, refining, and downstream processing operations.
North America is forecast to be the fastest-growing region through 2035, driven by increased investment in domestic EV battery supply chains, critical mineral security initiatives, and government support programs. The U.S. nickel market is expected to nearly double from USD 5.31 billion in 2025 to USD 10.02 billion by 2035.
Europe is also projected to experience steady growth, with the market expected to rise from USD 9.08 billion in 2025 to USD 15.74 billion by 2035. Demand is being supported by the region’s automotive, aerospace, and industrial sectors, alongside efforts to diversify critical mineral supply sources.
The report highlights growing investment activity across the nickel supply chain. Notable developments include a USD 1 billion acquisition deal involving Glencore, Stellantis, and Volkswagen’s battery unit PowerCo to secure nickel assets in Brazil, as well as a major supply agreement between Talon Metals and Tesla for nickel concentrate from the Tamarack project in Minnesota.
Industry analysts believe the combination of long-term stainless-steel demand and the global transition toward electrified transportation will continue to support robust market expansion. As EV production scales worldwide and governments prioritize critical mineral security, nickel is expected to remain one of the most strategically important metals in the energy transition.
