Nickel Market Size, Share, Growth Analysis, By Product type(Class 1 products, and class 2 products), By Application(Stainless steel, batteries, special steels, alloys), By Region - Industry Forecast 2024-2031

Asia-Pacific (APAC) is dominant among all regions in terms of nickel market, which is predominantly because of the availability of the major stainless-steel manufacturing companies and battery manufacturers as well. The growth in the nickel market was possible due to the increase in technological advancement in stainless steel to make it more sustainable. China is holding the largest nickel market share and is also the fastest-developing country in the region. The country is leading in the electric car market with the increasing sales of latest electric vehicles; and electric vehicles (EVs) were sold by a total of 3.3 million units in 2021, with an increase of 154% than the last year. The adoption of nickel in electric vehicles (EVs) is anticipated to boost the market in the region because of a considerable share of nickel demand in the market.

Europe is an emerging region in the consumption of nickel in electric vehicles for the usage of stainless steel. The region is growing fast in terms of nickel in the automotive sector coupled with the increasing technological advancements.

In North America, stainless steel production is increasing due to the expansion of the construction industry, and all thanks goes to its high flexibility, good energy consumption, and explosion-resistance properties; which in turn, increasing the demand for nickel.