Global nickel market expected to grow steadily
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Update time : 2026-01-13 15:33:15
According to a report by Mordor Intelligence, the global nickel market is expected to grow steadily, with production projected to increase from 3.4 million tons in 2025 and 3.55 million tons in 2026 to 4.39 million tons by 2031.
The report indicates that China and Indonesia drive a 4.36% CAGR in stainless steel, yet Class 1 nickel demand and localized electric vehicle (EV) supply chains increasingly constrain the industry. Meanwhile, North American refineries are shifting to cleaner, local feedstocks to meet stricter automaker carbon standards. This traceability is filling the contractual gap in the clean nickel market.
While there is an overall supply surplus, there is a shortage of high-grade nickel ore essential for advanced cathodes. Companies with the capability to upgrade low-grade nickel ore into Class 1 nickel currently hold a distinct competitive edge.
Global market dynamics remain sensitive to potential export restrictions in the Philippines and the long-term implications of deep-sea mining initiatives. Concurrently, the Middle East and Africa are drawing new capital as Gulf investors diversify their portfolios into critical minerals.
