Market overview
The global nickel market is worth USD 54.6 bn in 2026 and is forecast to reach USD 88.9 bn by 2036, growing at a 5.0% CAGR. China is the largest country market and Nickel pig iron and ferronickel is the largest by product segment.
| Scope | Refined nickel metal and nickel in ferronickel, nickel pig iron and chemical-grade products consumed by stainless steel, alloy, battery and plating industries. |
|---|---|
| Industry | Chemicals and Materials |
| Value 2025 | USD 52.0 bn |
| Value 2026 | USD 54.6 bn |
| Value 2036 | USD 88.9 bn |
| CAGR 2026-2036 | 5.0% |
| Volume 2026 | 3,500,000 tonnes |
| Volume 2036 | 4,676,913 tonnes |
| Average price 2026 | USD 15,600 per tonne |
| Report price | Starts from USD 1,999 |
| Published | November 2026 |
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Nickel market size and forecast, 2026-2036
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| Year | Market value |
|---|---|
| 2026 | USD 54.6 bn |
| 2027 | USD 57.3 bn |
| 2028 | USD 60.2 bn |
| 2029 | USD 63.2 bn |
| 2030 | USD 66.4 bn |
| 2031 | USD 69.7 bn |
| 2032 | USD 73.2 bn |
| 2033 | USD 76.8 bn |
| 2034 | USD 80.7 bn |
| 2035 | USD 84.7 bn |
| 2036 | USD 88.9 bn |
Nickel market segmentation
By product
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Class 1 refined nickel | 40.0% | 40.2% | USD 21.8 bn | 5.1% |
| Nickel pig iron and ferronickel | 50.0% | 41.5% | USD 27.3 bn | 3.1% |
| Nickel sulphate and chemicals | 10.0% | 18.3% | USD 5.5 bn | 11.5% |
By end use
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Stainless steel | 62.0% | 51.1% | USD 33.9 bn | 3.0% |
| Batteries | 16.0% | 29.0% | USD 8.7 bn | 11.4% |
| Alloys and superalloys | 10.0% | 10.0% | USD 5.5 bn | 5.0% |
| Plating and others | 12.0% | 9.9% | USD 6.6 bn | 3.0% |
By ore source
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Sulphide ores | 42.0% | 36.0% | USD 22.9 bn | 3.4% |
| Laterite ores | 52.0% | 56.0% | USD 28.4 bn | 5.8% |
| Recycled | 6.0% | 8.0% | USD 3.3 bn | 8.1% |
By supply channel
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Long-term contracts | 44.0% | 42.0% | USD 24.0 bn | 4.5% |
| Exchange and spot | 38.0% | 38.0% | USD 20.7 bn | 5.0% |
| Captive | 18.0% | 20.0% | USD 9.8 bn | 6.1% |
By producer type
| Segment | Share 2026 | Share 2036 | Value 2026 | CAGR 2026-36 |
|---|---|---|---|---|
| Integrated majors | 34.0% | 30.0% | USD 18.6 bn | 3.7% |
| Indonesian and Chinese NPI producers | 44.0% | 46.0% | USD 24.0 bn | 5.5% |
| Independent mining companies | 22.0% | 24.0% | USD 12.0 bn | 5.9% |
Top 25 countries for nickel by revenue
Countries are ranked by revenue earned from sales in the country, not by where the product is made. The ten largest hold 90.0% of 2026 revenue and the 25 countries below together hold 97.6%.
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
| # | Country | Value 2026 | Share 2026 | Value 2036 | CAGR 2026-36 |
|---|---|---|---|---|---|
| 1 | China | USD 30.6 bn | 56.0% | USD 51.9 bn | 5.4% |
| 2 | Indonesia | USD 3.8 bn | 7.0% | USD 7.1 bn | 6.4% |
| 3 | United States | USD 2.7 bn | 5.0% | USD 3.8 bn | 3.4% |
| 4 | Japan | USD 2.2 bn | 4.0% | USD 2.8 bn | 2.4% |
| 5 | South Korea | USD 2.2 bn | 4.0% | USD 3.0 bn | 3.3% |
| 6 | Germany | USD 1.9 bn | 3.5% | USD 2.4 bn | 2.3% |
| 7 | India | USD 1.9 bn | 3.5% | USD 3.9 bn | 7.4% |
| 8 | Taiwan | USD 1.6 bn | 3.0% | USD 2.2 bn | 3.1% |
| 9 | Italy | USD 1.1 bn | 2.0% | USD 1.4 bn | 2.7% |
| 10 | Turkey | USD 1.1 bn | 2.0% | USD 1.6 bn | 3.9% |
| 11 | France | USD 513 mn | 0.9% | USD 809 mn | 4.7% |
| 12 | Finland | USD 404 mn | 0.7% | USD 640 mn | 4.7% |
| 13 | Sweden | USD 377 mn | 0.7% | USD 596 mn | 4.7% |
| 14 | Canada | USD 349 mn | 0.6% | USD 560 mn | 4.8% |
| 15 | Brazil | USD 322 mn | 0.6% | USD 516 mn | 4.8% |
| 16 | Spain | USD 295 mn | 0.5% | USD 471 mn | 4.8% |
| 17 | Thailand | USD 295 mn | 0.5% | USD 543 mn | 6.3% |
| 18 | Vietnam | USD 268 mn | 0.5% | USD 489 mn | 6.2% |
| 19 | South Africa | USD 240 mn | 0.4% | USD 382 mn | 4.8% |
| 20 | Mexico | USD 213 mn | 0.4% | USD 347 mn | 5.0% |
| 21 | Malaysia | USD 213 mn | 0.4% | USD 391 mn | 6.3% |
| 22 | United Kingdom | USD 191 mn | 0.3% | USD 302 mn | 4.7% |
| 23 | Russia | USD 164 mn | 0.3% | USD 258 mn | 4.6% |
| 24 | Belgium | USD 164 mn | 0.3% | USD 258 mn | 4.6% |
| 25 | Australia | USD 136 mn | 0.2% | USD 213 mn | 4.6% |
| Rest of world | USD 1.3 bn | 2.4% | USD 2.0 bn | 4.4% |
Source: Compare Market Research analysis.
© 2026 Compare Market Research. All rights reserved.
Competitive landscape
Group 1: Global leaders
- Nornickel
- Vale
- Glencore
- Tsingshan Holding Group
- BHP
- Jinchuan Group
Group 2: Regional and specialist players
- Sumitomo Metal Mining
- Eramet
- Anglo American
- Sherritt International
- Aneka Tambang
- Nickel Asia
- Pacific Metals
- IGO
- Boliden
- Zhejiang Huayou Cobalt
Group 3: Emerging and niche players
- Harita Nickel
- Nickel Industries
- Wyloo Metals
- Jervois Global
- Prony Resources
Research methodology
Every figure on this page comes from the research framework that we apply to all of the markets we cover. The 2025 base for the nickel market is built from the volume sold and the price that buyers pay, and is cross-checked against the size of the wider industry the market belongs to. Where a market can be sized in more than one way, the routes are compared before a figure is set.
The forecast runs year by year from the 2025 base to 2036. Growth in each year reflects demand from the industries that buy the product, adoption of new technology, pricing, regulation and replacement cycles. Volume and price are modelled together, so revenue in each year equals volume multiplied by average price. The 2026 to 2036 compound annual growth rate of 5.0% is calculated from the resulting values.
The market is divided by product, by end use, by ore source, by supply channel, by producer type. The 25 largest countries are ranked by revenue earned from sales to buyers in each country, not by where the product is made. Segment values and country values add up to the market total in every year, and every report is checked for consistency before it is published.
Companies are placed in three groups: global leaders, regional and specialist players, and emerging and niche players. The groups describe how companies compete in the market. They are not a ranking and they are not market shares.
Our analysts also carry out primary research. Customized reports add interviews with key opinion leaders, such as senior executives, technical specialists and buyers, to test the assumptions behind the numbers for the question being asked.
Frequently asked questions
How big is the nickel market?
The global nickel market is estimated at USD 52.0 bn in 2025 and USD 54.6 bn in 2026.
How fast will the nickel market grow?
It is forecast to reach USD 88.9 bn by 2036, a compound annual growth rate of 5.0% from 2026, an increase of USD 34.3 bn.
Which country is the largest market for nickel?
China is the largest market by revenue at USD 30.6 bn in 2026, 56.0% of the global total. The three largest countries together hold 68.0%.
Which country is growing fastest?
Among the ten largest markets, India is growing fastest at 7.4% a year from 2026 to 2036.
Which nickel segment is largest?
In the by product split, Nickel pig iron and ferronickel is the largest segment with 50.0% of 2026 revenue.
Who are the leading nickel companies?
Global leaders include Nornickel, Vale, Glencore, Tsingshan Holding Group.
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