Global Nickel Market 2025

Nickel Market Size

The global nickel market amounted to $X in 2022, standing approx. at the previous year. The market value increased at an average annual rate of +2.6% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the global market reached the maximum level in 2022 and is likely to continue growth in the near future.

Nickel Production

In value terms, nickel production totaled $X in 2022 estimated in export price. The total output value increased at an average annual rate of +1.3% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2018 when the production volume increased by 26%. Global production peaked at $X in 2019; however, from 2020 to 2022, production failed to regain momentum.

Nickel Exports

Exports

For the third consecutive year, the global market recorded decline in shipments abroad of nickel (unwrought), which decreased by -14.9% to X tons in 2022. In general, exports saw a noticeable decrease. The most prominent rate of growth was recorded in 2013 when exports increased by 16% against the previous year. Over the period under review, the global exports reached the maximum at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, nickel exports reached $X in 2022. Overall, exports continue to indicate a mild slump. The most prominent rate of growth was recorded in 2021 with an increase of 26%. The global exports peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

The shipments of the three major exporters of nickel (unwrought), namely Canada, Russia and Norway, represented more than third of total export. Finland (X tons) ranks next in terms of the total exports with a 6.9% share, followed by the Netherlands (6.6%), South Africa (6.2%) and the UK (5.1%). The following exporters - Taiwan (Chinese) (X tons), Madagascar (X tons), Singapore (X tons), Japan (X tons), Germany (X tons) and China (X tons) - together made up 17% of total exports.

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the key exporting countries, was attained by Madagascar (with a CAGR of +18.9%), while the other global leaders experienced more modest paces of growth.

In value terms, Canada ($X), Norway ($X) and Russia ($X) appeared to be the countries with the highest levels of exports in 2022, together accounting for 50% of global exports. The Netherlands, Finland, South Africa, the UK, Taiwan (Chinese), Madagascar, Singapore, Germany, Japan and China lagged somewhat behind, together comprising a further 41%.

South Africa, with a CAGR of +21.1%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the average nickel export price amounted to $X per ton, surging by 18% against the previous year. In general, export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, nickel export price increased by +119.4% against 2016 indices. The growth pace was the most rapid in 2021 when the average export price increased by 31% against the previous year. Over the period under review, the average export prices hit record highs in 2022 and is likely to continue growth in years to come.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Canada ($X per ton), while China ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the Netherlands (+3.7%), while the other global leaders experienced more modest paces of growth.

Nickel Imports

Imports

In 2022, global imports of nickel (unwrought) contracted rapidly to X tons, declining by -17.3% compared with 2021. Overall, imports recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of 20%. Over the period under review, global imports reached the peak figure at X tons in 2016; however, from 2017 to 2022, imports remained at a lower figure.

In value terms, nickel imports expanded remarkably to $X in 2022. Over the period under review, total imports indicated a measured increase from 2012 to 2022: its value increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +71.9% against 2020 indices. The growth pace was the most rapid in 2021 when imports increased by 55% against the previous year. Over the period under review, global imports attained the peak figure in 2022 and are likely to continue growth in the immediate term.

Imports by Country

In 2022, China (X tons), distantly followed by the United States (X tons), Germany (X tons), the Netherlands (X tons), Japan (X tons), South Korea (X tons), Italy (X tons) and India (X tons) represented the major importers of nickel (unwrought), together constituting 73% of total imports. France (X tons), Taiwan (Chinese) (X tons), Sweden (X tons), Austria (X tons) and Belgium (X tons) followed a long way behind the leaders.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by South Korea (with a CAGR of +7.4%), while imports for the other global leaders experienced more modest paces of growth.

In value terms, the largest nickel importing markets worldwide were China ($X), the United States ($X) and Germany ($X), with a combined 45% share of global imports. The Netherlands, Japan, South Korea, Italy, India, France, Sweden, Belgium, Austria and Taiwan (Chinese) lagged somewhat behind, together comprising a further 43%.

Among the main importing countries, South Korea, with a CAGR of +11.1%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices by Country

In 2022, the average nickel import price amounted to $X per ton, increasing by 34% against the previous year. Overall, import price indicated a temperate increase from 2012 to 2022: its price increased at an average annual rate of +2.9% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, nickel import price increased by +143.0% against 2016 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Belgium ($X per ton), while Taiwan (Chinese) ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+4.3%), while the other global leaders experienced more modest paces of growth.

Source: IndexBox Platform

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