The global nickel mining market size was valued at USD 74.30 billion in 2024 and is projected to reach USD 83.81 billion by 2030, expanding at a CAGR of 2.5% from 2025 to 2030. This growth is primarily driven by rising demand from key end-use industries such as construction, consumer durables, and machinery & equipment, which significantly contribute to the growing stainless steel sector.

Nickel serves as a vital component in the production of stainless steel. As per the Nickel Institute, over two-thirds of the world's nickel output is used for manufacturing stainless steel. Its function as an alloying element enhances various characteristics such as formability, ductility, weldability, and corrosion resistance. Presently, there is only one active nickel-cobalt mine in the U.S., with an annual output of approximately 17.0 kilotons of nickel. Nickel also plays a crucial role in sectors such as electric vehicles (EVs), defense, aerospace, and steel. Given that 40–50% of its nickel supply is imported, the U.S. is focusing on expanding its domestic mining capabilities.

Recent strategic developments further underline growth prospects. In September 2023, the U.S. Department of Defense (DoD) awarded Talon Metals Corp a USD 20.6 million contract to advance nickel exploration in the Tamarack Intrusive Complex. Additionally, in June 2023, Talon Metals initiated environmental regulatory procedures for its nickel mine near Tamarack, Minnesota. The project is anticipated to be a major contributor to Tesla’s EV battery supply chain, making regulatory clearance critical to its implementation.

However, environmental concerns pose a significant challenge. Nickel extraction and processing can result in severe environmental impacts such as pollution of air, water, and soil, as well as destruction of habitats. The release of toxic elements into ecosystems raises public and regulatory scrutiny, potentially hindering market expansion.

Sustainability initiatives are gaining traction in response to these concerns. Recycling projects aim to reduce environmental impact and improve resource efficiency. For example, in April 2025, Panasonic Energy and Sumitomo Metal Mining announced a joint nickel recycling initiative targeting production waste from lithium-ion batteries. Recycled nickel will be repurposed into cathode materials, beginning with scrap from Panasonic’s Osaka plant and refined at Sumitomo’s Niihama Nickel Refinery in Ehime Prefecture.

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Key Market Trends & Insights

• The Asia Pacific region dominated the global nickel mining market, accounting for the largest revenue share of 57.8% in 2024.

• The U.S. nickel mining sector is expected to experience substantial growth during the forecast period.

• Based on end-use, the stainless steel segment held the largest market share, contributing 70.5% in 2024.

Market Size & Forecast

• 2024 Market Size: USD 74.30 Billion

• 2030 Projected Market Size: USD 83.81 Billion

• CAGR (2025–2030): 2.5%

• Asia Pacific: Largest Market in 2024

• Europe: Fastest Growing Region

Key Nickel Mining Company Insights

Prominent players in the global nickel mining market include:

• Vale
• Glencore
• BHP
• Sumitomo Metal Mining Co., Ltd.
• Sherritt International Corporation
• FUJI ULTRASONIC ENGINEERING Co., Ltd.
• IGO Limited
• Eramet
• Lundin Mining Corporation
• Norilsk Nickel
• Nickel Asia Corporation

Glencore engages in the global supply of commodities, including nickel, through its integrated mining, smelting, and refining operations. Sherritt International Corporation specializes in nickel and cobalt production, with operations in Canada and Cuba, supporting battery manufacturing and industrial applications.

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Conclusion

The nickel mining market is poised for steady growth, supported by demand from stainless steel manufacturing and emerging applications in electric vehicles and advanced technologies. While regulatory and environmental challenges persist, increasing investments in domestic mining and sustainable practices, such as recycling, are expected to shape the industry's trajectory. Collaboration between governments and companies to enhance local production and reduce dependency on imports will be key to achieving long-term market stability and environmental responsibility.