Product Code: PM6003
The nickel mining market size is expected to reach USD 93.21 Billion by 2034, according to a new study by Polaris Market Research. The report "Nickel Mining Market Size, Share, Trends, & Industry Analysis Report By Mining Technique (Underground Mining and Open Cast Mining), By Application, and By Region - Market Forecast, 2025-2034" gives a detailed insight into current market dynamics and provides analysis on future market growth.
The global nickel mining industry is witnessing steady growth as demand rises from sectors such as construction, renewable energy, and marine manufacturing. Nickel's strength and resistance to corrosion make it a preferred material for producing durable alloys used in large-scale infrastructure, pipelines, and industrial systems. Emerging markets are contributing significantly to this demand, with expanding investments in buildings, transportation networks, and utility infrastructure.
Governments in several countries are supporting building secure domestic supply chains for critical minerals, including nickel. This shift is aimed at reducing import dependence and supporting national strategies for clean energy and battery production. Therefore, mining companies are scaling up operations, exploring new reserves, and partnering with technology providers to improve extraction efficiency and meet the evolving material needs of energy transition projects.
Nickel Mining Market Report Highlights
Based on mining technique, the open cast mining segment accounted for largest revenue share in 2024, due to the cost-efficiency, ease of operation, and suitability for high-volume ore extraction.
In terms of application, the stainless-steel segment dominated the market in 2024. This is attributed to the increasing demand from sectors such as construction, chemical processing, transportation, and household appliances.
Asia Pacific accounted for the majority share of the global nickel mining market in 2024. This is attributed to the region's vast nickel reserves, supportive government frameworks, and rising industrial production.
North America held substantial market share, owing to the rising adoption of electric vehicles, which is intensifying demand for high-purity Class 1 nickel resources.
A few global key market players include Anglo American plc, BHP Group Limited, Eramet S.A., FUJI ULTRASONIC ENGINEERING Co., Ltd., Glencore plc, IGO Limited, Lundin Mining Corporation, MMC Norilsk Nickel PJSC, Nickel Asia Corporation, Sherritt International Corporation, South32 Limited, Sumitomo Metal Mining Co., Ltd., Terrafame Ltd., Tsingshan Holding Group Co., Ltd., and Vale S.A.
Polaris Market Research has segmented the market report on the basis of mining technique, application, and region:
By Mining Technique Outlook (Revenue, USD Billion, 2020-2034)
Underground Mining
Open Cast Mining
By Application Outlook (Revenue, USD Billion, 2020-2034)
Stainless Steel
Electroplating
Batteries
Nonferrous Alloys and Superalloys
Others
By Regional Outlook (Revenue, USD Billion, 2020-2034)
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Netherlands
Russia
Rest of Europe
Asia Pacific
China
Japan
India
Malaysia
South Korea
Indonesia
Australia
Vietnam
Rest of Asia Pacific
Middle East & Africa
Saudi Arabia
UAE
Israel
South Africa
Rest of Middle East & Africa
Latin America
Mexico
Brazil
Argentina
Rest of Latin America
Table of Contents
1. Introduction
- 1.1. Report Description
- 1.1.1. Objectives of the Study
- 1.1.2. Market Scope
- 1.1.3. Assumptions
- 1.2. Stakeholders
2. Executive Summary
3. Research Methodology
- 3.1. Overview
- 3.2. Data Sources
- 3.2.1. Primary Sources
- 3.2.2. Secondary Sources
4. Global Nickel Mining Market Insights
- 4.1. Nickel Mining Market - Market Snapshot
- 4.2. Nickel Mining Market Dynamics
- 4.2.1. Drivers and Opportunities
- 4.2.1.1. Growth in Stainless Steel Production Due to Infrastructure Expansion
- 4.2.1.2. Government Investment in the Mining Sector
- 4.2.2. Restraints and Challenges
- 4.2.2.1. Environmental Concerns and Ecological Impact
- 4.2.2.2. Stringent Regulatory Frameworks
- 4.3. Porter's Five Forces Analysis
- 4.3.1. Bargaining Power of Suppliers (Moderate)
- 4.3.2. Threats of New Entrants: (Low)
- 4.3.3. Bargaining Power of Buyers (Moderate)
- 4.3.4. Threat of Substitute (Moderate)
- 4.3.5. Rivalry among existing firms (High)
- 4.4. PESTEL Analysis
- 4.5. Nickel Mining Market Trends
- 4.6. Value Chain Analysis
5. Global Nickel Mining Market, by Mining Technique
- 5.1. Key Findings
- 5.2. Introduction
- 5.2.1. Global Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 5.3. Underground Mining
- 5.3.1. Global Nickel Mining Market, by Underground Mining, by Region, 2020-2034 (USD Billion)
- 5.4. Open Cast Mining
- 5.4.1.1. Global Nickel Mining Market, by Open Cast Mining, by Region, 2020-2034 (USD Billion)
6. Global Nickel Mining Market, by Application
- 6.1. Key Findings
- 6.2. Introduction
- 6.2.1. Global Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 6.3. Stainless Steel
- 6.3.1. Global Nickel Mining Market, by Stainless Steel, by Region, 2020-2034 (USD Billion)
- 6.4. Electroplating
- 6.4.1. Global Nickel Mining Market, by Electroplating, by Region, 2020-2034 (USD Billion)
- 6.5. Batteries
- 6.5.1. Global Nickel Mining Market, by Batteries, by Region, 2020-2034 (USD Billion)
- 6.6. Nonferrous Alloys and Superalloys
- 6.6.1. Global Nickel Mining Market, by Nonferrous Alloys and Superalloys, by Region, 2020-2034 (USD Billion)
- 6.7. Others
- 6.7.1. Global Nickel Mining Market, by Others, by Region, 2020-2034 (USD Billion)
7. Global Nickel Mining Market, by Geography
- 7.1. Key Findings
- 7.2. Introduction
- 7.2.1. Nickel Mining Market Assessment, By Geography, 2020-2034 (USD Billion)
- 7.3. Nickel Mining Market - North America
- 7.3.1. North America: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.3.2. North America: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.3.3. Nickel Mining Market - US
- 7.3.3.1. US: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.3.3.2. US: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.3.4. Nickel Mining Market - Canada
- 7.3.4.1. Canada: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.3.4.2. Canada: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.4. Nickel Mining Market - Europe
- 7.4.1. Europe: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.4.2. Europe: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.4.3. Nickel Mining Market - UK
- 7.4.3.1. UK: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.4.3.2. UK: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.4.4. Nickel Mining Market - France
- 7.4.4.1. France: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.4.4.2. France: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.4.5. Nickel Mining Market - Germany
- 7.4.5.1. Germany: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.4.5.2. Germany: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.4.6. Nickel Mining Market - Italy
- 7.4.6.1. Italy: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.4.6.2. Italy: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.4.7. Nickel Mining Market - Spain
- 7.4.7.1. Spain: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.4.7.2. Spain: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.4.8. Nickel Mining Market - Netherlands
- 7.4.8.1. Netherlands: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.4.8.2. Netherlands: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.4.9. Nickel Mining Market - Russia
- 7.4.9.1. Russia: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.4.9.2. Russia: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.4.10. Nickel Mining Market - Rest of Europe
- 7.4.10.1. Rest of Europe: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.4.10.2. Rest of Europe: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.5. Nickel Mining Market - Asia Pacific
- 7.5.1. Asia Pacific: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.5.2. Asia Pacific: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.5.3. Nickel Mining Market - China
- 7.5.3.1. China: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.5.3.2. China: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.5.4. Nickel Mining Market - India
- 7.5.4.1. India: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.5.4.2. India: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.5.5. Nickel Mining Market - Malaysia
- 7.5.5.1. Malaysia: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.5.5.2. Malaysia: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.5.6. Nickel Mining Market - Japan
- 7.5.6.1. Japan: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.5.6.2. Japan: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.5.7. Nickel Mining Market - Indonesia
- 7.5.7.1. Indonesia: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.5.7.2. Indonesia: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.5.8. Nickel Mining Market - South Korea
- 7.5.8.1. South Korea: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.5.8.2. South Korea: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.5.9. Nickel Mining Market - Australia
- 7.5.9.1. Australia: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.5.9.2. Australia: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.5.10. Nickel Mining Market - Rest of Asia Pacific
- 7.5.10.1. Rest of Asia Pacific: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.5.10.2. Rest of Asia Pacific: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.6. Nickel Mining Market - Middle East & Africa
- 7.6.1. Middle East & Africa: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.6.2. Middle East & Africa: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.6.3. Nickel Mining Market - Saudi Arabia
- 7.6.3.1. Saudi Arabia: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.6.3.2. Saudi Arabia: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.6.4. Nickel Mining Market - UAE
- 7.6.4.1. UAE: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.6.4.2. UAE: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.6.5. Nickel Mining Market - Israel
- 7.6.5.1. Israel: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.6.5.2. Israel: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.6.6. Nickel Mining Market - South Africa
- 7.6.6.1. South Africa: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.6.6.2. South Africa: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.6.7. Nickel Mining Market - Rest of Middle East & Africa
- 7.6.7.1. Rest of Middle East & Africa: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.6.7.2. Rest of Middle East & Africa: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.7. Nickel Mining Market - Latin America
- 7.7.1. Latin America: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.7.2. Latin America: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.7.3. Nickel Mining Market - Mexico
- 7.7.3.1. Mexico: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.7.3.2. Mexico: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.7.4. Nickel Mining Market - Brazil
- 7.7.4.1. Brazil: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.7.4.2. Brazil: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.7.5. Nickel Mining Market - Argentina
- 7.7.5.1. Argentina: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.7.5.2. Argentina: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
- 7.7.6. Nickel Mining Market - Rest of Latin America
- 7.7.6.1. Rest of Latin America: Nickel Mining Market, by Mining Technique, 2020-2034 (USD Billion)
- 7.7.6.2. Rest of Latin America: Nickel Mining Market, by Application, 2020-2034 (USD Billion)
8. Competitive Landscape
- 8.1. Expansion and Acquisition Analysis
- 8.1.1. Expansion
- 8.1.2. Acquisitions
- 8.2. Partnerships/Collaborations/Agreements/Exhibitions
9. Company Profiles
- 9.1. BHP Group Limited
- 9.1.1. Company Overview
- 9.1.2. Financial Performance
- 9.1.3. Product Benchmarking
- 9.1.4. Recent Development
- 9.2. Eramet S.A.
- 9.2.1. Company Overview
- 9.2.2. Financial Performance
- 9.2.3. Product Benchmarking
- 9.2.4. Recent Development
- 9.3. FUJI Ultrasonic Engineering Co., Ltd.
- 9.3.1. Company Overview
- 9.3.2. Financial Performance
- 9.3.3. Product Benchmarking
- 9.3.4. Recent Development
- 9.4. Glencore plc
- 9.4.1. Company Overview
- 9.4.2. Financial Performance
- 9.4.3. Product Benchmarking
- 9.4.4. Recent Development
- 9.5. IGO Limited
- 9.5.1. Company Overview
- 9.5.2. Financial Performance
- 9.5.3. Product Benchmarking
- 9.5.4. Recent Development
- 9.6. Lundin Mining Corporation
- 9.6.1. Company Overview
- 9.6.2. Financial Performance
- 9.6.3. Product Benchmarking
- 9.6.4. Recent Development
- 9.7. Nickel Asia Corporation
- 9.7.1. Company Overview
- 9.7.2. Financial Performance
- 9.7.3. Product Benchmarking
- 9.7.4. Recent Development
- 9.8. MMC Norilsk Nickel PJSC
- 9.8.1. Company Overview
- 9.8.2. Financial Performance
- 9.8.3. Product Benchmarking
- 9.8.4. Recent Development
- 9.9. Sherritt International Corporation
- 9.9.1. Company Overview
- 9.9.2. Financial Performance
- 9.9.3. Product Benchmarking
- 9.9.4. Recent Development
- 9.10. Sumitomo Metal Mining Co., Ltd.
- 9.10.1. Company Overview
- 9.10.2. Financial Performance
- 9.10.3. Product Benchmarking
- 9.10.4. Recent Development
- 9.11. Terrafame Ltd.
- 9.11.1. Company Overview
- 9.11.2. Financial Performance
- 9.11.3. Product Benchmarking
- 9.11.4. Recent Development
- 9.12. Tsingshan Holding Group Co., Ltd.
- 9.12.1. Company Overview
- 9.12.2. Financial Performance
- 9.12.3. Product Benchmarking
- 9.12.4. Recent Development