Nickel Mining Market Size Worth USD 93.21 Billion by 2034 | CAGR: 2.4%

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.

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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.

Top of FormNickel 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