Global Nickel Demand for Batteries to Increase to 1.33 Million Tons by 2030

On the 28th, secondary battery market research firm SNE Research projected in its '2024 Battery Nickel Metal Report (~2030)' that the demand for nickel used in battery production will expand from 530,000 tons in 2024 to 1.33 million tons in 2030, an increase of 800,000 tons. This corresponds to a compound annual growth rate (CAGR) of 20%. SNE Research anticipated that the proportion of nickel used for batteries within the total nickel demand will rapidly increase due to the growth of the electric vehicle (EV) industry.

Nickel is emerging as a key mineral in the global economy and energy transition, serving as a primary raw material for electric vehicle batteries and the stainless steel industry. Indonesia, with abundant reserves and mining capacity, and China, with processing capabilities and a consumer market, play significant roles in the global nickel market.

Although stainless steel remains the main market for nickel, the rapid growth in demand from the battery industry is restructuring the nickel market. The market expects that the share of nickel used for batteries will further expand due to the high growth rate of the battery industry.

SNE Research forecasted that the share of nickel used for batteries, which accounted for about 15% of the total market in 2023, will increase to 26% by 2030. SNE Research explained, "As the nickel content in cathode materials such as NCM (Nickel-Cobalt-Manganese) and NCA (Nickel-Cobalt-Aluminum) increases, demand for high-purity (Class 1) nickel is expected to steadily rise."