According to the Nickel Institute, grades containing nickel represent approximately 75% of global stainless steel production.
The demand for nickel is accelerating rapidly. Data from the International Nickel Study Group (INSG) in Portugal indicated that global nickel demand reached 1.4 million metric tons in 2010, marking a 21% increase from 1.1 million metric tons in 2000. Between 2010 and 2020, nickel demand surged by an additional 41%.
Information from the World Bureau of Metal Statistics (WBMS) showed that in the first half of 2021, the demand for refined nickel outstripped production by nearly 100,000 metric tons, with further increases anticipated.
A significant driver of this growing demand is the rising consumption in the electric vehicle (EV) sector. Nickel’s properties enable EV batteries to offer greater storage capacity and higher energy density.
The Electric Drive Transportation Association (EDTA) predicts that new EV sales will reach around 8.5 million units by 2025, reflecting a 10% growth. Additionally, projections from the Nickel Institute suggest that by 2025, 58% of lithium-ion batteries will incorporate nickel.
