Nickel Mining Market Analysis by Reserves, Production, Assets, Demand Drivers and Forecast to 2030

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Nickel Mining Market Report Overview

The nickel production was estimated at 3,372.3kt in 2023. Production in 2023 was supported by the commissioning of the Indonesian NPI, NPI-to-matte conversion capacities, and HPAL projects. The nickel production is expected to garner a CAGR of more than 5% from 2023 to 2030. Based on its purity, nickel ore is classified into Class 1 and Class 2. Class 1 nickel is primarily used for battery cathodes and is sourced from Russia, Canada, and Australia, while Class 2 nickel is primarily sourced from Indonesia, the Philippines, and New Caledonia.

Nickel Mining Market Outlook 2023-2030 (Thousand Tonnes (kt))

Nickel Mining Market Outlook 2023-2030 (Thousand Tonnes (kt))

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The nickel mining market research report provides comprehensive coverage of historical and forecast data on nickel reserves, nickel production, production by company, reserves by country, and price. The report also includes a demand drivers section providing information on factors that are shaping the nickel mining industry. It further profiles major nickel producers and offers insights on the major active, planned, and exploration projects by region.

Market Size (Nickel Production in 2023) 3,372.3kt
CAGR (2023-2030) >5%
Key Types ·        Class 1 Nickel

·        Class 2 Nickel

Key Countries ·        Indonesia

·        Philippines

·        Russia

·        New Caledonia

·        Australia

Active Mines ·        Weda Bay Project

·        PT Halmahera Persada Lygend Project

·        Taganito Mine

·        Sorowako Mine

·        Moneo Mining Center

Development Projects ·        Kingash Project

·        Sorowako Limonite Project

·        Wowo Gap Nickel Project

·        Kun-Manie Project

·        Wingellina Project

Exploration Projects ·        Storsjon Project

·        Clarion Clipperton Zone Project

·        Weda bay Nickel Project

·        Weld Range Complex Project

·        Julimar Project

Leading Companies ·         MMC Norilsk Nickel

·         Vale

·         Glencore

·         BHP

·         Sumitomo Metal Mining

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Nickel Mining Market Segmentation by Country

The key countries in the nickel mining market are Indonesia, the Philippines, Russia, New Caledonia, and Australia among others. In 2023, Indonesia dominated the nickel mining market. Their dominance in nickel production is expected to continue in the coming years. Indonesia alone will account for around half of the global production growth through 2030, with the future of nickel supply being driven by Indonesia’s progress. Furthermore, the country’s plan to expand its nickel smelting sector will boost domestic nickel mine production even more.

The Philippines was the world’s second-largest nickel producer in 2022. Growth in 2023 increased owing to rise in output from Nickel Asia’s Taganito and Cagdianao mines. It is the country’s largest nickel supplier. Furthermore, to meet the growing demand for nickel ore, the country is currently developing strategies to attract more investors in the nickel sector.

To meet the growing demand for nickel ore, the country is currently developing strategies to attract more investors in the nickel sector. In August 2023, the PNIA proposed the government establish a one-stop shop to reduce the current processing time of 5-10 years for mining permits to six months to a maximum of one year in order to attract more investment in the sector.

 Nickel Mining Market Analysis by Country, 2023 (%)

 Nickel Mining Market Analysis by Country, 2023 (%)

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Nickel Mining Market - Active Mines

The key active nickel mines are Weda Bay Project, PT Halmahera Persada Lygend Project, Taganito Mine, Sorowako Mine, and Moneo Mining Center among others. In 2023, Weda Bay Project was the leading active nickel mine with the highest saleable nickel production, followed by the PT Halmahera Persada Lygend Project.

 Nickel Mining Market Analysis by Active Mines, 2023 (%)

Nickel Mining Market Analysis by Active Mines, 2023 (%)

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Nickel Mining Market - Development Projects

The key development projects in the nickel mining market are Kingash Project, Sorowako Limonite Project, Wowo Gap Nickel Project, Kun-Manie Project, and Wingellina Project among others. In 2023, Kingash Project was the leading development project of the nickel mining market, followed by Sorowako Limonite Project, and Wowo Gap Nickel Project.

Nickel Mining Market Analysis by Development Projects, 2023 (%)

Nickel Mining Market Analysis by Development Projects, 2023 (%)

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Nickel Mining Market - Exploration Projects

The key exploration projects in the nickel mining market are Storsjon Project, Clarion Clipperton Zone Project, Weda bay Nickel Project, Weld Range Complex Project, and Julimar Project among others. In 2023, Storsjon Project was the leading exploration project of the nickel mining market.

 Nickel Mining Market Analysis by Exploration Projects, 2023 (%)

 Nickel Mining Market Analysis by Exploration Projects, 2023 (%)

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Nickel Mining Market - Competitive Landscape

The leading companies in the nickel mining market are:

  • MMC Norilsk Nickel
  • Vale
  • Glencore
  • BHP
  • Sumitomo Metal Mining

MMC Norilsk Nickel is the world-largest nickel producer and based in Russia. It carries out the mining, exploration, concentration, and processing of minerals. It also has operations across Finland, South Africa, and other countries. In April 2023, Nornickel deployed an operations planning, organization and control center at Mayak Mine, Polar Division – a fifth such mine to have this type of advanced technology. This digitalization technology enables planning, quality control, and 24/7 real-time monitoring of all processes both underground and on the surface.

Leading Nickel Mining Market Analysis by Companies, 2022 (%)

Leading Nickel Mining Market Analysis by Companies, 2022 (%)

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Scope

  • Reserves and Production Data: Access detailed information on reserves, reserves by country, production figures, production by country, and production by company.
  • Key Players: Learn about the major players in the industry like MMC Norilsk Nickel, Vale SA, Glencore Plc, Sumitomo Metal Mining Co Ltd, South32 Ltd, Anglo-American plc, Eramet SA, PT ANTAM (Persero) Tbk and First Quantum Minerals Ltd.
  • Country Insights: Discover leading nickel-producing countries such as Indonesia, Philippines, Russia, New Caledonia, Australia.
  • Project landscape: Gain insights into nickel explorational and developmental projects, as well as active mines.

Reasons to Buy

  • Understand market trends: Gain a comprehensive understanding of nickel mining by exploring country-wise market dynamics, identifying key assets, and assessing the competitive landscape.
  • Strategic market analysis: Navigate the industry with ease by exploring historical and forecast trends to anticipate market shifts and make forward-looking decisions.
  • Forge valuable partnerships: Identify key players in the nickel mining market and access exclusive information on key stakeholders such as nickel producers, government entities, suppliers, and more.
  • Uncover major projects: Dive into a detailed overview of major active, explorational, and developmental mining projects across various regions.

MMC Norilsk Nickel
Vale SA
Glencore Plc
Sumitomo Metal Mining Co Ltd
South32 Ltd
Anglo-American plc
Eramet SA
PT ANTAM (Persero) Tbk and First Quantum Minerals Ltd

Table of Contents

Overview

Nickel Reserves

Nickel Production

Nickel Price Analysis

Major Active Mines

Major Development Projects

Major Exploration Projects

Competitive Landscape

Demand and Trade

Appendix

Table

Table 1: Nickel reserves by country (million tonnes), January 2022

Table 2: Active mines in Indonesia by total ore reserves (million tonnes)

Table 3: Active mines in Australia by total ore reserves (million tonnes)

Table 4: Active mines in Brazil by total ore reserves (million tonnes)

Table 5: Active mines in Russia by total ore reserves (million tonnes)

Table 6: Active mine in Philippines by total ore reserves (million tonnes)

Table 7: Historical and forecast Nickel mine production (thousand tonnes), 2006–26

Table 8: Nickel mine production by country (thousand tonnes), 2006–26

Table 9: Nickel mine production in Indonesia (thousand tonnes), 2006–26

Table 10: Nickel mine production in the Philippines (thousand tonnes), 2006–26

Table 11: Nickel mine production by company (thousand tonnes) and production guidance, 2020–21

Table 12: World nickel prices, quarterly ($/tonne), 2014–22

Table 13: Active mines in APAC, 2022

Table 14: Active mines in Europe, 2022

Table 15: Active mines in Former Soviet Union, 2022

Table 16: Active mines in Middle East and Africa, 2022

Table 17: Active mines in North America, 2022

Table 18: Active mines in Oceania, 2022

Table 19: Active mines in South and Central American, 2022

Table 20: Development projects in APAC, 2022

Table 21: Development projects in Europe, 2022

Table 22: Development projects in Former Soviet Union, 2022

Table 23: Development projects in Middle East and Africa, 2022

Table 24: Development projects in North America, 2022

Table 25: Development projects in Oceania, 2022

Table 26: Development projects in South and Central America, 2022

Table 27: Exploration projects in APAC, 2022

Table 28: Exploration projects in Europe, 2022

Table 29: Exploration projects in Former Soviet Union, 2022

Table 30: Exploration projects in Middle East and Africa, 2022

Table 31: Exploration projects in North America, 2022

Table 32: Exploration projects in Oceania, 2022

Table 33: Exploration projects in South and Central America, 2022

Table 34: Global stainless-steel production (million tonnes), 2015–21

Table 35: Major mergers & acquisitions in EV market ($million), 2019–22

Table 36: Global historical electric vehicle sales by category (million vehicles), 2010–21

Table 37: China’s historical electric vehicle sales by category (thousand vehicles), 2010–21

Table 38: Top exporters of nickel ores and concentrates (thousand tonnes), 2021

Table 39: Top importers of nickel ores and concentrates (thousand tonnes), 2021

Table 40: MMC Norilsk Nickel, major projects, 2022

Table 41: Vale SA, major projects, 2022

Table 42: Glencore Plc, major projects, 2022

Table 43: BHP, major projects, 2022

Figures

Figure 1: Nickel reserves by country (million tonnes), 2017–22

Figure 2: Nickel reserves by country (%), January 2022

Figure 3: Historic and forecast Nickel mine production (thousand tonnes), 2006–26

Figure 4: Nickel mine production by country (thousand tonnes), 2020–21

Figure 5: Nickel mine production in Indonesia (thousand tonnes), 2006–26

Figure 6: Nickel mine production in the Philippines (thousand tonnes), 2006–26

Figure 7: Nickel mine production by company (thousand tonnes), 2020–21

Figure 8: World nickel prices, quarterly ($/mt), 2014–22

Figure 9: China NPI production (thousand tonnes), 2016–21

Figure 10: Global nickel consumption by end use (%), 2021

Figure 11: Global stainless-steel consumption by end use (%), 2021

Figure 12: Global stainless-steel production (million tonnes), 2015–21

Figure 13: Global historical electric vehicle sales by category (million vehicles), 2010–21

Figure 14: China’s historical electric vehicle sales by category (thousand vehicles), 2010–21

Figure 15: Top exporters and imports of nickel ores and concentrates (%), 2021

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