Europe Nickel Market Size by 2033

Market Size in 2024: USD 9.39 Billion
Market Forecast in 2033: USD 15.19 Billion
Market Growth Rate 2025-2033: 5.05%

The Europe nickel market surpassed USD 9.39 billion in 2024 and is projected to climb to USD 15.19 billion by 2033, expanding at a CAGR of 5.05%. This robust trajectory is underpinned by surging electric-vehicle demand, growing stainless-steel production, and intensifying investment in sustainable nickel processing.

Growth Drivers Behind the European Nickel Market

EV Battery Incentives & High-Grade Nickel Demand

Across Europe, EV registrations grew 25% in 2024 thanks to purchase subsidies and CO₂ fleet targets. To secure supply chains, France approved KL1’s nickel and cobalt refinery near Bordeaux in 2024 with a target of 20-30% of national EV battery demand by 2030. Battery makers are favouring NCM and NCA cathodes so demand for Class-1 nickel and multi-year supply contracts is increasing.

Circular-Economy & Recycling Mandates

The EU’s 2025 battery regulation requires 16% recycled cobalt, nickel and lithium in new packs. In response Boliden and ERMA launched a €75m facility in Sweden in 2025 that can recover 5,000 tonnes of nickel per year from end-of-life batteries, reducing primary ore dependence and aligning with Europe’s green-industrial strategy.

Green Steel & Stainless-Steel Expansion

Stainless steel still consumes 70% of European nickel. Germany’s €100bn Climate Action Fund is now subsidising low-carbon steel production and ArcelorMittal’s Hamburg plant commissioned a 1 Mtpa electric-arc furnace in 2024 that uses 12% nickel alloys. This is driving consistent upstream demand for ferro-nickel and refined nickel.

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Europe Nickel Market Segmentation

Analysis by Product Type

• Class I
• Class II

Analysis by Application

• Stainless Steel & Alloy Steel
• Non-Ferrous Alloys & Superalloys
• Electroplating
• Batteries
• Others

Analysis by End-Use Industry:

• Transportation & Defense
• Fabricated Metal Products
• Electrical & Electronics
• Chemical
• Petrochemical
• Construction
• Consumer Durables
• Industrial Machinery
• Others

Analysis by Country

• Germany
• United Kingdom
• France
• Italy
• Spain
• Others

Competitive Landscape

The competitive landscape of the industry has also been examined along with the profiles of the key players.

Europe Nickel Market News

• January 2025: Boliden and ERMA opened a €75 million nickel recycling plant in Sweden with 5,000-tonne annual capacity.
• December 2024: ArcelorMittal commissioned a 1 Mtpa low-carbon electric-arc furnace in Hamburg using 12% nickel alloys.

Key highlights of the Report:

• Market Performance (2019-2024)
• Market Outlook (2025-2033)
• COVID-19 Impact on the Market
• Porter’s Five Forces Analysis
• Strategic Recommendations
• Historical, Current and Future Market Trends
• Market Drivers and Success Factors
• SWOT Analysis
• Structure of the Market
• Value Chain Analysis
• Comprehensive Mapping of the Competitive Landscape

Note: If you need specific information that is not currently within the scope of the report, we can provide it to you as part of the customization.

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