Main uses and applications

More than two-thirds of global nickel production is used to produce stainless steel. As an alloying element, nickel enhances important properties such as formability, weldability and ductility, while increasing corrosion resistance in a wide array of applications. Nickel is also often used as an ”undercoat” for other coatings, such as chromium. Production of stainless steel remains the top driver for nickel demand – accounting for up to 68% of nickel on the market today.

Nickel has long been widely used in batteries, most commonly in nickel cadmium (NiCd) and in longer-lasting nickel metal hydride (NiMH) rechargeable batteries. Two of the most commonly used types of batteries, nickel cobalt aluminium (NCA) and nickel manganese cobalt (NMC), typically require up to 80% and 33% nickel respectively.

In recent years, lithium-ion battery (LIB) types for EVs has been a top source of demand for nickel. Refined and alloyed nickel results in higher efficiency and enhanced performance through greater energy density for the batteries. However, ratios of nickel used in EV batteries has dropped in recent years with the shift toward cheaper and less nickel-heavy lithium-iron-phosphate (LFP) LIB. Despite this, overall EV market penetration continues to grow and use in LIB remains a top demand factor for nickel supplies worldwide.