Uses of Nickel
Nickel: Powering the looming clean energy revolution
Nickel has outstanding physical and chemical properties, which make it essential in many thousands of products. Today, its biggest use is in producing metal alloys, with approximately 70% of global nickel production currently used to manufacture stainless steel.
However, it is nickel’s vital contribution to the production of lithium-ion (Li-ion) batteries that is expected to deliver exceptional demand growth for the metal over the coming years. Li-ion batteries – used in Electric Vehicles – are a key element of the global transition to ‘green energy’.
Concern over climate change, the drive towards energy efficiency and the adoption of carbon dioxide emissions targets by governments are all helping to increase interest in renewable energy technologies involving batteries and energy storage. While nickel is not always in the name, its presence in many battery technologies is helping to reduce greenhouse gas emissions - enabling clean energy solutions to be a central part of our effort to tackle global warming.
|Current nickel market size ~2.6Mtpa
||Stainless Steel currently accounts for 70% of global consumption
||UBS projects that the increasing adoption of EVs will see demand for nickel grow to 5.8Mtpa by 2030
|High-performance batteries require high-grade Class 1 nickel feed-stocks (such as will be produced at the Jaguar Nickel Sulphide Project)
|| UBS projects that by 2027, EV demand will exceed the global supply of all Class 1 nickel products
||Bloomberg New Energy Finance expects EV sales to reach 54 million units by 2040 (up from 1.7M in 2020)
Nickel in batteries helps to deliver higher energy density and greater storage capacity at a lower cost