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Battery Materials - Nickel: Market Size & Forecast 2026

The global battery materials nickel market reached approximately USD 28.5 billion in 2025, growing at an 8.7% CAGR that pushes the category to roughly USD 54-57 billion by 2032. The dominant driver is EV battery demand, which accounts for approximately 65% of battery-grade nickel consumption, anchored by NMC and NCA cathode chemistries that require high-purity nickel sulfate and precursors. LME nickel spot sat near USD 17,618 per metric ton in June 2026, down roughly 17% year-on-year as total-nickel oversupply weighed on prices, yet battery-grade Class 1 material retains a structural premium because processing bottlenecks and Indonesian-origin ESG concerns bifurcate the market. > Synthesised from secondary and publicly verifiable sources via Claight Category Watch:

Market size · 2025
$28.5bn
CAGR · 2025–2030
8.7%
Forecast · 2030
$43.3bn
Basis
Claight Analysis
Market size (USD)
Base year 2025
Official data · Claight AnalysisForecast
Market size and CAGR extracted from the published Claight report; figures match the report..
Forecast
2021
2022
2023
2024
2025
2026
2027
2028
2029
2030
2031
2032
2025 base: $28.5bn2032 est: $51.1bn
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Market size and forecast are Claight Analysis, informed by public research and industry data. Historical years before 2025 and all forecast years are Claight estimates at the stated CAGR. Retrieved 2026.