Aug 31, 2025
IndexBox has just published a new report: United Kingdom – Unwrought Nickel – Market Analysis, Forecast, Size, Trends And Insights.
The article discusses the anticipated growth in the UK nickel market due to rising demand. It projects a slight increase in market performance with a CAGR of +1.0% for volume and +1.3% for value from 2024 to 2035, reaching 12K tons and $293M respectively by the end of 2035.
Market Forecast
Driven by rising demand for nickel in the UK, the market is expected to start an upward consumption trend over the next decade. The performance of the market is forecast to increase slightly, with an anticipated CAGR of +1.0% for the period from 2024 to 2035, which is projected to bring the market volume to 12K tons by the end of 2035.
In value terms, the market is forecast to increase with an anticipated CAGR of +1.3% for the period from 2024 to 2035, which is projected to bring the market value to $293M (in nominal wholesale prices) by the end of 2035.
ConsumptionUnited Kingdom’s Consumption of Unwrought Nickel
In 2024, consumption of unwrought nickel decreased by -31.7% to 11K tons, falling for the second consecutive year after two years of growth. Overall, consumption recorded a perceptible setback. Over the period under review, consumption attained the peak volume at 28K tons in 2019; however, from 2020 to 2024, consumption remained at a lower figure.
The value of the nickel market in the UK shrank sharply to $254M in 2024, which is down by -31.9% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers’ margins, which will be included in the final consumer price). Over the period under review, consumption recorded a noticeable reduction. Over the period under review, the market attained the maximum level at $512M in 2019; however, from 2020 to 2024, consumption stood at a somewhat lower figure.
ProductionUnited Kingdom’s Production of Unwrought Nickel
Nickel production in the UK amounted to 36K tons in 2024, approximately mirroring 2023. Over the period under review, production, however, continues to indicate a mild decrease. The most prominent rate of growth was recorded in 2016 with an increase of 16%. As a result, production reached the peak volume of 45K tons. From 2017 to 2024, production growth remained at a somewhat lower figure.
In value terms, nickel production reduced to $771M in 2024 estimated in export price. Overall, production saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2018 when the production volume increased by 22% against the previous year. Nickel production peaked at $888M in 2022; however, from 2023 to 2024, production failed to regain momentum.
ImportsUnited Kingdom’s Imports of Unwrought Nickel
In 2024, purchases abroad of unwrought nickel decreased by -7.8% to 10K tons, falling for the second year in a row after two years of growth. In general, imports recorded a slight curtailment. The most prominent rate of growth was recorded in 2017 when imports increased by 28% against the previous year. Over the period under review, imports reached the maximum at 16K tons in 2018; however, from 2019 to 2024, imports failed to regain momentum.
In value terms, nickel imports dropped to $258M in 2024. Overall, total imports indicated a slight increase from 2013 to 2024: its value increased at an average annual rate of +1.1% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, imports decreased by -18.7% against 2022 indices. The growth pace was the most rapid in 2017 when imports increased by 58% against the previous year. Over the period under review, imports reached the maximum at $317M in 2022; however, from 2023 to 2024, imports remained at a lower figure.
Imports By Country
In 2024, Norway (3.7K tons) constituted the largest nickel supplier to the UK, accounting for a 36% share of total imports. Moreover, nickel imports from Norway exceeded the figures recorded by the second-largest supplier, the United States (1.2K tons), threefold. The third position in this ranking was held by Australia (1K tons), with a 10% share.
From 2013 to 2024, the average annual rate of growth in terms of volume from Norway totaled +5.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+2.0% per year) and Australia (-4.0% per year).
In value terms, Norway ($64M), the United States ($63M) and Australia ($38M) constituted the largest nickel suppliers to the UK, together comprising 64% of total imports. Italy, Finland, Belgium, Canada, South Africa, Indonesia, Japan, France, Germany and the Netherlands lagged somewhat behind, together accounting for a further 32%.
Among the main suppliers, Canada, with a CAGR of +92.8%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.
Import Prices By Country
The average nickel import price stood at $25,580 per ton in 2024, reducing by -7.1% against the previous year. Over the period under review, the import price, however, enjoyed a moderate increase. The pace of growth was the most pronounced in 2022 an increase of 46%. The import price peaked at $27,546 per ton in 2023, and then dropped in the following year.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($53,766 per ton), while the price for Japan ($15,776 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Indonesia (+19.1%), while the prices for the other major suppliers experienced more modest paces of growth.
ExportsUnited Kingdom’s Exports of Unwrought Nickel
In 2024, overseas shipments of unwrought nickel increased by 14% to 35K tons, rising for the second year in a row after two years of decline. Overall, exports, however, continue to indicate a slight downturn. The most prominent rate of growth was recorded in 2020 with an increase of 41%. Over the period under review, the exports attained the peak figure at 39K tons in 2013; however, from 2014 to 2024, the exports stood at a somewhat lower figure.
In value terms, nickel exports dropped slightly to $774M in 2024. In general, total exports indicated a mild increase from 2013 to 2024: its value increased at an average annual rate of +1.3% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, exports increased by +84.9% against 2019 indices. The pace of growth appeared the most rapid in 2020 when exports increased by 37%. Over the period under review, the exports reached the peak figure at $791M in 2023, and then fell modestly in the following year.
Exports By Country
Belgium (6.2K tons), the Netherlands (4.3K tons) and China (4K tons) were the main destinations of nickel exports from the UK, together accounting for 42% of total exports.
From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Belgium (with a CAGR of +16.4%), while the other leaders experienced more modest paces of growth.
In value terms, the largest markets for nickel exported from the UK were Belgium ($113M), China ($90M) and Japan ($71M), with a combined 35% share of total exports.
Belgium, with a CAGR of +18.1%, recorded the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.
Export Prices By Country
In 2024, the average nickel export price amounted to $22,419 per ton, declining by -14.3% against the previous year. Overall, the export price, however, showed a measured expansion. The most prominent rate of growth was recorded in 2021 an increase of 32%. The export price peaked at $27,115 per ton in 2022; however, from 2023 to 2024, the export prices remained at a lower figure.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was France ($34,407 per ton), while the average price for exports to the Netherlands ($16,603 per ton) was amongst the lowest.
From 2013 to 2024, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+6.4%), while the prices for the other major destinations experienced more modest paces of growth.