Jul 14, 2025
IndexBox has just published a new report: United Kingdom – Unwrought Nickel – Market Analysis, Forecast, Size, Trends And Insights.
The UK nickel market is poised for growth over the next decade, driven by increasing demand. Forecasts show a projected market volume of 12K tons and a value of $293M by the end of 2035, with a slight increase in performance expected. Stay informed on the upward trend in the nickel market and its potential impact on the industry.
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. In general, consumption saw a pronounced curtailment. Over the period under review, consumption hit record highs at 28K tons in 2019; however, from 2020 to 2024, consumption remained at a lower figure.
The size of the nickel market in the UK dropped markedly to $254M in 2024, waning 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 showed a pronounced descent. Over the period under review, the market reached the maximum level at $512M in 2019; however, from 2020 to 2024, consumption failed to regain momentum.
ProductionUnited Kingdom’s Production of Unwrought Nickel
In 2024, the amount of unwrought nickel produced in the UK reached 36K tons, remaining constant against the year before. In general, production, however, saw a mild reduction. The growth pace was the most rapid in 2016 when the production volume increased by 16%. As a result, production attained the peak volume of 45K tons. From 2017 to 2024, production growth remained at a lower figure.
In value terms, nickel production dropped to $771M in 2024 estimated in export price. Overall, production saw a relatively flat trend pattern. The growth pace was the most rapid in 2018 when the production volume increased by 22% against the previous year. Over the period under review, production attained the peak level at $888M in 2022; however, from 2023 to 2024, production failed to regain momentum.
ImportsUnited Kingdom’s Imports of Unwrought Nickel
In 2024, supplies from 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 saw a mild decline. The growth pace was the most rapid in 2017 when imports increased by 28%. Over the period under review, imports hit record highs at 16K tons in 2018; however, from 2019 to 2024, imports remained at a lower figure.
In value terms, nickel imports fell to $258M in 2024. Over the period under review, total imports indicated a modest expansion from 2013 to 2024: its value increased at an average annual rate of +1.1% over the last eleven-year period. 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 most prominent rate of growth was recorded in 2017 when imports increased by 58% against the previous year. Imports peaked 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 supplier of nickel 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. Australia (1K tons) ranked third in terms of total imports 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, with a combined 64% share of total imports. Italy, Finland, Belgium, Canada, South Africa, Indonesia, Japan, France, Germany and the Netherlands lagged somewhat behind, together comprising a further 32%.
Canada, with a CAGR of +92.8%, recorded the highest rates of growth with regard to the value of imports, in terms of the main suppliers 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, dropping by -7.1% against the previous year. In general, the import price, however, saw a perceptible expansion. The pace of growth was the most pronounced in 2022 when the average import price increased by 46% against the previous year. Over the period under review, average import prices reached the peak figure at $27,546 per ton in 2023, and then shrank 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 consecutive year after two years of decline. In general, exports, however, showed a slight slump. The growth pace was the most rapid in 2020 when exports increased by 41% against the previous year. The exports peaked at 39K tons in 2013; however, from 2014 to 2024, the exports failed to regain momentum.
In value terms, nickel exports contracted to $774M in 2024. Over the period under review, total exports indicated a modest expansion 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 was the most pronounced in 2020 with an increase of 37% against the previous year. The exports peaked at $791M in 2023, and then fell slightly 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 comprising 42% of total exports.
From 2013 to 2024, the biggest increases were recorded for Belgium (with a CAGR of +16.4%), while shipments for the other leaders experienced more modest paces of growth.
In value terms, Belgium ($113M), China ($90M) and Japan ($71M) were the largest markets for nickel exported from the UK worldwide, with a combined 35% share of total exports.
In terms of the main countries of destination, Belgium, with a CAGR of +18.1%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.
Export Prices By Country
The average nickel export price stood at $22,419 per ton in 2024, declining by -14.3% against the previous year. Over the period under review, the export price, however, recorded a noticeable expansion. The growth pace was the most rapid in 2021 when the average export price increased by 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.
There were significant differences in the average prices for the major foreign markets. In 2024, 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.