Nickel (Ni) has excellent physical and chemical properties that make it ideal for use in alloys – especially when used with chromium, or with iron (ferronickel), as well as with other metals, to produce stainless steels that are heat-resistant.
There are at least 3,000 nickel alloys, including stainless steel, used in a number of industries to produce a wide range of goods, including vehicle crankshafts and axles, propeller shafts, scientific and surgical equipment. Nickel alloys are also used in a range of household products such as kitchen sinks, cooking utensils, and washing machines.
Importantly for our green metals strategy, nickel alloys are used in PV solar panels and wind turbines (which on average use about two tonnes of nickel). Nickel has excellent properties: a high melting point (1,454 degrees Celsius), can withstand extreme low temperatures, resistant to corrosion and oxidation, good catalytic properties and fully recyclable.
Nickel is a key constituent in increasing the energy density of Li ion batteries with higher nickel compositions allowing for reduction in the use of cobalt. However, around two-thirds of nickel demand still comes from stainless steel production whereas batteries use ~15% of nickel produced. This balance is forecast to change dramatically in the coming decade with demand growth expected to be increasingly driven by the EV sector. With global EV production expected to exceed24 million by 2030, demand for nickel (like lithium) is expected to grow. Further, pressure is growing on producers to reduce the carbon footprint and physical impact of nickel mining and processing, and may result in those that offer a reliable, socially, and environmentally assured products yielding a premium in the future.
Nickel demand 2025
Nickel alloys are used in PV solar panels and wind turbines
