Jeremy Kwan

Lance Vitanza

Jonnathan Navarrete

Scott Searle

Tore Svanberg

- The global nickel market was valued at **USD 41.88 billion in 2024** and is forecast to grow to **USD 84.49 billion by 2034**, at a **7.27% compound annual growth rate (CAGR)**.  **[1022652_7ef532520f5b44d2ab8e9fd3bb4271e0_0]** 
- The market is experiencing a **surplus**, with **179 thousand tonnes (kt)** in 2024 and a projected **198kt** in 2025, driven by primary nickel production increases.  **[1022652_7ef532520f5b44d2ab8e9fd3bb4271e0_0]** 
- **Asia Pacific** held approximately **45% of the market share in 2024**, with Indonesia solidifying its position as the world's leading producer.  **[1022652_7ef532520f5b44d2ab8e9fd3bb4271e0_0]** **[1022652_7ef532520f5b44d2ab8e9fd3bb4271e0_1]** **[1022652_7ef532520f5b44d2ab8e9fd3bb4271e0_8]** 
- Policy shifts, including Indonesia's proposed royalty rate increases and the Philippines' potential ban on raw nickel ore exports, are influencing supply chains and production costs.  **[1022652_7ef532520f5b44d2ab8e9fd3bb4271e0_3]** **[1022652_7ef532520f5b44d2ab8e9fd3bb4271e0_4]** 
- While **stainless steel production** was the dominant end-use in 2024, the **automotive sector**, particularly for EV batteries, is expected to be the fastest-growing segment.  **[1022652_7ef532520f5b44d2ab8e9fd3bb4271e0_7]**

INSEEGO (INSG)