Nickel Demand for EV and Renewable Energy Remains Low in 2024

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Adi Ahdiat 11/11/2025 13:20 WIB

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According to IEA data, nickel demand for electric vehicles (EV) and clean technologies remains low in 2024.

Global Nickel Demand Proportion by Sector (2024)

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Global Nickel Demand Proportion by Sector (2024)

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According to International Energy Agency (IEA) data, the global nickel demand volume in 2024 reached 3,371 kilotons (kt).

The majority of this demand came from the stainless steel/metal/other industries, accounting for 83%.

Meanwhile, nickel demand for electric vehicle (EV) production, new and renewable energy (NRE) generation, and other clean technologies was small, with a combined proportion of approximately 17%.

The following is a breakdown of global nickel demand volume by sector in 2024, according to IEA data:

Stainless steel/metal/other uses industry: 2,809 kt (83.3% of total global demand)

Electric vehicles (EV): 321 kt (9.5%)

Other low-emission energy generation: 174 kt (5.2%)

Wind energy generation: 47 kt (1.4%)

Grid battery storage: 17 kt (0.5%)

Hydrogen energy technology: 1.4 kt (0.04%)

Solar energy generation: 0.6 kt (0.02%)

Referring to IEA data, the largest global nickel consumers are China and Indonesia.

"China is the largest nickel consumer, accounting for an average of 60% of global demand from 2020 to 2024, primarily for stainless steel production," the IEA stated in its report, Global Critical Minerals Outlook 2025.

"Indonesia is the second-largest consumer, accounting for 5% of global demand in 2024. The growth in its demand over the last ten years is linked to stainless steel production," it continued.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."