The current demand for nickel in battery production remains very low. According to the *Nickel Mining Booklet* released by the Ministry of Energy and Mineral Resources, up to 2020, the global nickel supply needed for battery production was only 5%.
Meanwhile, 70% of the global nickel supply is used for stainless steel production, with 8% each allocated to metal casting, plating, and alloy manufacturing.
However, the nickel market is projected to experience rapid growth in line with the increasing demand for electric vehicle batteries and geothermal clean energy generation.
"Demand for nickel in clean energy technologies will grow rapidly by up to 20 times between 2020 and 2040," predicts the IEA in its *Southeast Asia Energy Outlook 2022* report.
The IEA considers this a significant opportunity for Southeast Asian countries, particularly Indonesia and the Philippines, which are the world's largest nickel producers.
"Indonesia itself contributes about half of the global nickel growth. Therefore, the nickel supply chain will likely be significantly affected by Indonesian policies," the IEA stated.
According to data from the Central Statistics Agency (BPS), Indonesia's nickel exports experienced rapid growth in the first half of this year.
In the first half of 2022, the national nickel export volume surged by approximately 574% (year-on-year), while the export value increased by 462% (year-on-year).