Nickel demand to double over the period to 2050

Nickel demand is forecast to double over the period to 2050, driven by the rapid deployment of EV batteries. The IEA  suggested 60 new nickel mines will be needed to meet the world’s net zero goals.

This demand is coming online just as Indonesia’s dominant role as primary global nickel producer is under threat with falling ore grades, an illusory nickel “surplus”, and strategic shift to from disruptor to price guardian. 

The nickel market is at an inflection point where environmental sustainability and supply security are as pivotal as cost curves and ore grades.

Indonesia delivers at scale, but at rising environmental and political risk. At the same time, demand from EVs, defense, and industrial decarbonisation continues to accelerate.

What is changing is the very real shift in Western governments no longer relying on rhetoric alone, and deploying investment, tax credits, permitting reform, strategic offtakes, and trade policy to tilt the market toward secure, low-carbon, allied supply.

Indonesia still provides “more” nickel. But it does not yet provide cleaner or more secure nickel at scale. That gap is becoming the opportunity.