The Strategist

Brazil's Vale expects global demand for nickel to grow by 2030

09/09/2022 - 11:34

According to a projection from the Brazilian mining corporation Vale, there would be a 44% increase in global demand for nickel by 2030 compared to this year. This is because electric vehicle battery producers are in high demand, notes Reuters.

UCSD Jacobs School of Engineering
UCSD Jacobs School of Engineering
The company said in a statement that "the energy transition is expected to cause the demand for nickel to expand quickly this decade." The new prediction makes use of an annual worldwide demand assumption of 6.2 million tons.

According to the corporation, its own output should increase from the up to 190,000 tonnes anticipated in 2022 to 230,000 to 245,000 tonnes of nickel annually in the longer term.

The company's primary sources of supply growth for nickel should be Australia, Indonesia, and Canada.

By 2030, there will be a 20% increase in global demand for copper, which is also utilized in automobile batteries and renewable energy systems.

The business anticipates producing between 390,000 and 420,000 tons of copper a year, with a maximum of 285,000 tons expected in 2022.