Nickel as a Strategic Industrial Resource

Nickel has evolved from a conventional base metal into a strategic industrial resource that underpins several of the world’s fastest-growing and most capital-intensive sectors. Its value is increasingly driven by long-term structural demand rather than short-term commodity cycles.

Key Industrial Applications

Nickel is a critical input for:

• Electric vehicle battery cathodes (NMC, NCA), where higher nickel content enables greater energy density and efficiency
• AI and high-performance computing infrastructure, including server components and thermal management systems
• Semiconductor manufacturing equipment, requiring heat-resistant and high-precision nickel alloys
• Data centers, energy storage, and cooling systems, where durability and thermal stability are essential
• Aerospace and advanced industrial alloys, supporting high-reliability applications

Demand for nickel is being structurally reinforced by the rapid expansion of AI workloads, hyperscale data centers, global electric mobility, and national industrial reshoring initiatives. These trends are driving sustained capital investment across technology, energy, and manufacturing sectors.

At the same time, nickel supply growth is constrained by long development timelines, regulatory complexity, and capital intensity. As a result, battery-grade and industrial-grade nickel demand is expected to outpace supply over the coming decade, supporting long-term price resilience and reinforcing nickel’s role as a strategically valuable asset for investors.