Industry Statistics and Trends
Market size and recent performance (2014-2029)
Industry revenue has declined at a CAGR of 15.2 % over the past five years, to reach an estimated $1.4bn in 2024.
Trends and Insights
There's been a shake-up among the larger producers, causing domestic nickel production to plunge
- BHP's Nickel West operations, Glencore and IGO Limited have dominated the market, meaning changes in their nickel operations can significantly impact industry performance. Mixed prices and volumes over the past decade have led to market share changes for the major players. While some new mines have been opened, some older mines have exhausted their ore supplies and ceased operations.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to decline over the next five years.
Trends and Insights
Despite recent volatility, prices are set to rise over the coming years
- Trends in the world price of nickel, the Australian dollar’s value and the volume of downstream nickel production will continue influencing nickel miners' performance. In 2024, many miners adjusted their short- and medium-term outlook for their nickel business because of a sharp drop in prices. Nonetheless, the outlook is much better over the long term, especially as the clean energy transition takes shape.
Biggest companies in the Nickel Ore Mining in Australia
| Company | Market Share (%)
2025 | Revenue ($m)
2025 |
|---|---|---|
Glencore | 612.9 | |
IGO | 358.6 | |
BHP | 336.4 |
To view the market share and analysis for all 5 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including High-grade nickel ore, Low- and medium-grade nickel ore and Nickel ore concentrate. High-grade nickel ore is the largest segment of the Nickel Ore Mining in Australia.
Trends and Insights
Fluctuating prices have dictated nickel ore concentrate’s performance
- Basic nickel ore beneficiation processes produce nickel ore concentrate that requires further smelting and refining. Several large nickel ore miners carry out these beneficiation processes and additional smelting (which isn't included in the industry). The resulting nickel ore concentrate is then sold to downstream metal ore processors.
- More insights available in the full report
Table of Contents
About this industry
Industry definition
Industry firms mine nickel-bearing ores. These firms may also carry out basic nickel ore beneficiation processes to produce nickel ore concentrate. Nickel ore that undergoes additional processing is excluded from the industry and included in other downstream manufacturing sectors.
What's included in this industry?
Nickel ore miningNickel ore beneficiation processesCompanies
GlencoreIGOBHPPurchase this report to view all 5 major companies in this industry.
Related Terms
CONCENTRATESOLVENT EXTRACTIONLATERITIC NICKEL OREBENEFICIATIONNICKEL PIG IRONIndustry Code
ANZSIC 0806 - Nickel Ore Mining in Australia
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Nickel ore miners are grappling with challenging operating conditions. BHP's decision to halt its Western Australia Nickel operations from October 2024 will lead to a signifi...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Growing demand for battery-grade nickel represents a growth opportunity for miners. Battery manufacturers in China, Japan and South Korea are major markets for Australian nic...
In this chapter
- Products & Services
- Major Markets
- International Trade
Key metrics
- Largest market segment and value in 2024
- Product innovation level
- Total imports, level and trend
- Total exports, level and trend
- Trade Balance
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
- International trade, including imports by country and exports by country
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
- Recent trends in import and export volumes, country of origin or destination, and expected future trends
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Almost all of Australia’s nickel production takes place in Western Australia. The state is well-placed, with high-grade nickel deposits to service major battery manufacturers...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each region
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each region in 2024
- Number and share of revenue each region accounts for in 2024
- Number and share of wages each region accounts for in 2024
- Number and share of employees in each region in 2024
Detailed analysis
- Geographic spread of the industry across Asia Pacific, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Australian nickel ore miners face competition from other countries in global markets. Indonesia is the world's largest producer, accounting for around 40% of global productio...
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Some large diversified miners have flagged nickel as a key part of their strategy going forwards. These miners are looking to tap into growing demand for electric vehicles, a...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Glencore's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of IGO's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of BHP's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 2 additional companies
Detailed analysis
- Description and key data for Glencore, and factors influencing its performance in the industry
- Description and key data for IGO, and factors influencing its performance in the industry
- Description and key data for BHP, and factors influencing its performance in the industry
- Description, key data and performance trends for 2 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Price fluctuations in global markets have a significant effect on industry revenue. Nickel prices plummeted in 2023-24 because of supply growth from Indonesia and shaky downs...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Fluctuating nickel prices have dampened industry profit margins. Despite strong price growth in 2021-22 and 2022-23, nickel ore miners have faced rising operating costs. In 2...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Top Questions Answered
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Nickel Ore Mining industry in Australia in 2024?
The market size of the Nickel Ore Mining industry in Australia is $1.4bn in 2024.
How many businesses are there in the Nickel Ore Mining in Australia industry in 2024?
There are 17 businesses in the Nickel Ore Mining industry in Australia, which has declined at a CAGR of 0.0 % between 2019 and 2024.
Has the Nickel Ore Mining industry in Australia grown or declined over the past 5 years?
The market size of the Nickel Ore Mining industry in Australia has been declining at a CAGR of 15.2 % between 2019 and 2024.
What is the forecast growth of the Nickel Ore Mining industry in Australia over the next 5 years?
Over the next five years, the Nickel Ore Mining industry in Australia is expected to decline.
What are the biggest companies in the Nickel Ore Mining market in Australia?
The biggest companies operating in the Nickel Ore Mining market in Australia are Glencore, IGO and BHP
What does the Nickel Ore Mining in Australia include?
Nickel ore mining and Nickel ore beneficiation processes are part of the Nickel Ore Mining industry.
Which companies have the highest market share in the Nickel Ore Mining in Australia?
The company holding the most market share in Australia is Glencore.
How competitive is the Nickel Ore Mining industry in Australia?
The level of competition is moderate and steady in the Nickel Ore Mining industry in Australia.
Related Industries
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Competitors
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Complementors
International industries
View all industries in Australia
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Australia include:
- Australian Bureau of Statistics
- Australian Taxation Office
- Australian Securities & Investments Commission
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
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