Nickel demand is expected to rise, driven by the shift to smart cities and clean energy, but additional investments are needed to help domestic producers, the Philippine Nickel Industry Association or PNIA said.
PNIA said raw nickel ore is not only a critical component of electric vehicle batteries but is also processed to create stainless steel, which is used in the development of megacities and renewable energy technology.
“Clean energy and smart cities cannot be realized without nickel as nickel has cross-cutting use in the development and manufacturing of various clean energy technologies, such as electric vehicles, solar panels, power grid systems, wind turbines, and new technologies, such as hydrogen-based energy,” PNIA president Dante Bravo said.
The total value of investments in the global EV industry alone amounted to $300 billion and might even reach $1 trillion within five years, he said.
Demand for nickel will mainly be driven by China, he said, adding that the rollout of an infrastructure investment plan in the country would further boost demand for stainless steel.
Bravo, however, said to take advantage of this growing global demand, the Philippines needs to attract additional investments that would enable the exploration, processing, and further development of the country’s nickel reserves.