WEMO 2025 (complet) - Flipbook - Page 63
02 Critical resources
Nickel is the most critical resource and is still under the radar
Steel - particularly high-strength steel (incorporating crude steel
and nickel) - is currently facing signi昀椀cant supply constraints and
heightened price volatility. While metals markets were previously
in昀氀uenced mainly by geopolitical disruptions such as the COVID-19
pandemic and the war in Ukraine, today's volatility is driven by a
broader set of factors. These include persistent geopolitical
tensions and increasing competition among various end-uses,
including strategic stockpiling.
Nickel, a critical element in both stainless steel and high-strength
steel alloys, has become especially pivotal. Its importance is further
ampli昀椀ed by its essential role in battery production, making it a key
material in the energy transition and electric vehicle sectors.
Importantly, the risks associated with metals are not solely tied to
the volume required.
Instead, they stem from their strategic role as components in
equipment - regardless of where they sit in the value chain.
Energy
Technology
Steel Requirement
(tons/GW)
Usage of High-Strength
Nickel Steel
Nuclear Power
40,000–50,000
Used extensively in reactor
pressure vessels, piping,
fasteners, and structural
components due to high safety
and temperature requirements
O昀昀shore Wind
120,000–180,000
Used in foundations, towers, and
support structures exposed to
harsh marine environments
Onshore Wind
100,000–120,000
Used in towers and nacelles; less
nickel steel than o昀昀shore but
still signi昀椀cant
Solar PV
35,000–45,000
Mostly structural steel for
mounting systems
Source CleanTechnica – for steel requirements in solar and wind energy., Stainless Steel World
–for nickel-containing steel usage in wind turbines.
World Nuclear Association and general nuclear engineering literature – for steel usage in nuclear
power plants. Rystad Energy & WindEurope (2023).
