Nickelous Sulfate Market Size, Share, Growth, and Industry Analysis, By Type (EN Grade, Plating Grade, High-Purity Grade), By Application (Clothing Storage, & Electroplating, Chemical Industry, Battery), Regional Insights and Forecast To 2032

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NICKELOUS SULFATE MARKET REPORT OVERVIEW

global nickelous sulfate market size was USD 2.33 billion in 2023 and market is projected to touch USD 3.32 billion by 2032 at CAGR 4.00% during the forecast period.

The chemical formula of nickel sulfate is NiSO4 and it is an inorganic substance. It has a blue color and dissolves easily in any aqueous solution. Nickel sulfate is usually obtained as a by-product of copper refining. Nickel sulfide and lateritic ores are used to produce nickel metal, mainly stainless steel, and nickel sulfate, which is an important ingredient in batteries used in electric vehicles.

Market growth is driven by increasing demand for nickel sulfate in electroplating, chemical and battery applications worldwide. The future prospects of the nickel sulfate market seem promising. The proliferation of electric vehicles (EVs) and growing demand for rechargeable batteries are expected to boost market growth. Nickel sulfate is a key component of electric vehicle batteries, offering high energy density and improved performance, making it critical to the expansion of the electric vehicle industry. As governments around the world focus on reducing carbon dioxide emissions and promoting sustainable transportation solutions, the demand for electric cars is increasing, driving the market for nickel sulfate.

COVID-19 IMPACT

"Market Growth Restrained by Pandemic due to Supply Chain Disruptions"

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Most industries around the world suffered negatively in the past season. This is due to major disruptions in their production and supply chain operations, as well as other restrictions imposed by governments around the world. The global nickel sulfate market is no exception. In addition, since then, customer demands have decreased, as people are now more inclined to eliminate unnecessary expenses from their budgets. This epidemic has affected the economic situation of most people in many ways. However, as the relevant regulatory authorities begin to dismantle these mandatory restrictions, the global nickel sulfate market is expected to recover accordingly.

LATEST TRENDS

"Growing Demand For Nickel Sulfate In The Electric Vehicle (EV) Industry Will Drive Market Growth"

The global nickel sulfate market is witnessing several emerging trends. One such trend is the growing demand for nickel sulfate in the electric vehicle (EV) industry. As the popularity of electric cars increases, the need for nickel sulfate as a key component of lithium-ion batteries increases. Another trend is the transition to sustainable and environmentally friendly nickel sulfate production, driven by regulations and consumer preferences. In addition, increasing efforts are being made to recycle and reuse nickel sulfate to minimize waste and reduce environmental impact. In addition, the market is witnessing technological advancements to improve the efficiency and performance of nickel sulfate in various applications.

NICKELOUS SULFATE MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into EN Grade, Plating Grade, High-Purity Grade.

EN-grade nickel sulfate is often used in electro textile processes, providing a bright and corrosion-resistant coating on a variety of surfaces.

Plating Grade Nickel sulfate is mainly used in the production of electroplating solutions due to its higher degree of purity and lower content of impurities.

High-purity nickel sulfate, as the name suggests, is characterized by its exceptional purity, which makes it suitable for applications such as catalysts, electronic materials and high-performance coatings.

By Application

Based on application the global market can be categorized into Electroplating, Chemical Industry, Battery.

In the electroplating industry, it is used as a key component in the nickel-plating process, in which a thin layer of nickel is deposited on the surface to improve corrosion resistance and improve aesthetics.

In the chemical industry, it is used in the production of catalysts, pigments and dyes.

In addition, as the battery market grows, nickel sulfate is widely used in the production of nickel-cadmium (NiCd) batteries, nickel-metal hydride (NiMH) batteries, and lithium-ion (Li-ion) batteries.

DRIVING FACTORS

"Increasing Technological Development And Broad Demand For Electric Vehicles To Support Market Growth"

High CO2 emission from traffic is due to the increase in the use of electric vehicles. The shift from petrol vehicles to electric vehicles will reduce pollution levels, which is expected to drive the nickelous sulfate market growth. The presence of nickel sulfate as a key ingredient in the manufacture of various batteries is expected to stimulate exponential growth in the global market. The growing demand for electric vehicles is driving the development of automotive technology. As a result, the demand for the materials needed to produce batteries for electric vehicles is likely to increase. In addition, the cost and long-term profitability of technological development in battery production will almost certainly lead to an increase in the use of nickel.

"New Applications In Electroplating To Accelerate Market Growth"

The global nickel sulfate market is expected to grow due to the increasing use of the chemical compound in electroplating, a process that aims to finish the metal and improve its properties for later use. Because nickel offers excellent wear resistance, which can be further improved using a heat treatment process.

RESTRAINING FACTORS

"Reported Allergic Reactions To Limit Market Expansion"

The global market value is estimated to be limited because it causes skin allergy in many reported cases. The compound is known to have several health tips that are not followed and can lead to medical problems. A fact sheet prepared by the New Jersey Department of Health and Safety says the chemical can also cause breathing problems, irritation of the nose, throat and lungs and serious effects on the kidneys with long-term exposure. These concerns may possibly dampen the growth trend of the global market during the forecast period.

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NICKELOUS SULFATE MARKET REGIONAL INSIGHTS

"Asia Pacific Dominating the Market due to Growing Demand For Nickel Sulfate In The Automotive Industry"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

Asia Pacific dominates the high purity nickelous sulfate market share during the forecast period. This is due to the growing demand for nickel sulfate in the automotive industry, which is contributing to the growth of the high purity nickel sulfate market in this region. Asia Pacific dominates the ultrapure nickel sulfate market, with China leading the production and consumption of ultrapure nickel sulfate. China leads the market in the Asia-Pacific region.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The nickelous sulfate market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Top Nickelous Sulfate Companies

• Norilsk Nickel (Russia)
• Umicore (Belgium)
• Sumitomo Metal Mining. (SMM) (Japan)
• Nicomet (India)
• Coremax (China)
• Zenith (Switzerland)
• SEIDO CHEMICAL INDUSTRY. (Japan)
• Jilin Jien Nickel Industry (China)
• Jinchuan (China)
• Green Eco-Manufacturer (China)
• Jinco Nonferrous (China)

INDUSTRIAL DEVELOPMENT

February 2023: Umicore signed an agreement with Terrafame Ltd to supply high-quality nickel sulfate for the production of battery materials in Europe.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.