Nickel Acetate Market
Nickel Acetate Market By Form (Powder Nickel Acetate, Liquid Nickel Acetate), By Function (Intermediates, Hydrogenation Catalysts, Sealing Agents), By Grade, By Application, By End-use Industry - Global Market Insights 2021 to 2031
Nickel Acetate Market Outlook
A recent study by Fact.MR, a market research and competitive intelligence provider, on the nickel acetate market, throws light on various factors being considered while strategizing business plans across the value chain. The market report states that demand for the chemical is set to increase at 3.2% CAGR over the tenure of 2021 to 2031, and overall sales are expected to amount to 8.5 Kilo tons by 2031, following high demand from automotive, textile, and electrical & electronic appliance manufacturers.
Considering the overall nickel market, global demand witnessed a huge surge from 1.1 Mn tons in 2000 to 2.4 Mn tons in 2020. Significant change in consumption was witnessed from 2000 to 2010 with a minimal annual growth rate of 3.7% since 2000. Strong growth supported by bolstering Chinese economy was observed during 2010 and 2020, listing a compound annual growth rate of 5.1%.
Nickel Acetate Industry Report Scope
|Market Size in 2021||US$ 52 Million|
|Market Forecast Value for 2031||US$ 77 Million|
|Global Growth Rate||CAGR 3.9%|
|North America Market Size in 2021||US$ 17 Million|
|Latin America Market Size in 2021||US$ 3 Million|
|Europe Market Size in 2021||US$ 8 Million|
|East Asia Market Size in 2021||US$ 15 Million|
|South Asia & Oceania Market Size in 2021||US$ 7 Million|
|Middle East and Africa Market Size in 2021||US$ 2 Million|
|Historical Data Available for||2016-2020|
|Market Analysis||Value in US$ Mn, Volume in Tons|
|Key Regions Covered||
|Key Countries Covered||
|Key Segments Covered||
|Key Companies Profiled||
Consumption Analysis of Nickel Acetate from 2016 to 2020 Vs Market Outlook for 2021 to 2031
Over the past half-decade, the market for nickel acetate progressed at a CAGR of around 2.9%. The push was all around from East Asia’s growing industrialization and electronic products market.
In 2020, due to the COVID-19 pandemic, the market for nickel acetate contracted 1.3% owing to the shutdown of automotive, jewellery, and electronics manufacturing units. However, demand for nickel electroplating and use of nickel acetate in aluminum surface treatment for their application in medical and other essential services left the doors open, clearing the hurdles for the market during these hard times.
On the other side, sealing functionality helped nickel acetate gain positive sales owing to its usage as a catalyst in the aluminum sealing process. Moreover thanks to aluminum’s supreme barrier characteristics keeping in line its demand from medical applications helped the nickel acetate market outlook.
Over the assessment period of 2021-2031, the market is set to witness continuous development studies being held for technical grade and its use in electroplating for the automotive industry. The overall market is set to expand at around 3.9% CAGR over the tenure.
Customized summary of market over forecast period:
- By application, aluminum surface treatment is likely to hold its hegemony with a solid CAGR of 3.1% through 2031.
- Adoption of unique end-use applications in the automotive industry to conquer 29% share by 2031.
- Demand for technical grade to note absolute opportunity of 1.5 KT by 2031.
How is Urbanization Driving Nickel Acetate Demand?
Over the past decade, there has been a rise in the number of people moving into cities for better opportunities and growth. According to a United Nations report, around 68% of the world population is projected to live in urban areas, an increase of around 13% from 2018.
Owing to this sizeable increase, demand for consumer electronics and coated houseware is projected to increase multi-fold over the next ten years. Additionally, nickel acetate is extensively used as a surface coating material in electronics and houseware products. This is mainly attributed to the advantages of electroplating such as enhancing metal appearance, acting as a protective barrier, heat resistance, and preventing tarnishing of metals. Use of nickel acetate in coinage also found to be a factor driving sales.
Moreover, increased consumer spending coupled with rising housing activities are some of the complementary outcomes of urbanization, which is projected to drive the market for nickel acetate.
Sales of food grade nickel acetate is also poised to witness an upward curve. Owing to these factors, rapid urbanization is expected to bolster demand for nickel acetate over the decade.
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What is the Market Dynamics of Nickel Acetate with the Adoption of Natural Fabric Mordants?
Natural fabric mordants have various environmental benefits such as no health hazards, low effluent generation, easy extraction & purification, and high sustainability standards. Whereas, chemical fabric mordants such as nickel acetate are highly toxic and allergic, which has compelled the textile industry to re-think about alternatives.
Additionally, stringent regulations by countries on the use of chemical mordants are projected to lower demand for nickel acetate over the coming years.
Further, sizeable increase in the number of eco-conscious consumers along with rising trend of eco-label products are propelling demand for natural dyes, and are projected to provide consistent rise in demand over the forecast period.
These mentioned latest trends related to nickel acetate are projected to constantly lower demand, thus posing a potent threat to the chemical over the next ten years.
How Reliable is Decorative Plating for Nickel Acetate Suppliers?
Nickel plating is widely used in a range of decorative applications such as plating components for household appliances, hardware items, jewellery, and automotive parts. Nickel plating helps in enhancing the appearance and corrosion-resistant capability of components, and hence, it is being highly demanded across different industries.
Applications such as bright nickel plating and satin nickel plating to provide highly lustrous appearances provide nickel acetate manufacturers with the opportunity to penetrate key industries.
Thus, market players focusing on the decorative segment of electroplating applications have the opportunity to garner major shares over next ten years, and are set to experience reinforced dollar generation capabilities by offering exclusive and effective electroplating solutions.
An Adaptive Approach to Modern-day Research Needs
Why is the U.S. Looked at as a High-potential Market for Nickel Acetate?
Historical performance of the U.S from 2016 to 2020 followed similar trends and trajectory as of the global market. The growth rate of the U.S market over the same period was around 3%.
However, the scenario is set to completely change over the forecast period, and is driven based on certain applications of nickel acetate and levels of concentration of end-use industries. The shipment of the material in the U.S market is highly driven by the textile industry for its usage in fabric-mordant applications. However, changes in the adoption of natural fabric mordants is set to induce a buffered stream in demand, resulting in a decline in sales growth.
However, the country showcased a positive note for overall market growth due to the development of electroplating techniques for decorative purposes, offering a wide pool of opportunities. Demand from customers for oxidized ornaments and products is also increasing.
Concluding all the factors, the U.S. market is set to expand at a CAGR of 3.7% over the forecast period and be valued at US$ 22.6 Mn by 2031.
What is the Prominence of China in Terms of Various Applications of Nickel Acetate?
Currently, China holds the second-largest market position followed by sales of nickel acetate in the U.S. The country is a hub for automotive manufacturing, and portrays proportional share in sync with the same.
China’s low-cost production and manufacturing techniques for end-use industries provides a holistic driving factor. In addition, the nation showed streamlined demand over the historical period, and the market increased at a CAGR of 2.5%.
While the automotive industry provided an absolute dollar opportunity of US$ 1.9 Mn, the electrical & electronics industry gained 210 BPS during 2016-20. Aluminum surface treatment application is poised to grow exponentially and is poised to conquer almost 50% market share by 2031.
How Much Potential Does Ceramic Glazing Hold in Opening New Avenues in the Market?
Over the past decade, there has been a rise in the sales of home décor products such as decorative lamps, lightings, and pottery. Surge in demand for decorative pottery has increased the application of ceramic glazing, which, in turn, has provided a major push to the production of nickel acetate.
Ceramic glazing is poised to provide an absolute dollar opportunity worth US$ 1.9 Mn and grow by 1.3X by 2031.
Additionally, the market for decorative pottery is only projected to rise over the coming years owing to rise in the popularity of home décor products. Moreover, a lower growth rate of 2.6% has been projected for the ceramics market, which is poised to drive ceramic glazing application steadily in home décor products.
How is Electroplating Simulating Overall Demand for Nickel Acetate?
Nickel has been identified as the most sought-out material for electroplating as it satisfies the need for both, functional and decorative applications. Nickel coatings tend to enhance, extend, and improve the performance of the material in respective environments. Moreover, a major end-use industry that extensively uses nickel for electroplating purposes is the automotive industry, and this is expected to boost consumption at a CAGR of 3.7% over the assessment period.
For instance, nickel plating is preferred over salt sprays in automotive fasteners, bolts, hydraulic systems, shafts, and various other engine parts. Additionally, nickel poses a multitude of advantageous properties such as excellent corrosion properties, wear and abrasion resistance, and ductility, and hence, is highly demanded.
Thus, overall advancement of electroplating processes used in various end-use industries calibrates a growth potential of Y-o-Y 3.4% by value, and is anticipated to create an absolute dollar opportunity of US$ 6 Mn over 2021-2031.
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These players have been offering products by focusing consistently on innovation, portfolio expansion & enhancement, and reinforcing their supply chain & production capacity. Few players have also been inclining their interests towards acquisitions to hold a higher place in the market.
Key Segments of Nickel Acetate Industry Survey:
By Form :
- Powder Nickel Acetate
- Liquid Nickel Acetate
By Function :
- Hydrogenation Catalysts
- Sealing Agents
By Grade :
- Technical Grade
- Lab Reagent Grade
- Analytical Grade
By Application :
- Fabric Mordant
- Aluminum Surface Treatment
- Ceramic Glaze
By End-use Industry :
- Textile Industry
- Automotive Industry
- Electrical & electronics industry
- Ceramic Industry
- Gems & Jewellery Industry
- FAQs -
The global nickel acetate market is valued at more than US$ 52 Mn at present.
The market is projected to expand at a CAGR of 3.9% over the period of 2021 to 2031.
Demand for nickel acetate over the historical period of 2016 to 2020 grew at a nominal CAGR of 2.9%.
A huge set of factors is driving demand for nickel acetate: its significance as a fabric mordant, effective and efficient electroplating offerings, coupled with advancements taking place in chemical.
Top 5 manufacturers of nickel acetate enjoyed a whopping 56% market share in 2020.
The U.S., China, and Japan are the top 3 countries driving demand for nickel acetate.
The market in South Asia & Oceania is set to witness a nominal growth rate of 3.3% CAGR through 2031.
The automobile industry is the driving end-use segment bolstering the market in North America, occupying around 27.4% market share.
The market in India and South Korea is set to expand at 3.1% CAGR, respectively, with both countries cumulatively accounting for around 10% share in the global market.
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Is the market research conducted by Fact.MR?
Yes, the report has been compiled by expert analysts of Fact.MR, through a combination of primary and secondary research. To know more about how the research was conducted, you can speak to a research analyst.
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