Nickel Hydroxycarbonate Market
Nickel Hydroxycarbonate Market Analysis By Product Type (40-42% Nickel, 45-47% Nickel & 48-50% Nickel) By Form (Powder, Granules & Paste) By End-Use Industry & Region – Global Market Insights 2022 to 2032
Nickel Hydroxycrbonate Market Outlook (2022-2032)
The global nickel hydroxycarbonate market reached a valuation of US$ 434.3 billion in 2021 and is projected to expand at a CAGR of 5.8% to climb to US$ 800.9 million by the end of 2032.
Nickel hydroxycarbonate powder accounted for 52.2% share of the overall demand for nickel hydroxycarbonate in 2021.
Nickel Hydroxycarbonate Market Size (2021A)
US$ 434.3 Million
Estimated Market Value (2022E)
US$ 455.5 Million
Forecasted Market Value (2032F)
US$ 800.9 Million
Global Market Growth Rate (2022-2032)
North America Market Share (2021)
North America Market Growth Rate (2022-2032)
U.S. Market Growth Rate (2022-2032)
Market Share of Top 5 Companies
Key Companies Profiled
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Consumption Analysis of Nickel Hydroxycarbonate (2017-2021) Vs. Market Projections (2022-2032)
Nickel hydroxycarbonate is widely used for the electroplating of materials or metals that require a shiny finish. Nickel hydroxycarbonate is widely used in the automotive, electronics, and aircraft industries.
This compound is used to protect steel from corrosion by automotive manufacturers. It helps increase the lifespan and shine of automotive parts. The most important use of nickel hydroxycarbonate is in electroplating applications.
Nickel hydroxycarbonate is also widely used in the oil & gas or petroleum processing industry. It is used as an intermediate in petroleum processing for deriving clean fuels. They are utilized for the particular hydrogenation of poly-unsaturated mixtures created during steam breaking. Dienes and alkynes are instances of such mixtures. Particular hydrogenation is a significant stage during the development of power and oils.
- Short Term (2022 Q2 to 2025): Growing demand from the automotive industry to positively impact nickel hydroxycarbonate market growth.
- Medium Term (2025-2028): Demand from the paints and plastics industry to drive the market for nickel hydroxycarbonate.
- Long Term (2028-2032): Increasing demand for electronics in Asia Pacific to create long-term demand for nickel hydroxycarbonate.
From 2017 to 2021, the global market for nickel hydroxycarbonate registered a CAGR of 4.8%. Fact.MR, a market research and competitive intelligence provider, reveals that the market will exhibit growth at 5.8% CAGR between 2022 and 2032.
Market share analysis of nickel hydroxycarbonate based on end-use industry and region. Under the end-use industry segment, automotive accounts for 34.2% market share.
Which Market Factors are Shaping the Demand for Nickel Hydroxycarbonate?
“Rising Nickel Hydroxycarbonate Demand from Automotive Industry”
The tri-cationic process is more popular in several industries across the world. The automotive industry is one of them, which uses this process on a large scale. In this tri-cationic process, nickel hydroxycarbonate is used as a coating material. Hence, coatings formed in this process are superior with regards to corrosion resistance, adhesion, and wear resistance.
Nickel hydroxycarbonate is used to protect steel from corrosion in the automotive industry. The most important use of nickel hydroxycarbonate is in electroplating applications. Electroplating is used in the automotive industry to refinish many elements such as tire rims, bumpers, and grills to extend their lifespan. Nickel hydroxide and nickel combination plating are sought-after in car manufacturing for erosion assurance in vehicle parts.
“Adoption of New Technologies Acting as Driving Factor for Nickel Hydroxycarbonate”
Nickel hydroxycarbonate is widely used in the electroplating of semiconductor devices and other components. This electroplating of semiconductors using nickel hydroxycarbonate makes them safe for applicable devices. Along with device safety, it helps increase the lifespan of semiconductors, which then contributes to extending the lifespan of the final device.
“Emerging Use of Electroplated Steel as Luxury Product”
Electroplating is used for the protection of metals from corrosion. Electroplating is the process of producing a metal coating on a solid substrate or any other metal. It is also known as an electrochemical deposition. It is producing metal coating through the reduction of the cations of that metals. A widely used electroplating method is for steel products. Nickel hydroxycarbonate and its alloys are used in the electroplating process of steel. This helps protect the steel from corrosion.
Electroplating is also used for decorative purposes. Nowadays, many luxury products that are made up of steel come up with electroplating. It helps increase the shine of the product and the lifespan of that product as well. Many luxury watches and automotive parts are made from electroplating steel. Due to the product's shine and long lifespan characteristics, more buyers are attracted to such products.
“Carcinogenic & Toxic Reproduction of Nickel Hydroxycarbonate Products May Hamper Market Growth”
Nickel hydroxycarbonate is a synthetic chemical that is toxic and has serious side effects on human health. Nickel hydroxycarbonate is a mixture of two inorganic compounds - nickel and carbonate. It can result in allergic reactions to the skin, discoloration, and much more.
Nickel hydroxycarbonate can cause skin allergy, and if an allergy develops, it causes skin rash and skin itching. The inhaling of nickel hydroxycarbonate can lead to bone diseases. It can cause a hole in the bones, which can lead to inner nose bleeding, discharge, and the formation of crust.
Along with this, it may cause an asthma-like allergy, which can result in asthma attacks with tightening chest and bad breath. Inhalation can also cause coughing and wheezing. Nickel hydroxycarbonate can damage the kidneys of humans.
All these factors can have a restraining effect on market growth over the coming years.
An Adaptive Approach to Modern-day Research Needs
How is the China Nickel Hydroxycarbonate Market Evolving?
Today, China is the world’s second-largest economy and tops the population chart. The wealth of people has also been increasing around the country. Semiconductor usage is high in China since the country is the largest manufacturer of electronic devices such as smartwatches, smartphones, laptops, and others. China is a top manufacturer and exporter of smart devices and electronic devices, enjoying around 35% of the overall world's production.
Along with the increasing use of electronic components, the use of automobiles is also increasing in the country. China is the world’s largest automobile market. In 2021, China accounted for the most vehicle sales of almost 26 million units.
China’s market for nickel hydroxycarbonate is anticipated to grow 2.2X during the forecast period and hold the highest share of 53.2% in the East Asia nickel hydroxycarbonate market.
Will High Use of Electronic Devices and Growing Automotive Industry in U.S. Augment Demand for Nickel Hydroxycarbonate?
Most electronics and automotive manufacturing industries are present in the U.S. The United States Innovation and Competition Act (USICA), which was passed in June 2021, provides US$ 52 billion to improve domestic chip manufacturing, research, and design.
Additionally, rising government support in the form of beneficial initiatives and policies is anticipated to fuel market demand. Also, modern technologies support increased consumer preference for safety and comfort amenities in vehicles. Rising electric mobility in the U.S. is anticipated to drive the market demand for nickel hydroxycarbonate as it is majorly used in electroplating applications in the automotive sector.
As such, the U.S. nickel hydroxycarbonate market is anticipated to expand at a CAGR of 6.2% during the forecast period.
Why is Demand for Nickel Hydroxycarbonate Gaining Traction in the Oil & Gas Industry?
Crude oil is a non-renewable source of energy and is rapidly decreasing on the Earth. Crude oil needs to be refined before it can be used. Nickel hydroxycarbonate is one of the intermediates that is widely used as a catalyst in various end-use industries. Among them, the oil and gas industry is the main consumer of nickel hydroxycarbonate and other nickel carbonate-based intermediates. They are utilized for the hydrogenation of poly-unsaturated mixtures created during steam breaking.
Nowadays, the removal of impurities and giving cleaners fuel is the highest priority for petrochemical organizations across the world. Consumption of crude oil resources is high and only increasing worldwide. Regularly growing demand for cleaner fuels is gripping petrochemical providers to use nickel hydroxycarbonate.
Demand for nickel hydroxycarbonate from the oil & gas industry is expected to increase at a CAGR of 6.1% over the decade.
Which Form of Nickel Hydroxycarbonate is Most Widely Used?
The powder form nickel hydroxycarbonate is more effective than the paste and granule forms. Demand for powdered nickel hydroxycarbonate is rising at a rapid pace due to its wide use in the production of electroplating solutions of nickel.
This is a widely used solution for the electroplating of electronic components. It is used in the electroplating of semiconductors and chips, which are major components in every electronic device. Other than this, it is used in the electroplating of sensors and other components, for which, demand is rapidly increasing in various industries. Global demand for electronic components has grown in recent years across the world, with the electronics sector adopting new technologies swiftly.
Owing to the above-mentioned factors, the market for the powder form nickel hydroxycarbonate is anticipated to expand at a CAGR of 6.3% and reach a valuation of US$ 426.05 million at the end of 2032.
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Well-known nickel hydroxycarbonate manufacturers are Eramet, GEM Co., Ltd, Norilsk Nickel, American Elements, KITA, Siman LTD, Liangren Chemical, Umicore, Thermo Fischer Scientific, FAIRSKY INDUSTRIAL CO., LIMITED, Uma Chemicals, Himalaya Industries, and Jiangxi Nuclear Industry Xingzhong New Material Co., Ltd.
Fact.MR has provided detailed information about the price points of key manufacturers of nickel hydroxycarbonate positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published report.
Segmentation of Nickel Hydroxycarbonate Industry Research
By Product Type :
- 40-42% Nickel
- 45-47% Nickel
- 48-50% Nickel
By form :
By End-use Industry :
- Oil & Gas
By Region :
- North America
- Latin America
- East Asia
- South Asia and Oceania
- Middle East & Africa
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