Nickel Powder Plating Market Forecast and CAGR
As per the most recent study by Fact.MR, nickel powder plating market is set to observe rapid growth rate during 2021-2031 with a CAGR of 4%. Strong growth is anticipated to be observed on the back of rising demand from the automotive industries which utilize specialized plating services of nickel coupled with chrome to bolster the demand for the nickel powder plating market.
Nickel powder is also extensively used in restoration of various antique parts and equipment and over the past half-decade, restoration business grew at a higher single digit CAGR enhancing the requisite of nickel powder plating over the same time frame.
What is Driving Demand of Nickel Powder Plating?
Prominent drivers of nickel powder plating are stated below
- Rising demand from fasteners: Nickel plating is usually done for decorative purposes but in the perspective of industrial fasteners it is exclusively done to provide anti-corrosion properties and enhance the wear resistance of the fastener in application.
- Automotive to Remain a Prime Consumer: In automotive it serves for both decorative and protective purposes. Automotive body is nickel plated primarily for its decorative purposes and its internal parts such as fuel system, turbochargers and transmission parts are coated to prevent them from corrosion. Therefore automotive industry growth proportionally prospers nickel powder plating market.
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What are the Roadblocks to the Nickel Powder Plating Business Growth?
Major roadblocks for the nickel powder plating is the rise of its substitutes such as electro less plating and utilization of zinc-chromium for protective plating in automotive to hinder the growth of nickel plating market.
Substitutes play a prime role in providing dynamics to the market, rise in the substitutes of nickel has reduced the price points cascading the effect to the gradual market consolidation over the historical period.
Apart from substitutes, nickel plating business is extensively dependent on automotive industry growth as manufacturers were unable to channel their cash flow to explore the possible avenues of nickel plating market. Therefore extensive reliance over automotive to hinder the growth of nickel plating market.
Global Nickel Powder Plating Market Geographical Outlook
Overall nickel powder plating market can be bifurcated into North America, Latin America, Europe, the Asia Pacific, and the Middle East and Africa.
Asia pacific is anticipated to hold storng potential in the market over the forecast period on the back of rising investments in automotive industry and rise in revenue of plating providers in the region. Key automotive manufacturers procuring nickel powder plating are FAW Group, Dongfeng, AIC Motor, Chang'an, Tata, Hyundai, Toyota and others to name a few.
Over the past half-decade, these automakers have procured thousands of tons of nickel powder for plating purposes. This has strengthened the investor confidence in the nickel powder coating/plating business in the region
Followed by Asia Pacific, North America captures nearly one-fifth of the global business of nickel plating. Prominent automakers such as Buick, Ford, Cadillac, Chevrolet, GMC, Tesla and others utilize nickel powder for decorative and protective coatings extensively and the rate of penetration of these coatings is proportionally increasing on the back of the rise in automotive fleet and demand for the decorative coatings.
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Covid-19 Impact on Global Nickel Powder Plating Market
COVID-19 has impacted the overall economy cascading the effect to the shrink in demand for the nickel powder plating business altogether. Decline in sales of automobile has affected the procurement process of nickel plating products as well as services.
This has enhanced the inventory volume and inventory cost of the nickel powder manufacturers. Slow market growth of nickel powder plating has been catalysed to plummet much faster by the COVID-19. Market is anticipated to recover to pre-COVID levels by the end of Q2 FY2022.
Who are the Key Manufacturers of Nickel Powder Plating?
Major producers of nickel powder plating incorporate
- MMC Norilsk Nickel
- Xstrata Plc
- BHP Billiton Ltd
- Anglo American
- Sumitomo Metal Mining
- Nizi International
- Jilin Jien Nickel
- Jinchuan Group
The market is particularly fragmented with an abundant number of players working locally subject to material and application. Producers centre on giving top quality materials, depending on the application to entice automakers to get them.
An Adaptive Approach to Modern-day Research Needs
Nickel Powder Plating Market Report Highlights:
- Detailed overview of parent market
- Changing market dynamics in the industry
- In-depth market segmentation
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape
- Strategies of key players and products offered
- Potential and niche segments, geographical regions exhibiting promising growth
- A neutral perspective on market performance
- Must-have information for market players to sustain and enhance their market footprint
- Aerospace & Defence
- Bright nickel plating
- Dull nickel plating
- Duplex Nickel Plating
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Argentina & Rest of Latin America
- Germany, France, Italy, Spain, U.K., Benelux, Russia, and Rest of Europe
- East Asia
- China, Japan, South Korea
- South Asia
- India, Thailand, Malaysia, Indonesia and Rest of South Asia
- Australia and New Zealand
- Middle East and Africa
- GCC Countries, Turkey, South Africa, and Rest of Middle East & Africa
- North America
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The report provides an in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
Note: Although care has been taken to maintain the highest levels of accuracy in FACT.MR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.
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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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