Global High Purity Nickel Sulfate Market – Industry Trends and Forecast to 2029

Global High Purity Nickel Sulfate Market, By Forms (Anhydrous, Heptahydrate, Hexahydrate), Grade (EN grade, Plating Grade, High-purity Grade), Application (Battery, Electroplating, Chemicals Industry, Others) – Industry Trends and Forecast to 2029

Market Analysis and Size

Nickel sulfate is a yellow, blue, green crystalline inorganic chemical that releases poisonous fumes when heated. It's employed in electroplating and a chemical intermediary in the production of other nickel compounds. Nickel sulfate is a byproduct of copper refining and occurs naturally as retgersite, a rare mineral. Paper clips, keys, enamel colours, and electrical wire are all made with nickel sulfate. Blue salt is another name for nickel sulfate hexahydrate. It can also be created by dissolving nickel metal or nickel oxides in sulfuric acid. According to market research, Increase the usage of nickel sulfate in battery and electroplating applications is an important factor expected to increase the growth of global nickel sulfate market during the forecast period.

Data Bridge Market Research analyses that the high purity nickel sulfate market was valued at USD 851.20 million in 2021 and is expected to reach USD 1398.19 million by 2029, registering a CAGR of 6.4% during the forecast period of 2022 to 2029. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, patent analysis and technological advancements.     

Market Definition

Nickel sulfate has the chemical formula NiSO4 and is an inorganic substance. It has a blue colour and is readily soluble in any aqueous solution. Nickel sulfate is generally obtained as a byproduct of copper refining. Nickel sulfide and laterite ore are used to make nickel metal, mainly for the production of stainless steel and nickel sulfate, an essential ingredient in batteries that drive electric vehicles.

Report Scope and Market Segmentation

High Purity Nickel Sulfate Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:

Drivers

• Technology advancement

The rising demand for electric vehicles is propelling advancements in automotive technology. The demand for materials required to make electric vehicle batteries is likely to rise as a result. Furthermore, the cost and long-term viability of technological advancements in battery manufacture will almost certainly lead to an increase in nickel utilisation.

• Extensive demand for electric vehicles to support market growth trajectory

High emission of CO2 through transportation results from increasing the use of electric vehicles. The change from gasoline-powered vehicles to electric vehicles decreases pollution levels, which is expected to reason for the growth of the nickel sulfate market. The emergence of nickel sulfate as a main constituent in the manufacturing of various batteries is expected to invite exponential growth for the global market.

•  Extensive use of nickel sulfate in metal-finishing of electroplating

In textile printing and dyeing, nickel sulfate is used as a mordant. Metal coatings, ceramics, and applications like blackening brass are all gaining popularity. MM Ceramics & Ferro Alloys, a metal supplier based in Mumbai, India, is increasing nickel sulfate output, which is widely used in electroplating metal finishing applications.

• Increase in application due to unique properties

Properties of nickel sulfate for example, high solubility in any aqueous solutions and others are expected to substantial growth of the global market. Moreover, nickel sulfate in applications such as electroplating, medical, catalysts, dyeing and printing and ceramics other than batteries is expected to present an array of growth for the global market.

Opportunities

• Nickel sulfate will carve the way for the growth of the market

Due to the properties of nickel sulfate such as high solubility in any aqueous solutions and others are the reasons to lead to substantial growth of the global market. Furthermore, the uses of nickel sulfate other than batteries such as electroplating, dyeing and printing, medical, catalysts, and ceramics is expected to present an array of growth opportunities for the global market of high purity nickel sulfate.

• Increasing number of emerging market

In the nickel sulfate market, companies are looking for merger and acquisition (M&A) opportunities to enhanced growth and attain competitive price structures during the corona virus crisis. 

Restraints/ Challenges

However, the high purity nickel sulfate market's growth pace will be hampered by its health hazard qualities. The substance's chronic diseases and health risks when handled and processed without precautions put the market's growth pace in jeopardy. The lack of handle support in high purity nickel sulfate is one of the most significant market barriers that will slow the market's growth pace.

This high purity nickel sulfate market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the high purity nickel sulfate market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

COVID-19 Impact on High Purity Nickel Sulfate Market

Most industries over the world have been negatively impacted over the last period. This is due to major disruptions in their production and supply chain activities, as well as other restrictions imposed by governments around the world. The global Nickel Sulfate market is no exception. Moreover, customer requirement has also subsequently decreased as individuals are now keener on removing non-essential expenses from their respective budgets. The over-all financial status of most individuals has been affected in many ways by this outbreak. However, as respective governing authorities start to lift these enforced lockdowns, the global Nickel Sulfate market is expected to recover accordingly.

Global High Purity Nickel Sulfate Market Scope

The high purity nickel sulfate market is segmented on the basis of form, grade and applications. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Form

• Anhydrous
• Heptahydrate
• Hexahydrate

Grade

• EN grade
• Plating grade
• High-purity grade

Application

• Battery
• Electroplating
• Chemicals industry

High Purity Nickel Sulfate Market Regional Analysis/Insights

The high purity nickel sulfate market is analyzed and market size insights and trends are provided by country, form, grade and application as referenced above.

The countries covered in the high purity nickel sulfate market report are U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, France, Italy, U.K., Belgium, Spain, Russia, Turkey, Netherlands, Switzerland, Rest of Europe, Japan, China, India, South Korea, Australia and New Zealand, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, United Arab Emirate, Saudi Arabia, Egypt, Israel, South Africa, Rest of Middle East and Africa.

Asia-Pacific dominates the high purity nickel sulfate market during the forecast period. This is due to the increasing demand for nickel sulfate from the automotive sector which contributes to the growth of the high purity nickel sulfate market in this region. The Asia-Pacific region dominates high purity nickel sulfate market, with China leading the way in terms of production and consumption high purity nickel sulfate. China is leading the Asia-Pacific market.

North America is estimated to be the fastest developing region during the projected period due to the rising demand for high purity nickel sulfate in the automotive sector.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and High Purity Nickel Sulfate Market Share Analysis

The high purity nickel sulfate market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to high purity nickel sulfate market.

Some of the major players operating in the high purity nickel sulfate market are:

• Umicore (Belgium)
• Norilsk Nickel (Russia)
• Sumitomo Metal Mining Co., Ltd. (Japan)
• Green Eco-Manufacturer (China)
• Jilin Jien Nickel Industry (China)
• Seido Chemical Industry Co., Ltd. (Japan)
• Jinco nonferrous metals co. Ltd. (China)
• Univertical (US)
• Nicomet (India)
• Zenith (Switzerland)
• Coremax corporation (China)
• Norilsk Nickel (Russia)
• Palm Commodities Inc. (US)
• Indian Platinum Pvt. Ltd. (India)
• Anron Chemicals Co. (India)
• Vizagchemical.com (India)