The global Nickel Carbonate market is estimated to expand at a remarkable growth rate of 5.6% CAGR over the forecast period between 2022 and 2032, finding future market insights (FMI) in a recent market analysis.
Nickel Carbonate is extensively used as a source of nickel in the electroplating industry for various applications in recent days. Currently, the electroplating industry is witnessing rapid growth with high CAGRs owing to the substantial growth in demand for high-performance metals. Notable growth in end-use industries such as automotive, construction, and others is expected to promote the growth of such metals over the forecast period. Zinc-nickel plating solutions are one widely accepted solution to develop corrosion resistance in metals used in the automotive and construction industry. Nickel carbonate is used as a nickel source in such plating solutions which is expected to boost the sales of nickel carbonate over the upcoming assessment period of 2022-2032.
In addition, Nickel Carbonate is also getting fair traction as a catalyst in a variety of end-use industries. The oil & gas industry is playing a key role in promoting the use of nickel carbonate as nickel catalysts. Consistent growing demand for cleaner and high-quality fuels is expected to be the key reason behind such robust growth in demand for nickel catalysts in oil & Gas industries owing to its use in selective hydrogenation of unsaturated compounds produced during steam cracking.
However, the high price of the product owing to expensive raw materials used such as nickel has remained a longstanding challenge for the manufacturers and consumers. High product price has compelled manufacturers and consumers to find and develop cost-effective solutions to maintain a competitive atmosphere in the market.
“Substantial growth in the electroplating industry is expected to be a key factor promoting the growth of nickel carbonate over the forecast period,” says an FMI analyst.
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- The global Nickel Carbonate market is expected to attain a value of over US$ 459.6 Mn by the end of the forecast period growing at a CAGR of 5.6% over the forecast period.
- The rising demand for Nickel Carbonate for electroplating is expected to propel the growth of the market in recent years.
- Key Manufacturers are engaged in providing tailored solutions to the consumers and gaining a competitive edge in the market.
- The electroplating industry is the major consumer application of nickel carbonate. The segment is anticipated to consume around 72% of nickel carbonate produced every year.
- Owing to a consistent consumer shift toward a high quality products. 42% – 46% Nickel-containing nickel carbonate is expected to witness substantial growth over the forecast period.
- Despite various driving factors, the high price of nickel carbonate is controlling the growth rate of the global nickel carbonate market.
American Elements, Liangren Chemicals, Umicore, Reullei, Thermo Fischer Scientific, abcr GmbH, Himalaya Industries, Uma Chemicals, Eramet, jinchuan group, Jiangxi. Nuclear Industry Xingzhong New Material Co., Ltd, Fairsky Industrial, and others are the key players in the Nickel Carbonate market.
More Insights into the Nickel Carbonate Market Report
In its latest report, FMI offers an unbiased analysis of the global Nickel Carbonate market, providing historical data from 2017 to 2021 and forecast statistics for the period 2022-to 2032. To understand the global market potential, its growth, and scope, the market is segmented based on Ni Content, Application, and Region.
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