The Nickel Carbonate market is currently valued at around USD 267.5 Million and is anticipated to progress at a remarkable CAGR of 5.6% to reach USD 459.6 Million by the year 2032. A remarkable growth in demand for electroplating is expected to emerge as a key driver propelling the sales of Nickel Carbonate over the next decade.
The sales of Nickel Carbonate are projected to achieve a year-on-year growth of 5.0% by the end of 2022. The extraordinary growth in demand for nickel carbonate owing to its increased consumption in various end-use industries that includes electroplating, catalyst, and a few others is expected to boost the sales with an approximate CAGR of 5.6% during the upcoming assessment period 2022 to 2032.
| Attribute | Details |
|---|---|
| Base Year Value (2021A) | USD 254.8 Million |
| Estimated Year Value (2022E) | USD 267.5 Million |
| Projected Year Value (2032F) | USD 459.6 Million |
| Value CAGR (2022 to 2032) | 5.6% |
| Collective Value Share: Top 3 Countries (2022E) | 49.1% |
In addition, the latest market research report published by Future Market Insights on Nickel Carbonate also projects that the global consumption of Nickel Carbonate is anticipated to hold around 0.5% to 1% share in the overall Nickel Market.
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The demand for Nickel Carbonate grew at 2.0% CAGR between 2017 and 2021. The extensive surge in consumption of Nickel carbonate for various applications has promoted the demand for Nickel Carbonate over the years. Shifting consumer trends towards glass coloring and rising revenue of the automotive industry are the frontrunner trends benefitting the sales over the historical assessment.
However, various studies are expecting this trend to grow at much higher rates during the forecast period. The consistent rise in production of electric vehicles and notable growth in sales of automobiles from the late 2021 is providing a base for such studies.
Moreover, the emergence of various new applications of nickel carbonate such as corrosion protective coatings, rechargeable batteries, nickel catalysts, and various others is also contributing to propel the market growth above 5.6% CAGR for the 2022 to 2032 period.
Demand for nickel carbonate has grown at notable growth rates over some years and yet it’s demand is in the growing phase which is expected to attain maturity by the end of the forecast period growing at high cagrs in between. A wide spectrum of applications led by electroplating and nickel carbonate catalysts is expected to promote sales.
Rapid industrialization and rising automotive production are creating immense demand for corrosion resistance steel. Nickel carbonate along with zinc is used to develop corrosion resistance in steel and make it suitable to use in such industries. Growth in end-use industries is anticipated to create ample opporutnities in the near future.
The use of electroplating to enhance the aesthetic appeal of electronic components while also safeguarding them has progressively increased. Nickel-based and ABS are becoming more popular, which is lucrative for Nickel Carbonate companies. In the automotive industry, electroplating is increasingly being used to refinish worn chrome elements like grills, bumpers, and tire rims to extend their life and make them seem brand new.
Zinc and zinc-nickel alloy plating are in high demand in the automobile sector for corrosion protection and to improve the appearance of vehicle parts. The premium automotive segment drives demand for Zinc - Nickel plated external parts because of their high efficiency in corrosion and wear resistance along with elegant visual appearance.
Nickel Carbonate is used as a catalyst in a variety of end-use industries. Among them, Oil & Gas industry is the leading consumer of nickel carbonate-based catalysts. They are used for selective hydrogenation of poly-unsaturated compounds produced during steam cracking. Dienes and alkynes are examples of such compounds.
Selective hydrogenation is an important step during the production of fuels and oils. Nowadays, Removal of impurities and providing high-quality fuels is the topmost priority for petrochemical companies across the globe. Consistently growing demand for cleaner fuels is compelling petrochemical providers to use Nickel carbonate which is expected to push the demand graph on the growing side.
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The presence of Nickel in the earth’s crust is limited and can only be excavated at certain locations. Expensive operations with advanced technologies are needed to excavate nickel from the earth’s crust which eventually increases its price.
Such a high cost of the production of Nickel results in high pricing of Nickel carbonate compelling manufacturers and end-users to develop new and cost-efficient solutions to enhance their shares in a competitive market. The development of such alternatives is expected to emerge as a key factor shriveling the growth rate of the global nickel carbonate market over the upcoming assessment period of 2022 to 2032.
Germany is expected to hold dominance in European Nickel Carbonate Market. The country is expected to hold around 22% by value in European Market. Germany is well known for its cutting-edge production technologies and advanced manufacturing methods. The country invests huge capital in the development of manufacturing industries in the country.
Moreover, the country also holds one of the leading positions in automotive production owing to which it creates a huge demand for steel used in the automotive industry and other manufacturing every year. Such a vast demand for steel in the country makes it lucrative for Nickel carbonate manufacturers.
Key manufacturers are trying to expand their sales footprints in the country to relish this huge opportunity. However, the presence of local manufacturers with advanced technologies and stringent regulations of government is a longstanding challenge for the entrants trying to penetrate Germany’s Market.
The Nickel Carbonate market in the United States is expected to grow owing to the increasing consumption in the Steel Fabrication industry. The country’s growing demand for corrosion-resistant steel owing to the consistent growth in automotive and constructions sector in the United States is expected to benefit the sales of Nickel Carbonate.
Many companies are focusing on expanding production facilities and strategic partnerships to promote their growth in the country. Americans have high disposable income and the trend of using electric cars is consistently growing in the country. Owing to the substantial applications of Nickel Carbonate in the production of electric vehicles, demand for nickel carbonate is expected to rise over the forecast period.
China has one of the strongest manufacturing industries across the globe. The strong presence of manufacturers and industries in the country coupled with various manufacturer-friendly government policies is promoting manufacturing in China.
The country is well known for the production of a vast spectrum of products. Automotive, Construction, Electronics, and a few others are some of the leading industries in China. This industry creates a huge demand for metals.
Nickel-based electroplating is used to protect metals from corrosion, owing to such a high number of production facilities in the country. China creates immense demand for electroplating solutions and materials. Considering these factors, Future Market Insights is anticipating China to lead the global nickel carbonate market holding a share of about 82.6% by value in East Asia for the year 2022.
Based on Ni Content, Future Market Insights has segmented the Global Nickel Carbonate Market into four leading segments which are Less Than 38%, 38% to 42%, 42% to 46%, and More than 46%. Among the aforementioned segments, 42% to 46% contribute a lion's share in revenue generation of the market followed by More than 46%. The segment is expected to hold a market share of 35.1% by volume in 2022.
Nickel carbonate is used as a source for Nickel in various end-use industries including electroplating which is a leading consumer of nickel carbonate. Owing to this, a high concentration of Nickel in nickel carbonate is preferred by the consumers.
Global Nickel Carbonate Market is dominated by the Electroplating industry. The industry is anticipated to consume more than three-fourths of nickel carbonate produced across the globe. Rapid industrialization and the emergence of advanced manufacturing technologies along with shifting consumer base towards high-performance products are promoting the need for electroplating at never before rates.
Zinc-Nickel plating is one of the most widely accepted and high-performance plating solutions which is getting benefits and ample opportunities owing to the growth in the electroplating industry.
Moreover, the emergence of various applications of nickel carbonate as catalysts is expected to create ample opportunities in the global nickel carbonate market over the upcoming assessment period of 2022 to 2032.
Owing to consistent consumer shift towards high quality products and substantial growth in demand for nickel catalysts is expected to increase the market share of high Nickel containing nickel carbonate. Hence, propelling the BPS of 42% - 46% and Above 46% segments.
Global Nickel Carbonate Market is fairly consolidated with key players holding the majority of shares. Owing to the presence of key players with higher working capital penetration for new entrants in the market are quite difficult. As the investment in research and development for the key players is high, they are attracting a majority of consumers towards them and relish the majority of the opportunity created in the market.
However, small and medium-sized players are engaged in strategic mergers, and collaborations to maintain their positions in the market. Moreover, the key players are also engaged in developing long-term strategic partnerships and supply agreements with end-users to avoid price fluctuations and ensure a continuous supply.
| Attribute | Details |
|---|---|
| Forecast Period | 2022 to 2032 |
| Historical Data Available for | 2017 to 2021 |
| Market Analysis | USD Million for Value and Tons for Volume |
| Key Countries Covered | USA, Canada, Brazil, Mexico, Germany, Italy, France, UK, Spain, BENELUX, Russia, China, Japan, South Korea, India, ASEAN, ANZ, GCC Countries, Turkey, Northern Africa, South Africa |
| Key Segments Covered | Ni Content, Applications & Region |
| Key Companies Profiled | 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 |
| Report Coverage | Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives |
| Customization & Pricing | Available upon Request |
The Nickel Carbonate market is anticipated to reach a valuation of USD 267.5 Million in 2022
The Nickel Carbonate market is anticipated to witness a growth rate of 5.6% over the forecast period of 2022 and 2032 in terms of value.
The Nickel Carbonate market witnessed a growth of 2.0% CAGR between 2017 and 2021.
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.
The top countries driving the Nickel Carbonate demand are China, USA, and India.
| Estimated Market Size (2024E) | USD 275.8 million |
|---|---|
| Projected Market Value (2034F) | USD 488.3 million |
| Value-based CAGR (2024 to 2034) | 5.9% |
| Market Value (2023) | USD 2.1 billion |
|---|---|
| Market Forecast Value (2033) | USD 3.2 billion |
| Market CAGR (2023 to 2033) | 4.6% |
| Estimated Year Valuation (2022E) | USD 209.9 Million |
|---|---|
| Projected Year Market Size (2032F) | USD 305.5 Million |
| Value-based CAGR (2022 to 2032) | 3.8% |
| Market Value (2022E) | USD 701.2 Million |
|---|---|
| Projected Market Size (2032F) | USD 1,118.2 Million |
| Value CAGR (2022 to 2032) | 4.8% |
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