The global nickel carbonate market was valued at USD 2,19,744.5 Thousand in 2019 and is projected to reach USD 2,81,695.3 Thousand by 2027 expanding at a CAGR of 3.9% during the forecast period, 2020-2027.
Nickel carbonate identifies one or more inorganic compounds containing carbonate and nickel. From an industrial point of view, the most significant nickel carbonate is the simple nickel carbonate with the chemical formula Ni4CO3(OH)6(H2O)4. Simpler carbonates, most likely to be contained in the laboratory, are NiCO3 and its hexahydrate. They are paramagnetic green solids containing Ni2+ cations. Nickel carbonate is the starting material for the preparation of several nickel salts. It interacts with the dilute acids that develop carbon dioxide, and the resulting nickel salts are formed after evaporation. Nickel carbonate is also in the preparation of nickel catalysts and a variety of special nickel compounds. It is also used as a balancing agent in nickel plating solutions. Some uses are in glass coloring and in the manufacture of ceramic pigments. With the development of several plating technologies in the automotive industry, the nickel carbonate market is a growing especially in developing countries. In addition, emerging economies such as China, India and others is generating new end-use prospects for the global demand for nickel carbonate. However, higher research costs and human toxicity can serve as a constraining factor for the growth of the global nickel carbonate market.
The market is driven by factors such as increasing use of nickel carbonate in various end-use industries, continuous rise in automotive industry, is expected to drive the demand for nickel carbonate. Growing production of nickel. Nickel carbonate is being used as a neutralizing agent for nickel plating solutions. The use of nickel carbonate is extensive in the electroplating process. Fuel producers are eliminating sulfur using nickel carbonate-based catalysts. Nickel carbonate is favored as a possible edible oil hardening agent. Nickel carbonate has been found to be used in the petroleum refining industry. Nickel carbonate is also used in the coloring of glass and in the processing of ceramic pigments. These numerous applications of nickel carbonate are creating a favorable outlook for the global nickel carbonate industry.
Continuous exposure to nickel carbonate is known to cause an asthma-like allergy. Furthermore, exposure can cause asthma attacks with shortness of breath, coughing, and/or chest tightness. Control systems are being utilized to avoid exposure to hazardous materials. Ventilation is being implemented, which is a quite common control measure for hazardous substances. Well-designed and well-maintained ventilation systems eliminate harmful vapors and fumes. However, this underlying toxic effect is declining the utilization of nickel carbonate in end use industries. Moreover, significant decline in nickel production due to temporary suspension of mining and mining related activities due to the COVID-19 pandemic are some of the factors restraining the market growth. Several small and medium scale competitors are forming alliances and increasing focus on production for new end use industries are some of the major opportunities in the market.
Based on type, the global nickel carbonate market is segmented into industrial grade and ACS & reagent grade. The industrial grade segment accounted for 88.3% of the market share in 2019. However, the ACS & Reagent Grade segment will grow with the highest CAGR growth rate of 5.2% during the forecast period (2020-2027).
The large share of the industrial grade segment is attributed to the fact that nickel carbonate is finding the most application as it is suitable for the use of nickel and zinc coatings to provide corrosion protection for steel used in automotive applications. Industrial grade nickel carbonate is mostly used as a catalyst and as a nickel salt of raw materials. Moreover, it is used in the ceramics industry as a coloring agent and pH-adjusting agent. The ACS and reagent grade segment are anticipated to expand with the highest CAGR owing to the increasing adoption nickel carbonate for medical research institutes and laboratories. ACS and reagent grade are being extensively used in the medical research industry motivated by a major increase in funding from the central government and local governments, and a rapidly expanding biotechnology sector. ACS & reagent grade nickel carbonate is used for research and laboratory use only. Several manufacturing companies approve orders only to a licensed laboratory or research facility.
Based on application, the global nickel carbonate market is segmented into plating, catalyst, pigments, and others. The plating segment accounted for 69.6% of the market share in 2019. However, the catalyst segment will account the highest CAGR growth rate of 4.2% during the forecast period (2020-2030). The growing demand for adaptable manufacturing processes for a wide range of applications in the automotive and electrical & electronics industries are likely to raise the demand for electroplating. Due to which, the plating segment in the global nickel carbonate market is the most prominent in 2019. The pigments segment is anticipated to expand at a substantial CAGR of 4.0%, owing to the extensive use of nickel carbonate is anticipated to boost the market growth and create opportunities for the production of nickel carbonate in large quantities in the near future.
Based on regions, the global nickel carbonate market is classified as North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA). Asia Pacific accounts for a major share of the global market (73.8%), followed by Europe. The market in Asia Pacific is estimated to expand at a substantial CAGR (4.1%) during the forecast period owing to increasing investments for the expansion of the chemical and materials industry and the presence of major chemical producing countries, such as China, Japan, India etc. in the region. The growth of the market in Asia Pacific is attributed to the increasing number of local manufacturers of nickel carbonate. Additionally, developing countries, such as India and China, are offering market players ample opportunities to increase their presence, thus fueling the market in the region during the forecast period.
Europe is projected to generate absolute dollar opportunity of USD 7,000.3 Thousands from 2020 to 2027. Several nickel carbonate manufacturers have incorporated sustainability into their corporate strategies by evaluated the production of nickel carbonate with new production techniques.
Some frequently asked quetions about this report!
Additional company profiles can be provided on request.
Yes, the global nickel carbonate market volume for historical and forecast period 2016 to 2027 is provided in report.
According to this Growth Market Reports report, the market from nickel carbonate is likely to register a CAGR of 3.9% during forecast period 2020-2027, with an anticipated valuation of USD 2,81,695.3 thousand by the end of the 2027.
In addition to market size (in USD thousands), Market Volume (Tons), and Company Market Share (in % for base year 2019), Patent analysis, pricing analysis, and regulatory impact on nickel carbonate market, short term and long term outlook for nickel carbonate market is available in final report.
increasing use of nickel carbonate in various end-use industries, continuous rise in automotive industry, growing demand for nickel carbonate is driving the market growth during forecast period.
Application in automotive industry, ceramic production, and color glass manufacturing is driving the nickel carbonate market.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
The market is expected to grow at year-on-year growth rate of -2.1% between 2019 and 2020 owing to the negative impact of COVID 19 pandemic on the nickel carbonate market. The shutdown of production activities, restrictions on transportation activities, and temporary decline in demand for nickel carbonate are some of the prime reasons responsible for this market trend.
The base year considered for the global nickel carbonate market report is 2019. The complete analysis period is 2017 to 2027, wherein, 2017 & 2018 are the historic years and the forecast is provided from 2020 to 2027.
Major manufactures include, Vale, Norilsk Nickel, Umicore, SEIDO CHEMICAL INDUSTRY CO., LTD., TIB Chemicals AG and others
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