Nickel Sulfate ((NiSO4(H2O)6) Market Size Worth USD 3.72 Billion 2032 | Emergen Research

The global Nickel Sulfate((NiSO4(H2O)6) market size was USD 1.78 Billion in 2022 and is expected to register a rapid revenue CAGR of 7.8% during the forecast period. The global market for nickel sulfate is experiencing significant growth attributed to increasing adoption in agriculture and the burgeoning demand for Battery Energy Storage Systems (BESS). Nickel sulfate, an inorganic compound widely recognized for its diverse applications across industries, is witnessing a surge in demand, primarily driven by its role as a micronutrient in crop cultivation and its indispensable presence in the production of lithium-ion batteries.

Nickel sulfate, characterized by its high purity levels reaching up to 99.99%, finds extensive utilization in high-tech sectors such as automotive, aerospace, electronics, and more. In recent years, its adoption in agriculture has gained momentum as it serves as a micronutrient for crops, contributing to enhanced yields and overall plant health.

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The market is further bolstered by the rising demand for nickel sulfate in metal finishing applications, particularly in electroplating processes fueled by the growing popularity of Electric Vehicles (EVs) and the escalating need for renewable energy storage solutions. With the global demand for Li-ion batteries projected to soar from 700 GWh in 2022 to approximately 4.7 TWh by 2030, nickel sulfate emerges as a crucial component due to its stability and versatility properties.

Leading manufacturers in the nickel sulfate market are witnessing a substantial increase in orders and sales volumes, propelled by the growing requirement for micronutrients and battery materials. Notably, strategic partnerships like the one between Umicore and Terrafame Ltd. signify a commitment to sustainable value chains, ensuring the supply of high-grade and low-carbon nickel sulfate to meet market demands.

Despite the market's promising outlook, certain factors pose challenges to its growth trajectory. The availability of low-cost alternatives and concerns regarding skin allergic reactions associated with nickel sulfate may restrain market revenue growth. Additionally, stringent quality control measures contribute to elevated production costs, potentially impacting pricing dynamics and competitiveness.

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Segment Insights:

Nickel Sulfate Grade: The EN grade segment is witnessing steady growth, particularly in electroless nickel plating processes, catering to industries such as electronics, aerospace, and automotive.

Nickel Sulfate Application: The batteries segment holds a significantly large market share, attributed to the sulfate's role in automotive manufacturing, where it enhances battery performance and longevity.

Nickel Sulfate End-Use: The automotive segment is experiencing moderate growth, driven by the rising demand for lithium-ion batteries and the benefits of nickel sulfate in improving battery capacity and durability.

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Major Companies and Competitive Landscape
The global Nickel Sulfate market is fragmented, with large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective Nickel Sulfate solutions.

Some of the major companies included in the global Nickel Sulfate market report are:

• Arrow Resources
• Stellantis NV
• FPX Nickel
• Umicore
• Norilsk Nickel
• GEM Co., Ltd
• Sumitomo Metal Mining Co., Ltd.
• Jinchuan Group International Resources Co., Ltd.
• BHP
• Boliden Group
• Glencore
• Huayou Cobalt Co., Ltd.
• Jinco Nonferrous Co., Ltd.
• Indian Platinum Private Limited
• Zenith Chemical Corporation
• Vizagchemical.com

Strategic Development

• On 18 January 2023, Stellantis N.V. and Terrafame Ltd. announced the signing of an agreement to supply Nickel Sulfate for use in EV batteries. Starting in 2025, Terrafame, a Finnish company, will provide Stellantis with Nickel Sulfate for the duration of the five-year agreement. The Terrafame deal is part of Stellantis' aggressive electrification strategy and will meet a significant portion of sustainably sourced nickel demand.

• On 01 February 2022, FPX Nickel Corp. announced that it has initiated an internal scoping study to further evaluate the option to produce nickel sulfate for the EV battery supply chain from high-grade, nickel concentrate produced by the Company's Baptiste Nickel Project ('Baptiste' or the 'Project;) in central British Columbia. This study incorporates positive results from previous leaching tests on clean, high-quality Baptiste nickel concentrate (63% nickel), confirming the project's potential to become a significant supplier of the raw material.

For the purpose of this report, Emergen Research has segmented the global Nickel Sulfate market on the basis of form, grade, application, end-use, and region:
• Form Outlook (Revenue, USD Billion; 2019-2032)
o Anhydrous
o Heptahydrate
o Hexahydrate

• Grade Outlook (Revenue, USD Billion; 2019-2032)
o EN Grade
o Plating Grade
o High-Purity Grade

• Application Outlook (Revenue, USD Billion; 2019-2032)
o Electroplating
o Batteries
o Chemical Analyst
o Pigments
o Others

• End-Use Outlook (Revenue, USD Billion; 2019-2032)
o Automotive
o Aerospace
o Electronics
o Chemicals
o Paints and Coatings
o Others

• Regional Outlook (Revenue, USD Billion; 2019-2032)
o North America
1. U.S.
2. Canada
3. Mexico
o Europe
1. Germany
2. France
3. UK
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
o Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
o Latin America
1. Brazil
2. Rest of LATAM
o Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of Middle East & Africa

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