Press release
Nickel Sulfate Market Size, Share, Trends, Demand, Growth, Techniques, Overview, Segmentations, Classifications & Forecasts to 2032
Nickel Sulfate Market
What is Nickel Sulfate? Nickel Sulfate is an inorganic compound recognized for its distinctive yellow, green, or blue color. It is highly pure, often reaching purity levels of 99.98% or higher. Nickel Sulfate is widely used in high-tech industries, including automotive, aerospace, electronics, and chemicals, due to its versatile properties.
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Market Drivers A significant driver of market growth is the rising demand for Nickel Sulfate in electroplating applications, particularly in the production of electric vehicles (EVs). Electroplating processes, which deposit a thin layer of nickel on surfaces, rely heavily on Nickel Sulfate, contributing to the material's increased usage. As the global transition towards EVs accelerates, the need for Nickel Sulfate in Li-ion batteries is also growing. Projections suggest that the demand for Li-ion batteries will surge from 700 GWh in 2022 to approximately 4.7 TWh by 2030.
Manufacturers have responded to this demand by increasing their production capacity. A recent partnership between Umicore and Terrafame Ltd. highlights efforts to establish a sustainable value chain for Nickel Sulfate, with a focus on providing high-grade, low-carbon materials for the European market.
Market Restraints Despite the positive growth trajectory, certain challenges exist. The availability of low-cost alternatives and the health risks associated with Nickel Sulfate, such as skin irritation and respiratory issues, could hinder market growth. Additionally, strict quality control measures, which increase production costs, may reduce the competitiveness of Nickel Sulfate, pushing buyers towards more affordable alternatives.
Market Segments
Form Segment: Nickel Sulfate is available in three forms: anhydrous, heptahydrate, and hexahydrate. Among these, the anhydrous form accounted for the largest market share in 2022. Its application in electroplating processes makes it highly sought after in various industries. Anhydrous Nickel Sulfate is known for its corrosion resistance and ability to improve the efficiency of materials like nickel ferrites.
Grade Segment: Based on grade, the market is divided into EN grade, plating grade, and high-purity grade. The EN grade segment is expected to see steady growth due to its use in electroless nickel plating, a process that does not require an external power source and is ideal for coating complex shapes. EN plating is widely used in industries such as electronics, aerospace, and automotive for its corrosion and wear resistance.
Application Segment: In terms of applications, the battery sector is projected to hold a significant market share during the forecast period. Nickel Sulfate plays a crucial role in battery production, particularly in the automotive sector. It helps improve battery performance, lifespan, and durability, making it essential for the growing electric vehicle market.
End-Use Segment: The automotive industry is expected to be a major end-user of Nickel Sulfate, driven by the increasing demand for lithium-ion batteries in electric vehicles. The high purity of Nickel Sulfate enhances the efficiency and durability of battery components, contributing to better performance in electric vehicles.
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Nickel Sulfate Top 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
Nickel Sulfate Latest Industry Updates
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. This agreement is a part of the supply of key raw materials to meet our demand for EV batteries.
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.
Nickel Sulfate Market Segmentation Analysis
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)
Anhydrous
Heptahydrate
Hexahydrate
Grade Outlook (Revenue, USD Billion; 2019-2032)
EN Grade
Plating Grade
High-Purity Grade
Application Outlook (Revenue, USD Billion; 2019-2032)
Electroplating
Batteries
Chemical Analyst
Pigments
Others
End-Use Outlook (Revenue, USD Billion; 2019-2032)
Automotive
Aerospace
Electronics
Chemicals
Paints and Coatings
Others
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Regional Outlook (Revenue, USD Billion; 2019-2032)
North America
U.S.
Canada
Mexico
Europe
Germany
France
UK
Italy
Spain
Benelux
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of APAC
Latin America
Brazil
Rest of LATAM
Middle East & Africa
Saudi Arabia
UAE
South Africa
Turkey
Rest of Middle East & Africa
Nickel Sulfate ((NiSO4(H2O)6) Market Snapshots
Nickel Sulfate ((NiSO4(H2O)6) Market Size: https://www.emergenresearch.com/industry-report/nickel-sulfate-market/market-size
Nickel Sulfate ((NiSO4(H2O)6) Market Share: https://www.emergenresearch.com/industry-report/nickel-sulfate-market/market-share
Nickel Sulfate ((NiSO4(H2O)6) Market Trends: https://www.emergenresearch.com/industry-report/nickel-sulfate-market/market-trends
Nickel Sulfate ((NiSO4(H2O)6) Regional Market Demand: https://www.emergenresearch.com/industry-report/nickel-sulfate-market/regional-market-demand
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