Nickel Sulfate Market Globally Expected to Drive Growth through 2027

Nickel Sulfate is an inorganic compound with the chemical formula NiSO4 (H20)6. It is highly soluble in any aqueous solution and is blue in appearance. Nickel sulfate is one of the primary sources of Ni2+ ion, which is used commercially in electroplating applications. Commercially, there are seven types of Ni (II) salts available in the market which can be used for a variety of applications. On a commercial scale, nickel sulfate is formulated and synthesized as a by-product in copper refining. Nickel sulfate is also formulated by the dissolution of nickel oxide & nickel metal in sulfuric acid. Within the commercial market, the Nickel sulfate compound is available in different grades, such as plating grade, EN grade and high purity grade. The plating grade nickel sulfate is generally used in electroplating application technique in which a thin layer or coating of nickel is deposited over the metal surface. Nickel is generally used in electroplating applications as it does not fade on coming in contact with the air.

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Also, nickel coatings offers better durability, hardness and resistance to corrosion in aggressive environmental conditions. The EN grade and high purity grades of nickel sulfate find relatively higher adoption in chemicals industry and in formulation of batteries. The use of nickel sulfate in metal surface treatment in battery cathodes will further help in boosting the global demand for end-user industries, such as, automotive, and consumer electronics. Nickel coating is done on the surface of metals to increase their service life by imparting them with enhanced properties.

Nickel Sulfate Market: Drivers and Restraints

Globally, in the last few years, there has been extensive growth in the adoption and consumption of nickel sulfate and the growth is expected to continue over the coming years. The main reason behind this substantial growth in the nickel sulfate market is the expansion in its applications across industries. The shift from oil & gas sources to electric sources, especially in automotive industry, is the major driving factor that is expected to drive the increase in consumption of nickel sulfate. In automotive segment, a general increase in electric & hybrid vehicle sales is fueling the demand for nickel sulfate. Growing use of nickel sulfate in electroplating & battery applications is another factor that is expected to fuel the growth in consumption of nickel sulfate. Growing chemicals industry and an increase in the number of batteries is also fueling the demand for the consumption of nickel sulfate. From supply side, key manufacturers present in the value chain are expanding their manufacturing capabilities to increase the overall throughput and also cater to the increasing demand from end-use industries.

Also, key manufacturers are focusing on collaborating with local suppliers and distributors to create an efficient supply chain and enhance their market presence. There has also been some growth in funding activities from private and governmental bodies to encourage the development of new products with enhanced properties. The major shareholders are strengthening their R&D activities to support new product development. However, some restraining factors include chronic diseases and health hazard caused by the compound when handled & processed without precautionary measures.

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Global Nickel Sulfate market is segmented into seven key regions: North America, Latin America, Western Europe and Eastern Europe, Asia Pacific Excluding Japan (APEJ), Japan and Middle East and Africa (MEA). As of 2017, growth in developed regions, such as Western Europe, Japan and North America, will be driven by the expansion of automotive and chemical industries. APEJ and Latin America region will also register rapid growth due increasing demand for nickel sulfate in synthesis of novel products used in batteries and during electro plating. With encouraging government policies to draw investments in the APAC region, major overseas players are opting to shift their manufacturing facilities to the region. That apart, these regions are also witnessing growth in the chemicals industry, especially in emerging economies, such as China, South Korea & India. Consumption in MEA region is also projected to expand with significant CAGR over the forecast period.

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This release was published on openPR.