Transparency Market Research delivers key insights on the global nickel sulfate market. In terms of revenue, the global nickel sulfate market is estimated to expand at a CAGR of 14.7% during the forecast period, owing to numerous factors regarding which TMR offers thorough insights and forecasts in its report on the global nickel sulfate market.
The global nickel sulfate market is driven by several factors; however, the huge demand for battery manufacturing for various end-use industries such as automobiles, electronics, chemicals, and textiles is the key market driver. Nickel sulfate usage in electroplating and dyeing & printing is also driving the demand for nickel sulfate significantly. The rise in the global demand for batteries and electroplating has led to considerable growth of the nickel sulfate market. There is a high demand for nickel sulfate in the manufacture of various batteries, primarily low-powered batteries and high-powered batteries. Thus, the rise in the demand for nickel sulfate in Li-Ion batteries and various other applications is propelling the demand for nickel sulfate in the automotive industry.
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Nickel Sulfate Market: Dynamics
Batteries hold the key to transitioning away from fossil fuel dependence. They are set to play a major role in the next decade. In the near future, the energy storage market in the U.S. is expected to reach US$ 426 Bn.
Initially, batteries would be used to store minimal energy. However, currently, high-powered vehicles are being driven by battery power due to the technological development. This can be ascribed to the imposition of regulations on the use of fossil fuels by various countries and increasing awareness among the people regarding the harmful environmental impact of fossil fuels.
The economies of scale is making Li-ion the dominant technology. Li-ion battery requires nickel sulfate in the form of cathode. This is a result of the long history of Li-ion in the consumer electronics market and the significant recent scale of investments in Li-ion manufacturing, driven by the EV industry. This advancement in battery system from minimal storage of energy to high power driven vehicle is estimated to augment the global nickel sulfate market during the forecast period.
Manufacturers are focusing on the automotive industry, as the share held by this segment in the nickel sulfate market is likely to increase during the forecast period.
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Nickel Sulfate Market: Prominent Regions
Asia Pacific holds the major share of global nickel sulfate market. The market in the region is anticipated to expand at a CAGR of more than 15.6% during the forecast period. Increase in demand for various batteries is driving the nickel sulfate market in Asia Pacific. China is a key country of the nickel sulfate market in Asia Pacific. It held major share of the nickel sulfate market in Asia Pacific in 2020. The country is estimated to maintain its dominant position in the region during the forecast period.
Europe is also a key region of the global nickel sulfate market. Germany led the nickel sulfate market in Europe in 2020. The increase in the demand for nickel sulfate in the automotive sector is driving the market in Germany.
Nickel Sulfate Market: Key Players
The global nickel sulfate market is consolidated, with the presence of key players. Prominent players operating in the global nickel sulfate market include Norilsk Nickel, Coremax, Palm Commodities International, Jinco Nonferrous, Umicore, Sumitomo Metal Mining Co., Ltd., Seido Chemical Industry Co., Ltd., Indian Platinum Pvt. Ltd., Univertical, Zenith, Anron Chemicals Co., Green Eco-manufacture Hi-tech (GEM), and Vizag Chemical.
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