Analysis by Product Form (Crystal, Liquid, and Powder); by Product Type (Military Grade, Reagent Grade, and Food Grade); by Purity (<99% Pure, 99% Pure, and >99% Pure); and by Application (Electroplating, Ceramics Glaze, Aluminum Surface Treatment, Coinage, Textile Dyeing, and Others) – Global Supply & Demand Analysis & Opportunity Outlook 2023-2035
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The global nickel acetate market is estimated to garner a revenue of ~USD 80 Billion by the end of 2035 by growing at a CAGR of ~4% over the forecast period, i.e., 2023 – 2035. Further, the market generated a revenue of ~USD 52 Billion in the year 2022. The growth of the market can be attributed to the rising demand for the use of nickel acetate in various industries, such as, automobiles, electronics, electrical, aesthetics, and metallurgy. In addition to protection from rust, nickel acetate is used in automotive plating in order to brighten the finish on metal or non-metal parts, and metalize plastic parts to improve their sturdiness. With worldwide car sales growing steadily from around 60 million in the year 2020 to more than 70 million in 2021, as per the latest survey of the automotive industry, the global nickel acetate market is predicted to grow to a significant size.
Nickel acetate is a green crystalline inorganic compound used in textile dyeing processes, electroplating, anodization applications, as an intermediate catalyst, and in surface treatment. The versatility, popularity, and utility in diverse fields of applications of nickel acetate makes it a highly viable market and is forecasted to grow at a considerable market size. For instance, the textile industry in the U.S is the second largest exporter of textile-related products in the world and the exports were valued at around ~USD 28 Billion in 2021, according to the National Council of Textile Organizations (NCTO). Therefore, all these factors are anticipated to hike the market growth over the forecast period.
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Base Year |
2022 |
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Forecast Year |
2023-2035 |
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CAGR |
~4% |
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Base Year Market Size (2022) |
~ USD 52 Billion |
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Forecast Year Market Size (2035) |
~ USD 80 Billion |
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Regional Scope |
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Growth Drivers
Advancements in Automobile Industry – Nickel acetate is employed in the manufacture of fasteners, bolts, hydraulic systems, shafts, and other engine components because of features, such as, corrosion resistance, wear and abrasion resistance, and ductility. Increasing improvements in the automobile industry are expected to propel the global nickel acetate market growth. According to the International Trade Administration, China has the world’s largest automobile market in terms of both annual sales and manufacturing output, and the production of vehicles is expected to reach ~35 million vehicles by 2025.
Growth of Textile Industry – Nickel Acetate is used as a mordant in textile dyeing to fix the dye onto fabric which is further backed by the growing utilization of digital textile printing ink. The booming textile industry is predicted to propel the nickel acetate market. India alone exported around ~USD 30 billion worth of textiles between April and December of 2021.
Advancements in Aerospace Industry - Nickel-based plating has exceptional adhesion and corrosion protection and provides a uniform coating of thickness, which is paramount to the aerospace industry. According to the United States Aerospace & Defense Industry, the total aerospace and defense industry sales revenue was a combined value of` ~USD 382 billion. The advancing aerospace industry is anticipated to propel the nickel acetate market growth.
Increased Use in Electronics - Nickel plating is widely used in electronic parts, such as, microprocessors and integrated circuits due to its reliability and functionality. As per recent studies, the number of smartphones sold worldwide rose from about ~1.3 billion in 2020 to around 1.4 billion in the year 2021.
Increased Use in Aesthetic Jewelry – Nickel Acetate is used for decorative purposes to give a bright, shiny appearance to jewelry and also to provide resistance to corrosion and wear. India saw around a 54% rise in jewelry exports in 2021-22 compared to the year before, according to the India Brand Equity Foundation.
Challenges
The global nickel acetate market is segmented and analyzed for demand and supply by application into electroplating, ceramics glaze, aluminum surface treatment, coinage, textile dyeing, and others. Out of these segments, the aluminum surface treatment segment is estimated to gain the largest market share over the projected time frame. The growth of the segment can be attributed to its myriad applications, such as, in the construction industry, transportation industry, and the manufacture of electrical and consumer goods. As per the latest studies, more than ~USD 1 trillion worth of private and public structures are constructed in the United States alone, every year. Nickel acetate is used in surface treatment and precise plating along with ceramic glazing and industrial fabric dying. Hence, all these factors are expected to propel the growth of the segment over the forecast period.
The global nickel acetate market is also segmented and analyzed for demand and supply by application into electroplating, ceramics glaze, aluminum surface treatment, coinage, textile dyeing, and others. Amongst these segments, the ceramics glaze segment is expected to garner a significant share. The growth of the segment can be ascribed to escalated utilization of ceramic in home décor which is further boosted by the higher demand for home decor product such as, pottery, decorative lamps, lightings, and others. For instance, it estimated that the home décor sales in India alone is projected to hit approximately USD 2 billion by the end of 2027. Such higher utilization of nickel acetate has spurred the production of this material which is further anticipated to boost the growth of the ceramic glaze segment during the forecast period.
Our in-depth analysis of the global nickel acetate market includes the following segments:
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By Product Form |
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By Product Type |
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By Purity |
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By Application |
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The Asia Pacific nickel acetate market, amongst the market in all the other regions, is projected to hold the largest market share by the end of 2035. The growth of the market can be attributed majorly to the increasing mass production of nickel acetate, the establishment of new manufacturing plants across the region, and the rapid industrialization of developing countries such as China and India are expected to propel the growth of the market. For instance, India’s production of major chemicals shot up by 14.09% in 2021-2022 compared to the previous years, with a 7.5% increase in the production of inorganic chemicals such as Nickel Acetate, according to the latest research conducted by the National Investment Promotion & Facilitation Agency.
Furthermore, the market in North America region is also projected to witness a noteworthy growth during the forecast time. Surge in the industrialization backed by higher fundings and presence of the robust automotive industry with a huge demand for nickel acetate is projected to expand the market size in the region over the forecast period. Nickel estate is used in plating purposes in the automotive industry. For instance, around 15 million units of automobiles were sold across the United State in 2021.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: Advancements in automobile industry and advancements in aerospace industry are the major factors driving the market growth.
Ans: The market is anticipated to attain a CAGR of ~4% over the forecast period, i.e., 2023 – 2035.
Ans: Contact with skin may cause dermatitis and produces toxic fumes when heated are estimated to be the growth hindering factors for the market expansion.
Ans: The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.
Ans: The major players in the market are Fairsky Industrial CO., Limited, Univertical LLC, Noah Chemicals Corporation, Palm Commodities International, Inc., Zhangjiagang Huayi Chemical Co. Ltd., Hunter Chemical LLC, ProChem, Inc., TIB Chemicals AG, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product form, product type, purity, application, and by region.
Ans: The aluminum surface treatment segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.
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