Global Carbonyl Nickel Powder Market Overview
The key driver impacting the carbonyl nickel powder market is the rapidly growing demand for electric vehicles globally created a considerable demand for nickel-based batteries. Thus, it is driving the carbonyl nickel powder market in the forecast period. For example, According to International Energy Agency (IEA), Electric cars, accounts for 2.6% of worldwide car sales, and it registered a 40% year-on-year rise. The electric car sales recorded 2.1 million worldwide in 2019, exceeding 2018. Moreover, constant carbonyl nickel powder demand for powder metallurgy applications among the population contributes to market growth in the forecast period. Whereas with regards to volume, the market was calculated XX Tons in 2020 and foreseen to grow with a CAGR of XX% during 2021-2027.
According to Value Market Research, the global carbonyl nickel powder market size is valued at around USD xx 2020 and is estimated to develop at a CAGR of about 4% during the forecast period 2021 to 2027.
The rapid growth in the chemical industry and the automotive sector is likely to augment demand for carbonyl nickel powder in the forecast period. It is due to the massive utilization in the chemical industry for the production of high-purity nickel salts, including nickel chloride, nickel sulfate, nickel hydroxide, and nickel sulfamate. For instance, As per the Global Chemicals Outlook(2019) report, during 2000- 2017, the global chemical industry’s production capacity got doubled, from around 1.2 to 2.3 billion tonnes. The chemical industry contributed $1.1 trillion to world GDP and provided employment for 15 million people, which makes it the fifth-largest manufacturing sector globally as per the European Chemical Industry Council or Cefic report 2019. Asia has increased its market share rapidly, and China has the most significant chemical industry. China has the world’s largest chemical industry, with annual sales of around euros 1,293 billion, or about 37 percent of global sales. Similarly, the Indian chemical sector stands at US$ 178 billion in 2019 and is anticipated to reach US$ 304 billion by 2025, recording a CAGR of 9.3% as per the India brand equity foundation. The demand for chemicals is predictable to expand by 9% annually by 2025.
The regulations regarding the use of hazardous materials may hamper the market in the long run. The toxic nature of carbonyl nickel powder negatively impacting the market. The current industry trends, such as the growing number of regulations, and rising initiatives boosting electric vehicles sale are expected to provide market players with profitable market opportunities.
The carbonyl nickel powder market is vast, with many local and global players. The carbonyl nickel powder market is extensive, with many local and international players. The key leaders follow various strategies to elevate their market position, such as product upgrades, extending product portfolio, contracts, amalgamation, and acquisitions, to raise their market share across the globe. The significant players studied in the report are Vale S.A., Jinchuan Group International Resources Ltd., PJSC MMC Norilsk Nickel, Glencore International AG, Sherritt International Corporation, Hunter Chemical LLC, CVMR Corporation, Sumitomo Metal Mining Co., Ltd., ERAMET Group, Novamet Specialty Products Corporation, BHP Billiton Limited, Novamet Specialty Products Corporation, Hunter Chemical LLC, CNPC POWDER GROUP CO., LTD, Lundin Mining Corporation, Anglo American plc, JFE MINERAL Co., LTD, Jiangyou Hebao Nano Materials Co., Ltd, and ERAMET Group.
In this research report, the carbonyl nickel powder market is segmented by grade, application, and region.
Analysis by Grade:
By grade, the report is categorized into filamentary, chemical, and powder metallurgy. The powder metallurgy dominates the site segment with over 20% share in 2020. It is due to the massive adoption of powder metallurgy technology to create high-value components such as gears, bearings, and shafts and the growing usage of carbonyl nickel powder in powder metallurgy for automotive components. Moreover, it is cost-saving as cost-saving over other metalworking technologies is expected to drive powder metallurgy in the forecast period.
Analysis by Application:
By applications, the report is categorized into chemical industry, powder metallurgy components, metallurgy, battery electrodes & fuel cells, and others. The chemical industry segment dominates the applications segment with over 25% share in 2020. It is due to the Carbonyl nickel powder is utilized in the chemical industry for the production of high-purity nickel salts, including nickel chloride, nickel sulfate, nickel hydroxide, and nickel sulfamate. Moreover, the rapidly growing chemical industry globally is expected to drive the market demand from the chemical industry in the forecast period.
Analysis by Region:
In the regional outlook of the global carbonyl nickel powder market, the Asia Pacific region dominates globally with a 35% market share during the forecast period. It is due to the constant growth of the chemicals industry in India. Also, the rise increasing demand for stainless steel for various end-use industries such as food and catering, automotive, energy and heavy industries, and others in emerging economies such as China, India drives the regional market growth. Moreover, rising urbanization, industrialization, and growing population contribute to market growth across Asia Pacific.
Market Segmentation covered in the Report:
- Powder Metallurgy
- Chemical Industry
- Powder Metallurgy Components
- Battery Electrodes & Fuel Cells
- Others (Including High-purity Nickel Niobium Alloys)
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
This market research report has been produced by gathering information on the basis of primary and secondary research. Secondary research has been done by using various sources which include (but not limited to) Company Websites, Paid Data Sources, Technical Journals, Financial Reports, SEC Filings, and other different industry publications.
If specific information is required which is not currently within the scope of the report, it can be provided as a part of customization.