The global nickel nitrate hexahydrate market is estimated to project growth at a CAGR of around 5% to 6% CAGR during the forecast period 2022-2032. Surging demand for batteries, owing to the growing trend of electrification across industries such as automotive, consumer electronics, and others is expected to fuel the demand for nickel nitrate hexahydrate in the global market.
| Report Attribute | Details |
| Nickel Nitrate Hexahydrate Market Projected Growth Rate (2022-2032) | 5% to 6% CAGR |
Nickel nitrate hexahydrate, commonly known as nickel (II) nitrate hexahydrate is the hydrated salt of nickel nitrate. It is available in the form of deliquescent green-colored solid crystals and solutions. It is manufactured through a reaction of nickel carbonate, nickel oxide, or nickel powder with dilute nitric acid.
This compound is increasingly used in the production of nickel salts, nitrate solutions, and nickel-based catalysts. Nickel nitrate solutions are finding a wide range of applications across various sectors such as battery manufacturing, nickel plating, and chemical manufacturing among others. This is projected to augment the sales of nickel nitrate hexahydrate in the global market.
Due to rapid expansion in the automotive industry and rising trend of industrialization across the globe, demand for petroleum products such as diesel and gasoline is rapidly increasing. Hence, key industries players are aiming at launching novel production and refining facilities for expanding production & refining capacity to capitalize on the existing opportunity.
For instance, in 2019, Targa Resources Corporation, an American oil & gas company announced constructing a new petroleum refinery at Channelview, Texas, the U.S., which can refine around 35,000 barrels petroleum products per day. As nickel nitrate hexahydrate plays a crucial role in the petroleum products refining activities, such developments are anticipated to bolster the demand in the global market.
Nickel nitrate hexahydrate is classified as a hazardous material and can cause several side effects if came in contact with the human body, inhaled, or ingested such as causing severe eye irritation, skin reaction, gastrointestinal irritation with vomiting, nausea, diarrhea, and others.
In addition to this, the decomposition due to heating of nickel nitrate hexahydrate causes the emission of toxic NOx fumes. Hence, stringent regulation of use of hazardous materials and toxic compounds across various countries is hindering the growth in the global nickel nitrate hexahydrate.
Future Market Insights reveals that Asia Pacific excluding Japan is estimated to register the fastest growth in the global nickel nitrate hexahydrate market from 2022 to 2032.
Nickel nitrate hexahydrate is increasingly being used as a precursor in the manufacturing of nickel sulfide-reduced graphene oxide (RGO) composite powders and in the production of nickel metal. This compound is also finding a wide range of applications across the rapidly growing semiconductor industry, for the manufacturing of oxidized multi-walled carbon nanotubes (oMWCNTs) that are impregnated with nanocrystals of nickel oxide.
In addition to this, increasing adoption of electroplating of nickel across diverse industries, owing to its unique combination of wear and corrosion resistance is anticipated to bolster the sales of nickel nitrate hexahydrate in the Asia Pacific excluding Japan market.
As per FMI, Europe is projected to emerge as a highly remunerative market for nickel nitrate hexahydrate during the forecast period 2022-2032.
With surging trend of electrification automotive, growing fuel prices, and rising concerns regarding carbon emission, a significant rise in sales of electric vehicles is being witnessed across Europe.
For instance, according to an estimate by the International Energy Agency, the sales of electric vehicles will nearly double to 1.4 million across Europe in 2020, where France and Germany will account for about 185,000 and 395,000 unit sales, respectively. As nickel nitrate hexahydrate is extensively used to manufacture batteries deployed in these automobiles, accelerating sales of electric vehicles are anticipated to augment the growth in the Europe market.
Some of the leading players in the nickel nitrate hexahydrate market are Sisco Research Laboratories Pvt. Ltd., The Shepherd Chemical Co., Henan DaKen Chemical CO., LTD., Sigma-Aldrich Corporation, Adamas Reagent, Ltd., GFS Chemicals Inc, Alfa Aesar, American Elements, Loba Chemie Pvt. Ltd., The Hall Chemical Co., and others.
Key players in the global market are focusing at mergers, acquisition, and collaboration with end use companies to gain edge in the highly competitive market.
| Report Attribute | Details |
| Growth Rate | CAGR of 5% to 6% from 2022 to 2032 |
| Base Year for Estimation | 2021 |
| Historical Data | 2015-2020 |
| Forecast Period | 2022-2032 |
| Quantitative Units | Revenue in USD Billion, Volume in Kilotons and CAGR from 2022-2032 |
| Report Coverage | Revenue Forecast, Volume Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
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| Countries Covered |
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| Key Companies Profiled |
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| Customization | Available Upon Request |
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FMI projects the global nickel nitrate hexahydrate market to expand at 5% to 6% value CAGR by 2032
The market for nickel nitrate hexahydrate is dominated by Asia Pacific excluding Japan, and this trend is projected to continue in the foreseeable future.
Sisco Research Laboratories Pvt. Ltd., The Shepherd Chemical Co., Henan DaKen Chemical CO., LTD., Sigma-Aldrich Corporation, Adamas Reagent, Ltd., GFS Chemicals Inc, Alfa Aesar, American Elements, Loba Chemie Pvt. Ltd., The Hall Chemical Co., and others are some prominent nickel nitrate hexahydrate manufacturers
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Nickel Nitrate Hexahydrate Market
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