Nickel Nitrate Hexahydrate Market

Nickel Nitrate Hexahydrate Market Outlook 2022 - 2032

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.

What are the Factors Augmenting the Demand for Nickel Nitrate Hexahydrate in the 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.

What are the Challenges Affecting the Growth in Nickel Nitrate Hexahydrate 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.

Why is Asia Pacific Excluding Japan Accounting for the Dominant share in the Nickel Nitrate Hexahydrate Market

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.

Why is the Sales of Nickel Nitrate Hexahydrate Rising at Rapid Pace in Europe

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.

Market Competition

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 Scope

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	Product Form Purity End Use Region
Countries Covered	North America Latin America Europe CIS & Russia APEJ Japan Middle East and Africa
Key Companies Profiled	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. Others
Customization	Available Upon Request

Key Segments Profiled in the Nickel Nitrate Hexahydrate Market Survey

By Product Form:

• Solid Nickel Nitrate Hexahydrate
• Nickel Nitrate Hexahydrate Solution

By Purity:

• Standard Purity Nickel Nitrate Hexahydrate
• Extra Pure Nickel Nitrate Hexahydrate

By End Use:

• Battery Manufacturing
• Nickel Plating
• Petroleum Refinery Treatment
• Chemical Manufacturing
• Others

By Region:

• North America
• Latin America
• Europe
• CIS & Russia
• APEJ
• Japan
• Middle East and Africa