Global Nickel Sulfate Market To Generate USD 17448.3 Million By 2028

The global nickel sulfate market size was worth around USD 8445.1 million in 2021 and is predicted to grow to around USD 17448.3 million by 2028 with a compound annual growth rate (CAGR) of roughly 11% between 2022 and 2028.

Nickel sulfate is a blue, green, or yellow-colored inorganic compound with crystalline physical attributes. When the compound undergoes heating, it emits toxic gasses which is why many international and domestic health & safety organizations consider the compound a health hazard. Nickel sulfate in most cases is used as an intermediary chemical to produce different types of nickel compounds and has wide applications in the electroplating industry. The chemical is a rare mineral and occurs naturally as a by-product of copper refining.

It is also used extensively to make enamel dyes, paper clips, electrical wiring, and enamel dyes whereas nickel sulfate hexahydrate is sometimes also referred to as blue salt. The chemical formula for nickel sulfate is NiSO4 with other substitute names such as nickel monosulphate, nickel (II) sulfate, nickel (2+) sulfate, nickelous sulfate, and nickel monosulphate. The production process of nickel sulfate involves steps like enclosing nickel in a closed reactor along with a solution of sulphuric acid, followed by the addition of oxygen while keeping the pressure and temperature at a constant rate.

Nickel sulfate solution is produced during oxidation. Once the crystals are formed, they are treated using a barium solution in diluted form resulting in the elimination of impurities. The chemical compound exhibits a range of physical properties including odorlessness, a density of 3.68 g/cm3, a molecular weight of 154.75 g/molecule along with a boiling point at 840 °C and a melting point below 100°C.

The global nickel sulfate market is projected to grow owing to the increasing applications of the compound in the battery industry. It is one of the key materials used in the production of cathodes, precursor materials, that are eventually used in lithium-ion batteries.

Although the entire nickel supply may not necessarily be used during battery cathode production, the demand for the compound remains staggeringly high which is further propelled by the growing demand for exceptionally high-grade electric vehicle batteries since they are capable of providing an increased range along with high energy density. Increasing consumer awareness about the environmental impact of fuel-run vehicles along with the presence of multiple players in the EV market is projected to help a surge in the sale of smart and electric vehicles further driving the demand for nickel sulfate. In 2020, the EV market in India was valued at more than USD 200 million whereas it crossed over USD 384 million in 2021.

The global nickel sulfate market size is projected to witness growth restrictions due to the changing political scenario fueled by the ongoing Ukraine-Russia war. For instance, the price of battery components and materials has witnessed a steady rise in the last few months and it may follow the same trend in the coming days, which may impact the price of EVs.

The growing electric vehicle (EV) market may provide excellent growth opportunities whereas health hazards associated with the compound are projected to pose a significant challenge for future growth

The global nickel sulfate market is segmented into application, type, and region.

Based on application, the global market is divided into the chemical industry, battery, and electroplating. Nickel sulfate is used as an electrolyte during electroplating along with its utilization as other components in metal cleaning and etching. Some of the electroplating methods involve barrel plating, rack plating, and reel-to-reel plating. Even after a surface is electroplated there are few tests that may be conducted to inspect the quality of the products. These tests include examination for adhesion, porosity, appearance, thickness, and bondability. In the chemical compound, around 22.3% is nickel content.

Based on type, the global market is segmented into plating grade, EN grade, and high purity grade. EN stands for European Standard and leads the global market growth trend owing to the high acceptance of the product amongst end-consumers. EN-grade nickel sulfate is produced during the reaction between sulphuric acid and nickel oxide followed by crystallization. The compound is highly pure and does not contain any impurities thus affecting the final product quality. High-purity nickel sulfate is almost 99.99% nickel.

North America is anticipated to lead the global nickel sulfate market due to the high adoption rate of EVs along with the presence of some of the major key players manufacturing world-class electric vehicles. The high standard of living, growing disposable income, and consumer awareness, are some of the other factors that could drive the purchase and sale of nickel sulfate in the North American market. For instance, Tesla, a leading brand of electric vehicles with a current market share of 3.49% in the United States, used 80% nickel along with 5% aluminum and 15% cobalt.

The global nickel sulfate market is dominated by players like Outotec, Jilin Jien Nickel Industry, Nicomet, Jinchuan, Sumitomo Metal Mining Co., Norilsk Nickel, SEIDO CHEMICAL INDUSTRY CO., LTD., Mechema, Green Eco-Manufacturer, Coremax, Guangxi Yinyi, Huaze Cobalt & Nickel, Jinco Nonferrous, and Umicore Ltd.

Recent Developments:

• In April 2021, Fastmarktes launched two reference prices for nickel sulfate.
• In September 2022, FPX Nickel Corporation announced the result of the company’s internal study for understanding the production of nickel sulfate to be used in EVs.

This review is based on a report by Zion Market Research, titled “Nickel Sulfate Market By Type (Plating Grade, EN Grade, and High Purity Grade), By Application (Chemical Industry, Battery, and Electroplating), and By Region - Global and Regional Industry Overview, Market Intelligence, Comprehensive Analysis, Historical Data, and Forecasts 2022 – 2028.”- Report at https://www.zionmarketresearch.com/report/nickel-sulfate-market

The global nickel sulfate market is segmented as follows:

By Type

• Plating Grade
• EN Grade
• High Purity Grade

By Application

• Chemical Industry
• Battery
• Electroplating

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa

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