Rockville, MD., July 22, 2024 (GLOBE NEWSWIRE) -- Worldwide revenue from the Nickel Acetate Market reached a value of US$ 55.3 million in 2023. According to the revised research report published by Fact.MR, the market has been forecasted to increase at a CAGR of 4.1% to reach US$ 85.9 million by the end of 2034.
Urbanization has been significantly driving the demand for nickel acetate with the constantly increasing sales of electronics and houseware. These products rely on nickel acetate for surface coating for its benefits such as enhancing appearance, providing heat resistance, and preventing metal tarnishing. Additionally, increased consumer spending and urbanization-related housing activities will further drive nickel acetate demand. Increasing urbanization will also directly correlate with the rising need for nickel acetate in electroplating, particularly for decorative and protective purposes in consumer products and industrial applications.
Household appliances, hardware, jewelry, and automotive parts are other key end uses of nickel acetate. Due to its ability to withstand corrosion, appear good, endure wear and tear, excellent electrical conductivity, and adaptability, nickel is extensively used in the production of jewelry, metalwork, appliances, and automobile parts. It serves as a source material for nickel coatings that improve the functionality, robustness, and aesthetics of the finished goods. Demand for bright and satin nickel plating will present significant opportunities for nickel acetate manufacturers to penetrate various industries.
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Key Takeaways from the Nickel Acetate Market Study:
- The global nickel acetate market is projected to expand at 4.1% CAGR and reach US$ 85.9 million by 2034.
- The market expanded at a CAGR of 4.1% between 2024 and 2034.
- East Asia is estimated to hold a market share of 32.6% by 2034.
- The intermediates segment has been forecasted to advance at a CAGR of 4.3% and create an absolute $ opportunity of US$ 10.1 million by 2034.
- North America and East Asia are expected to collectively offer an absolute $ opportunity of US$ 24 million by 2034.
“With increasing need for nickel plating for decorative applications and automotive parts, use of nickel acetate will rise backed by its appealing appearance and excellent corrosion resistance properties,” says a Fact.MR analyst.
Leading Players Driving Innovation in the Nickel Acetate Market:
Key industry participants like Dhruv Chemicals; Eastman Chemicals; FAIRSKY Special Chemicals; Foshan Qiruide Additives Co., Ltd; Gelest; GHTECH; Liangren Chemical; NAUGRA; Pacific Organics PVT LTD; PALM; Uma Chemicals; Umicore; Univertical; Zhangjiagang HuaYi Chemical Co. Ltd.
Market Growth Stratagems:
Companies in this market are increasingly forming collaborative partnerships and integrating innovative products. These strategies aim to enhance product performance and quality, thereby driving higher demand and sales.
For increased diversification beyond its established market base limited to electroplating and metal finishing, nickel acetate has become more important due to advancing technology as well as increasing sales of consumer goods. Market progress is being shaped by contemporary users who demand tough, resistant materials rather than regular metals.
Raising consumer awareness about the advantages of nickel acetate will drive its demand, especially in eco-friendly markets. By highlighting its role in enhancing product durability, corrosion resistance, and sustainability, manufacturers can appeal to consumers seeking reliable and environment-friendly solutions. Educating consumers about nickel acetate's contribution to energy efficiency and product longevity will not only bolster its demand but also foster a preference for eco-friendly materials across various industries.
Nickel Acetate Industry News:
Renewable energy partnerships and circular economy initiatives highlight the market's shift toward sustainability. By adopting renewable electricity sources and promoting plastic recycling, companies are contributing to a greener future, meeting the demand for environmentally friendly practices and products, and fostering growth and innovation.
- In May 2024, Umicore signed a 10-year Power Purchase Agreement (PPA) with Gasum to supply 35 GWh of renewable electricity annually to its Kokkola, Finland site. This agreement supports Umicore's goal of achieving net-zero emissions by 2035 and reduces its carbon footprint, enhancing sustainable growth and green energy investments.
- In February 2024, Eastman announced a partnership with Dentis Group Nord Pal Plast, a mechanical recycler, to enable the recycling of polyester waste into new materials. This collaboration aims to create a circular economy for plastics by diverting waste from landfills and transforming it into valuable resources.
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Global Analysis 2019 to 2023 and Forecast 2024 to 2034, By Form:
- Powder Nickel Acetate
- Liquid Nickel Acetate
Global Analysis 2019 to 2023 and Forecast 2024 to 2034, By Function:
- Intermediates
- Hydrogenation Catalysts
- Sealing Agents
Global Analysis 2019 to 2023 and Forecast 2024 to 2034, By Grade:
- Technical Grade
- Lab Reagent Grade
- Analytical Grad
Global Analysis 2019 to 2023 and Forecast 2024 to 2034, By Application:
- Fabric Mordant
- Electroplating
- Aluminium Surface Treatment
- Ceramic Glaze
Global Analysis 2019 to 2023 and Forecast 2024 to 2034, By End-use Industry:
- Textile Industry
- Automotive Industry
- Electrical & electronics industry
- Ceramic Industry
- Gems & Jewellery Industry
More Valuable Insights:
Fact.MR, in its new offering, presents an unbiased analysis of the nickel acetate market, presenting historical market data (2019 to 2023) and forecast statistics for the period of 2024 to 2034.
The study reveals essential insights based on function (intermediates, hydrogenation catalysts, sealing agents), grade (technical grade, lab reagent grade, analytical grade), application (fabric mordant, electroplating, aluminium surface treatment, ceramic glaze, others), and end-use industry (textiles, automotive, electrical & electronics, ceramics, gems & jewelry industry, others) across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and the Middle East & Africa).
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