Rockville, MD, Dec. 05, 2024 (GLOBE NEWSWIRE) -- According to Fact.MR, a market research and competitive intelligence provider, the global nickel hydroxycarbonate market is estimated to reach a valuation of US$ 508.8 million in 2024 and is expected to grow at a CAGR of 5.9% during the forecast period of (2024 to 2034).
An amalgamated nickel salt that has both hydroxide and carbonate ions forms nickel hydroxycarbonate. The carbonate and hydroxide groups are joined by the nickel atoms to form a basic form of nickel carbonate. The industrial uses for nickel hydroxycarbonate are numerous. It is often used in ceramics, paints and coatings as a green pigment, an intermediate for other nickel compounds in synthesis, a precursor to catalysts for multiple types of reactions as well as a precipitant on wastewater streams for elimination of heavy metals and phosphates.
Due to the dynamic nature of the construction industry, there has been an increased demand for nickel hydroxycarbonate. Given the corrosion-resistant and lasting characteristics of stainless steel, the material is appropriate for building homes. However, this process entails the use of an alloy with extra nickel. With an increase in construction, the demand for stainless steel, and therefore for its raw materials such as nickel hydroxycarbonate-a nickel making precursor, is likely to increase.
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Key Takeaways from Market Study:
- The global nickel hydroxycarbonate market is projected to grow at 5.9% CAGR and reach US$ 902.7 million by 2034
- The market created an opportunity of US$ 394 million from 2024-2034.
- East Asia is a prominent region that is estimated to hold a market share of 23.1% in 2034
- Predominating market players include Norilsk Nickel and Umicore.
- Powder under form type is estimated to grow at a CAGR of 5.6% creating an absolute $ opportunity of US$ 125 million between 2024 and 2034
- North America and East Asia are expected to create an absolute $ opportunity of US$ 192.3 million collectively from 2024 to 2034
“The global push toward a greener direction has seen rapid growth in the demand for nickel hydroxycarbonate, which is a critical raw material for producing batteries for electric cars and for energy storage systems.” says a Fact.MR analyst.
Leading Players Driving Innovation in the Nickel Hydroxycarbonate Market:
Sumitomo Metal Mining Co., Ltd.; Norilsk Nickel; Glencore; Vale; BHP; Anglo American; Jinchuan Group; Eramet Group; Sherritt International; Umicore; GEM Co., Ltd; Siman LTD; Himalaya Industries; Other Prominent Players
Market Development
Creating new and improved grades of nickel hydroxycarbonate, tailored for specific purposes, could potentially drive market growth. Exploring new applications of nickel hydroxycarbonate in catalysts, energy storage, or specialized chemical processes could potentially unveil new market opportunities.
The rising consumption of nickels hydroxyl carbonate is primarily triggered by the increasing adoption of power equipment, energy storage systems, and portable electronic devices in the rechargeable batteries market. As the resurgence in the need for energy storage and renewable sources of energy continues, the demand for nickel hydroxycarbonate is expected to increase consistently.
Nickel Hydroxycarbonate Industry News:
- The only distributor of nickel, cobalt, and platinum group metals in the Americas for Nornickel, Norilsk Nickel USA, Inc., was acquired by TMP Metals Group, Inc. in July 2023 for full cash. TMP Metals Group, Inc. will join the ranks and rank among the leading producers of metals and metal products in the markets of North America, South America, and Latin America as a result of this action.
- According to a statement from Vale in September 2022, the Board of Directors has approved the reorganisation of base metals activities owned by Vale S.A. in Brazil. The decision states that Brazilian copper assets will belong to Salobo Metais S.A. and Brazilian nickel assets will go to a new company that Vale will establish in Brazil. All of the assets associated with copper and nickel will continue to be consolidated under Vale's full ownership.
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More Valuable Insights on Offer:
Fact.MR, in its new offering, presents an unbiased analysis of the global nickel hydroxycarbonate market, presenting historical data for 2019 to 2023 and forecast statistics for 2024 to 2034.
The study reveals essential insights based on the product type (40-42% nickel, 45-47% nickel, and 48-50% nickel), form (powder, granules, and paste) across major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia, and Pacific, Middle East & Africa).
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