Nickel Acetate Market

Nickel Acetate Market Outlook (2024 to 2034)

The global nickel acetate market is set to reach a valuation of US$ 57.5 million in 2024 and further expand at a CAGR of 4.1% to end up at US$ 85.9 million by the year 2034.

Nickel acetate demand has been driven by extensive use in electroplating and dye printing of textiles. Its demand is particularly high in the automobile and electronic sectors where corrosion resistance and electric conduction are of utmost importance. In electric vehicles for battery manufacturing, nickel acetate plays a crucial role in enhancing energy density and performance.

• According to the International Energy Agency, worldwide sales of electric vehicles surpassed 290 million units in 2023.

In the future, advances in battery technology and environmental initiatives will help raise the demand for nickel acetate, making it an important ingredient to improve battery performance and benefit the market for electric vehicles among other eco-friendly technologies.

Report Attribute	Detail
Nickel Acetate Market Size (2023A)	US$ 55.3 Million
Estimated Market Value (2024E)	US$ 57.5 Million
Forecasted Market Value (2034F)	US$ 85.9 Million
Global Market Growth Rate (2024 to 2034)	4.1% CAGR
East Asia Market Share (2024)	31.1%
China Market Growth Rate (2024 to 2034)	4.7% CAGR
Key Companies Profiled	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.

Historic Consumption Analysis of Nickel Acetate (2019 to 2023) vs. Market Projections (2024 to 2034)

The market for nickel acetate was valued at US$ 55.3 million in 2023 after expanding at a CAGR of 3.8% from 2019 to 2023.

• Short Term (2024 to 2027): The market will exhibit steady growth in the near term as demand continues to rise in electroplating and metal finishing. This will be further supported by improvements in battery technology and rising renewable energy initiatives.
• Medium Term (2027 to 2030): In the medium term, high growth in the use of electric vehicles and renewable energy storage options will benefit the market.
• Long Term (2030 to 2034): The market is expected to mature over time with significant inputs from clean energy and environmental projects. Demand will rise due to technological advancements in electronics and renewable energy. As research in nanomaterials and custom catalysts progresses, high-performance batteries will dominate applications. Nickel acetate's role in catalysts and electroplating, essential for these industries, will ensure ongoing demand and solidify its future technological importance.

Global sales of nickel acetate are projected to advance at a CAGR of 4.1% from 2024 to 2034, according to Fact.MR, a market research and competitive intelligence provider.

What are the Driving Forces behind Nickel Acetate Market Growth?

“Urbanization Trend Leading to Constant Increase in Demand for Electronics”

Over the past decade, more people have moved to cities for better opportunities than ever before, and the need for advanced electronics and sustainable energy solutions has grown. With this increased urbanization, demand for consumer electronics and coated houseware has also risen and subsequently escalated the demand for nickel acetate. This is mainly attributed to the advantages of electroplating such as enhancing metal appearance, protective barrier, heat resistance, and preventing tarnishing of metals.

“Nickel Plating Popularity Increasing in Decorative Applications”

Nickel plating is widely used in various decorative applications such as plating components for hardware items, jewelry, and automotive parts. Nickel plating helps enhance the appearance and corrosion-resistant capability of components, and therefore, it is highly demanded in different industries.

Applications such as bright nickel plating and satin nickel plating to provide highly lustrous appearances will provide manufacturers with the opportunity to penetrate key industries. Companies focusing on the decorative segment of electroplating applications will have the opportunity to grow over the next ten years and experience reinforced dollar-generation capabilities by offering exclusive and effective electroplating solutions.

What are the Challenges Encountered by Manufacturers of Nickel Acetate?

“Shift from Chemical Mordants Such as Nickel Acetate to Natural Alternatives”

Chemical mordants such as nickel acetate face significant challenges due to their toxicity and associated health hazards. These issues have led to stringent regulatory measures aimed at reducing their use in industries such as textiles. In contrast, natural fabric mordants offer numerous environmental benefits, including no health hazards. Natural mordants are generally non-toxic and do not pose significant health risks to workers or consumers, and come with low effluent generation, easy extraction and purification, and high sustainability standards.

Due to the toxic and allergenic nature of chemical mordants such as nickel acetate, the textile industry is increasingly exploring and adopting natural alternatives. Additionally, increasing number of eco-conscious consumers and the growing trend of eco-labeled products are driving the demand for natural dyes and mordants. This shift is projected to provide a consistent increase in demand for natural alternatives over the forecast period.

Country-wise Insights

Why is the United States Exhibiting High Adoption of Nickel Acetate?

“Large Market for Electric Cars”

Attribute	United States
Market Value (2024E)	US$ 19.5 Million
Growth Rate (2024 to 2034)	4.4% CAGR
Projected Value (2034F)	US$ 30.0 Million

The United States is seeing high adoption of nickel acetate due to its critical role in electroplating for various industries. In the electronics and automotive sectors, it enhances the appearance, durability, and corrosion resistance of components, making it essential for high-quality, long-lasting products that meet consumer expectations.

• According to the International Energy Agency, new electric car registrations in the United States were around 1.4 million in 2023, an increase of more than 40% compared to 2022.

Additionally, increased urbanization has been driving the demand for durable and aesthetically pleasing goods, further boosting the need for nickel acetate. Regulatory shifts toward sustainability are also pushing industries to adopt nickel acetate for its efficiency and effectiveness in electroplating.

What’s Pushing the Market Ahead in China?

“Growing Stainless Steel Industry Requires Nickel Compounds”

Attribute	China
Market Value (2024E)	US$ 10.3 Million
Growth Rate (2024 to 2034)	4.7% CAGR
Projected Value (2034F)	US$ 16.3 Million

China has one of the biggest manufacturing industries in the world, which makes it a very attractive market for nickel acetate. Growing stainless steel industry in China has led to a higher demand for nickel compounds. Need for high-quality stainless steel products in China has been driven by the expansion of industrial infrastructure and construction projects in the country. It is important to note that nickel compounds are critical elements in the manufacture of stainless steel since they improve its strength and corrosion resistance, among other features.

Additionally, supportive government policies and investments in advanced manufacturing technologies have created a favorable business environment in China, increasing market opportunities for manufacturers.

Category-wise Insights

How Much Potential Does Ceramic Glazing Hold in This Market?

“Rising Application of Sealing Agents in Home Décor”

Sealing agents are expected to provide an absolute dollar opportunity of US$ 9 million with the segment growing 1.5X by 2034.

Constant rise in the sales of home décor products such as decorative lamps, lighting, and pottery is being seen. Rising demand for decorative pottery has increased the application of sealing agents to enhance the durability and appearance of metal components, and this has provided a push to the production and demand for nickel acetate.

How is Electroplating Simulating Overall Demand for Nickel Acetate?

“Electroplating - Key Focus of Automotive Industry.”

Nickel has been identified as the most sought-after material for electroplating as it satisfies the need for both, functional and decorative applications. Nickel coatings tend to enhance, extend, and improve the performance of the material in different environments. Moreover, another key end-use industry that extensively uses nickel for electroplating purposes is automotive, and this is expected to increase nickel acetate consumption at a CAGR of 3.7% over the assessment period.

Nickel plating is preferred over salt sprays in automotive fasteners, bolts, hydraulic systems, shafts, and various other engine parts. Additionally, nickel poses a multitude of advantageous properties such as excellent corrosion resistance, wear and abrasion resistance, and ductility, and hence, is highly demanded.

Competitive Landscape

Key players in the nickel acetate market are Eastman Chemicals, Umicore, Univertical, Dhruv Chemicals Pacific Organics, FAIRSKY Special Chemicals, Foshan Qiruide Additives, Gelest, GHTECH, Liangren Chemical, NAUGRA, PALM, Uma Chemicals, and Zhangjiagang HuaYi Chemical.

Renewable energy partnerships and circular economy initiatives signify the market's shift toward sustainability. By embracing renewable electricity sources and promoting plastic recycling, companies are contributing to a greener future, aligning with market demands for environment-friendly practices and products, and driving growth and innovation.

• In May 2024, Umicore signed a 10-year PPA with Gasum for 35 GWh of renewable electricity annually for its Kokkola, Finland site. This supports Umicore's net-zero emissions goal 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.

Fact.MR has provided detailed information about the price points of key manufacturers of nickel acetate positioned across regions, sales growth, production capacity, and speculative technological expansion, in the recently published market report.

Segmentation of Nickel Acetate Market Research

• By Form :

  • Powder Nickel Acetate
  • Liquid Nickel Acetate

• By Function :

  • Intermediates
  • Hydrogenation Catalysts
  • Sealing Agents

• By Grade :

  • Technical Grade
  • Lab Reagent Grade
  • Analytical Grad

• By Application :

  • Fabric Mordant
  • Electroplating
  • Aluminum Surface Treatment
  • Ceramic Glaze
  • Others

• By End-use Industry :

  • Textiles
  • Automotive
  • Electrical & Electronics
  • Ceramics
  • Gems & Jewelry
  • Others

• By Region :

  • North America
  • Latin America
  • Western Europe
  • Eastern Europe
  • East Asia
  • South Asia & Pacific
  • Middle East & Africa