Nickel Hydroxycarbonate Market

Nickel Hydroxycarbonate Market Outlook (2024 to 2034)

The global nickel hydroxycarbonate market is estimated to be valued at US$ 508.8 million in 2024 and has been forecasted to expand at a noteworthy CAGR of 5.9% to end up at US$ 902.7 million by 2034.

Nickel hydroxycarbonate is a green crystalline substance consisting of nickel ion, carbonate ion, and hydroxide. In its chemical structure nickel cations are bonded to carbonate and hydroxide species which imparts certain properties that render it useful in many industries. Nickel hydroxycarbonate is employed in producing hydrogenation nickel catalysts as in the use of their application in organic reactions or petroleum refining.

Its significance lies in the electroplating process due to its capability to form a protective, anticorrosive layer on metals. Its applications extend to the manufacturing of nickel matrices. For instance, battery production promotes high energy storage and endurance. The importance of nickel hydroxycarbonate does not only emanate from its application in energy, electronics, or materials science.

It is the fact that it contributes to the building of cleaner technologies that makes it important. This substance is essential in catalysis as well as energy storage which contributes to the advancement of green technologies and the enhancement of processes in the industry.

• Sales of powdered nickel hydroxycarbonate in 2024 are estimated at US$ 172.0 million, and the segment will account for 33.8% of the overall nickel hydroxycarbonate market share in 2024.
• The 40-42% type of nickel hydroxycarbonate segment is estimated to be worth US$ 201.5 million in 2024 and accounted for a 39.6% share of the market.

Report Attributes	Details
Nickel Hydroxycarbonate Market Size (2023A)	US$ 480.5 Million
Estimated Market Value (2024E)	US$ 508.8 Million
Forecasted Market Value (2034F)	US$ 902.7 Million
Global Market Growth Rate (2024 to 2034)	5.9% CAGR
East Asia Market Share (2024)	22.4%
China Market Growth Rate (2024 to 2034)	5.9% CAGR
Key Companies Profiled	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

Sales Analysis of Nickel Hydroxycarbonate (2019 to 2023) vs. Market Forecasts (2024 to 2034)

The value of the nickel hydroxycarbonate market was US$ 393.0 million in 2019 and it increased to US$ 480.5 million by 2023, expanding at a historical CAGR of 4.9%.

• Short Term (2024 to 2028): There will be a sharp increase in the demand for nickel hydroxycarbonate because it plays a crucial role in making high-performance batteries for electric vehicles (EVs). Robust governmental initiatives encouraging the use of electric vehicles and storage solutions for energy will boost development. Greater funding for eco-friendly mining technologies and programs for recycling batteries will also boost the need for nickel, especially in the automotive industry.
• Medium Term (2028 to 2030): The heightened emphasis on the mitigation of the carbon footprint across the globe will result in a higher need for nickel hydroxycarbonate. The growing utilization of renewable energy and energy storage devices along with the rising manufacture of electric automobiles will increase their use in battery production. The development of new battery chemistries and the growth of a green hydrogen economy will increase the consumption of nickel-based cathode materials in automobiles and energy sectors.
• Long Term (2030 to 2034): Nickel hydroxycarbonate is expected to witness a substantial increase in demand on account of the global shift towards clean energy technologies and electrification processes. As industries target to cut down on carbon emissions, the use of nickel in electric vehicle batteries, energy storage, and renewable energy infrastructure will increase. Trends towards circular economies involving more recycling of nickel-containing mobile phone batteries will affect supply chains. Therefore, there will be created a continuous demand.

On the back of the aforementioned facts, the nickel hydroxycarbonate market is anticipated to grow at a CAGR of 5.9% during the forecast period from 2024 to 2034, According to the Fact.MR, a market research and competitive intelligence provider.

Market Dynamics

What are the Factors Propelling Global Sales of Nickel Hydroxycarbonate?

“Increasing demand from the Battery Sector”

The increasing demand for lithium-ion batteries can be attributed to the heightened deployment of energy storage systems (ESS), portable electronic devices, and Electric automobiles. These batteries incorporate various types of cathodes based on nickel such as nickel cobalt manganese (NCM), and nickel cobalt aluminum (NCA) are designed to sustain a long operating life and high energy density.

Some processes involve making nickel based cathodes, where the manufacturers need to use pure nickel precursors that all incorporate nickel hydroxycarbonate. Nickel hydroxycarbonate is unique from other precursors in that it contains high levels of Nickel but also has minimal impurity levels that make it suitable for producing nickel based cathodes.

The growing popularity of electric vehicles and energy storage systems is, in turn, resulting in the increased deployment of nickel hydroxycarbonate as an in-between product. Nickel Hydroxycarbonate is an indispensable part of the battery supply chain as it acts as a precursor in the production of high-capacity nickel-based active cathodes which increases their energy density as well as their longevity.

“Increasing need for Nickel Hydroxycarbonate in electroplating applications”

Nickel electroplating is widely and heavily employed in the process of depositing and creating both decorative and protective coatings on products belonging to diverse industries, consumer goods, automotive, electronics, aerospace and many others. Such coatings serve to provide an enhanced endurance and protection from wear and rusting of different surfaces of components and objects, while still making them look good.

Nickel hydroxycarbonate is commonly used as a starting material in nickel electroplating procedures. It releases nickel ions into electroplating solutions, which are used for depositing thin coatings of nickel on surfaces made from polymer, metal and other materials.

What are the Challenges Encountered by Manufacturers of Nickel Hydroxycarbonate?

“Environmental Issues & Policies with Respect to Production and Application of Nickel Compounds”

Several countries have imposed strict environmental laws to control the gases and waste materials produced from production processes of nickel-based salts like hydroxycarbonate. These regulations are aimed at saving people’s lives and preventing environmental pollutions. There could be an increase in manufacturer’s costs of operation because they might be forced to acquire better methods of waste disposal.

Improper management and disposal of nickel-based compounds may compromise soil and water sources. As a result, in order to avoid such cases, there are tight regulations concerning storage, movement, and disposal of these substances and their derivatives. Such restrictions when broken by manufacturing firms will lead to hefty fines or possible court cases. Hence, these conditions act as a barrier for both newcomers and already established market players.

Country-wise Insights

Why is the Adoption of Nickel Hydroxycarbonate High in the United States?

“The United States possesses notable industrial segments that are engaged in the investment of advanced battery technologies.”

The market in the United States is estimated at US$ 54.1 million in 2024 and is projected to expand at a CAGR of 6.3% through 2034. This market is projected to generate a US$ 45.9 million absolute opportunity from 2024 to 2034.

The advanced industrial sector in the U.S, in particular the electric vehicle and renewable energy, is spending a lot on the development of advanced battery technologies. As nickel hydroxycarbonate is used in abundant quantities in the manufacture of high-performance batteries especially in lithium-ion batteries, it is easy to understand why there is an increasing focus on this material. Since companies and research institutions are working on battery improvement aspects such as efficiency, energy storage and sustainability, there is obviously an increased wear for nickel based materials.

Added to the fact that economic policies are pursued, especially those concerning the new generation batteries, it is easy to see the growth in the use of nickel hydroxycarbonate, which is a crucial material wherever the United States aspires to advance or achieve energy and transportation policies such as reducing carbon or increasing renewable energy deployment.

Why is China a Lucrative Market for Nickel Hydroxycarbonate Manufacturers?

“China's increasing need for electric cars driven by government backing, advancements in technology, and commitment to environmental preservation.”

The Chinese government advocates for the use of electric vehicles by offering various incentives, subsidies, and through the introduction of policies that aim at reducing pollution and promoting sustainability. Environmental issues more so urban air pollution and the quest to reduce the use of fossil fuels also creates the demand.

The EV technology and manufacturing has become developed for China, with local companies selling reasonably priced electric cars of high quality. The EV market in China is also growing rapidly due to rising consumer awareness, better battery technology and the development of more charging points.

Category-wise Insights

Which Form of Nickel Hydroxycarbonate is widely preferred?

“High Demand for Powdered Nickel Hydroxycarbonate Due to High Surface Area to Volume Ratio”

Demand for powdered Nickel Hydroxycarbonate is projected to increase at a CAGR of 5.6% from 2024 to 2034. For a variety of industrial applications involving chemical reactions or adsorption processes, powder form's high surface area to volume ratio is favorable. With a larger surface area, the material is more reactive and efficient, which improves its usefulness in processes like chemical synthesis, adsorption, and catalysis.

It is necessary to dissolve or suspend nickel hydroxycarbonate in a liquid medium for several chemical reactions involving it. As opposed to bigger, more compact forms, the powdered form's greater surface area allows for speedier dissolving and improved solubility. A faster and better dispersion of the nickel hydroxycarbonate particles is encouraged by the increased surface area, which exposes more of them to the solvent.

Competitive Landscape

Key players in the nickel hydroxycarbonate industry are Norilsk Nickel, Umicore, Vale, Anglo American, Siman LTD, Glencore, and Eramet Group.

In order to stay competitive and attract prospective clients, companies invest a sizeable amount of their income in research and development (R&D). To stay competitive, companies are creating tailored solutions for problems that address industry-specific demands.

• In July 2023, TMP Metals Group, Inc. made an all-cash acquisition of Norilsk Nickel USA, Inc., which is the only distributor of nickel, cobalt and platinum group metals in the Americas for Nornickel. Following this action, TMP Metals Group, Inc. will hop on the ranks and be among the top players of metals and metal products in North America, South America, and Latin America’s markets.
• In September 2022, the reorganization of base metals operations held by Vale S.A. in Brazil had been approved by the Board of Directors, according to a statement from Vale. According to the decision, Brazilian nickel assets will go to a new business that Vale will create in Brazil, and Brazilian copper assets will go to Salobo Metais S.A., assets related to copper and nickel will remain consolidated under Vale's complete ownership.

In the newly released research, Fact.MR offers comprehensive details regarding the pricing points of major producers of nickel hydrocarbonate positioned geographically, sales growth, production capacity, and speculative technical progress.

Segmentation of Nickel Hydroxycarbonate Industry Research

• By Product Type :

  • 40-42% Nickel
  • 45-47% Nickel
  • 48-50% Nickel

• By Form :

  • Powder
  • Granules
  • Paste

• By Region :

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