CarbonylNickel Powder Market: Introduction
The global carbonyl nickelpowder market was valued at US$ 606.42 Mn in 2014 andis anticipated to expand at a CAGR of ~4% during theforecast period. The global carbonyl nickel powder market is driven by theincrease in demand for carbonyl nickel powder in the chemical industry acrossthe globe. Asia Pacific accounts for major share of the global carbonyl nickelpowder market, led by high demand for carbonyl nickel powder among chemicalmanufacturers.
Key Drivers of Carbonyl NickelPowder Market
Nickelcarbonyl is an organonickel compound with the formula Ni(CO)4. This colorless liquid is the principal carbonyl ofnickel. Carbonyl nickel powder is primarily used in the chemical industry. Thechemical industry constitutes more than 60% of the demand for carbonyl nickelpowder. Carbonyl nickel powder is employed in the chemical industry to producehigh-purity nickel salts such as nickel sulfate, nickel chloride, nickelsulfamate, and nickel hydroxide. Carbonyl nickel powder is also used in themanufacture of nylon and automotive catalytic converters. Thus, increase indemand for nickel-based chemicals and catalysts is likely to boost the demandfor carbonyl nickel powder during the forecast period.
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Rise in Demand for Nickel-basedBatteries to Offer Lucrative Opportunities for Carbonyl Nickel PowderMarket
Carbonylnickel powder reacts with sulfuric acid to produce very high purity nickelsulfate for plating applications. Nickel sulfate can be further processed toform high-purity nickel hydroxide Ni(OH2), which is employed in the productionof positive electrodes in nickel metal hydride batteries that are used inhybrid electric vehicles (HEVs). Nickel-based batteries such as nickel-cadmium(Ni–Cd) and nickel metal hydride (NiMH) batteries are widely availablerechargeable battery systems in the world. The demand for nickel–cadmiumbatteries has been rising rapidly since the last few years, due to the increasein demand for these batteries in the automobile sector (particularly, electricvehicles). These batteries also offer low internal resistance, cost efficiency,durability, reliability, and ease of use. Nickel–cadmium batteries are employedin a wide range of applications, including portable devices such as motorizedequipment, power tools, and medical instruments.
Thefilamentary structure of carbonyl nickel powder helps in diffusion duringsintering of nickel-based batteries, thereby ensuring high porosity, goodstrength, superior conductivity, and long battery life. Thus, increase indemand for nickel-based batteries is estimated to augment the global carbonylnickel powder market.
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Disposal Issues and Rules andRegulations by Various Government Bodies to Hamper Carbonyl Nickel Powder Market
Nickelcarbonyl powder [Ni(CO)4], also known as ‘liquid death,’ is a colorless, toxic,and volatile reagent. It has damaging effect on the lungs, the central nervoussystem, and the reproductive system. It is a carcinogen. Nickel is also a partof the Right to Know Hazardous Substance List, as it is cited hazardous byOSHA, ACGIH, DOT, NIOSH, NTP, DEP, IARC, IRIS, NFPA, and EPA. Nickel carbonylpowder is highly toxic and flammable. It can be difficult to detect. Disposalof nickel carbonyl can be costly and time consuming. Nickel carbonyl formationusually takes place in syngas plants. These factors are projected to adverselyaffect the global carbonyl nickel powder market.
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Asia Pacific Dominates CarbonylNickel Powder Market
In terms ofvolume, Asia Pacific held a leading share of the global carbonyl nickel powdermarket in 2018. Growth of the populationand rise in disposable income of consumers are key factors boosting thechemical industry in the region. Asia Pacific is likely to hold dominant shareof the global market during the forecast period, owing to the increase indemand for carbonyl nickel powder from China, India, and Japan, due to theexpanding automotive industry in these countries. China-based Jinchuan GroupInternational Resources Ltd. is a major producer of carbonyl nickel powder inAsia Pacific.
NorthAmerica and Europe are the dominant regions in terms of production of carbonylnickel powder. Vale S.A., based in Canada and Wales, and PJSC MMC NorilskNickel, based in Russia, are major producers of carbonyl nickel powder in NorthAmerica and Europe. The market share of Latin America and Middle East &Africa is expected to decline during the forecast period, due to lack ofawareness among OEMs regarding capabilities of the powder metallurgy technologyin these regions.
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Consolidated Nature of CarbonylNickel Powder Market
The globalcarbonyl nickel powder market is highly consolidated. The top three players -Vale S.A., PJSC MMC Norilsk Nickel, and Jinchuan Group International ResourcesLtd. - cumulatively accounted for 91.6% share in 2018.Vale S.A. held 69.3% share of the globalcarbonyl nickel powder market in 2018. Thecompany’s success can be primarily ascribed to its constant production capacityexpansion and new product innovation. PJSC MMC Norilsk Nickel constituted 9.8% shareof the global carbonyl nickel powder market in 2018.Jinchuan Group International Resources Ltd. occupied 12.5% sharein the same year.
Other keyplayers operating in the global carbonyl nickel powder market include CVMRCorporation, Glencore International AG, Novamet Specialty Products Corporation,Sumitomo Metal Mining Co., Ltd, and ERAMET Group. Thesecompanies held 8.4% share ofthe global carbonyl nickel powder market in 2018.
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