Due to imbalances in demand-supply scenario, demand shocks, and oversupply, companies in the nickel sulfate market are increasing efforts to manage expenditure in a strategic way during the COVID-19 pandemic. Stakeholders in the market are diversifying pathways by engaging in other end-use applications besides battery, electroplating, and dyeing to enable profitable and sustainable growth. They are striving to facilitate a balance between supply chain resilience and cost.
Manufacturers in the nickel sulfate market are launching collaboration programs to reconfigure and relocate supply chains to align with structural market changes. Established companies are likely to invest in newer technology-enabled business models to address end user needs and gain an edge over competitors. They are increasing their capabilities to scale solutions across a fragmented application base.
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Concerns over Viability of Mass-produced Nickel Sulfate Create Challenge for EV Industry
The global nickel sulfate market is estimated to advance at a CAGR of 14.7% during the forecast period. Battery is projected to dominate the highest revenue share among all application types in the nickel sulfate market. However, concerns over the viability of mass-produced nickel sulfate via existing methods such as pyrometallurgical procedures to meet future demand for electric vehicle (EV) industry is emerging as a challenge. Tsingshan Holding Group - China-based nickel and stainless steel producer, is gaining recognition for its breakthrough innovation of converting nickel laterite ores to NPI (Nickel Pig Iron) and then further to nickel matte.
Nickel sulfate manufacturers are taking cues from such innovations to innovate in battery applications.
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High Quality Crystals Enable Surface Treatment for Watt Nickel Plating Baths
Nickel sulfate is often used in combination with nickel chloride and boric acid in surface treatment for Watt nickel plating baths. This explains why the nickel sulfate market is projected to surpass 2,565,780.3 tons by 2031. A.M.P.E.R.E. - a European distributor of raw materials for the surface treatment industry, is building its portfolio in nickel sulfate used for electroless nickel coating in conjunction with sodium hypophosphite and for catalysis.
Manufacturers in the nickel sulfate market are increasing their production capabilities in crystals and powders to guarantee highest quality nickel plating baths. They are diversifying production for nickel sulfate in the form of solution.
Extensive Use of Nickel Sulfate in Metal-finishing Applications of Electroplating
Nickel sulfate is being used as a mordant in dyeing and printing textiles. It is gaining prominence in metal coatings, ceramics, and applications such as blackening brass. MM Ceramics & Ferro Alloys - a metal supplier in Mumbai, India, is bolstering the production of nickel sulfate, which is being extensively used in the metal-finishing applications of electroplating.
Manufacturers in the nickel sulfate market are boosting their output capacities in powders and crystals to produce driers for use in protective shields. A special nickel-ion alloy is widely used in lead frames while a Copper-Nickel-Tin (Cu-Ni-Sn) alloy is used in terminals, clips, and springs. Nickel sulfate is being used in electroplating baths for the production of other nickel compounds such as nickel hydroxide as a reducing agent for flashing on steel surfaces.
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