NickelSulfate Market: Introduction
TransparencyMarket Research delivers key insights on the global nickel sulfatemarket. In terms of revenue, the global nickel sulfate market isestimated to expand at a CAGR of 14.7% duringthe forecast period, owing to numerous factors regarding which TMR offersthorough insights and forecasts in its report on the global nickel sulfatemarket.
The globalnickel sulfate market is driven by several factors; however, the huge demandfor battery manufacturing for various end-use industries such as automobiles,electronics, chemicals, and textiles is the key market driver. Nickel sulfateusage in electroplating and dyeing & printing is also driving the demandfor nickel sulfate significantly. The rise in the global demand for batteriesand electroplating has led to considerable growth of the nickel sulfate market.There is a high demand for nickel sulfate in the manufacture of variousbatteries, primarily low-powered batteries and high-powered batteries. Thus,the rise in the demand for nickel sulfate in Li-Ion batteries and various otherapplications is propelling the demand for nickel sulfate in the automotiveindustry.
Nickel Sulfate Market: Dynamics
Batterieshold the key to transitioning away from fossil fuel dependence. They are set toplay a major role in the next decade. In the near future, the energy storagemarket in the U.S. is expected to reach US$ 426 Bn.
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Initially,batteries would be used to store minimal energy. However, currently,high-powered vehicles are being driven by battery power due to thetechnological development. This can be ascribed to the imposition ofregulations on the use of fossil fuels by various countries and increasingawareness among the people regarding the harmful environmental impact of fossilfuels.
Theeconomies of scale is making Li-ion the dominant technology. Li-ion batteryrequires nickel sulfate in the form of cathode. This is a result of the longhistory of Li-ion in the consumer electronics market and the significant recentscale of investments in Li-ion manufacturing, driven by the EV industry. Thisadvancement in battery system from minimal storage of energy to high powerdriven vehicle is estimated to augment the global nickel sulfate market duringthe forecast period.
Manufacturersare focusing on the automotive industry, as the share held by this segment inthe nickel sulfate market is likely to increase during the forecast period.
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Nickel Sulfate Market: ProminentRegions
AsiaPacific holds the major share of global nickel sulfate market. The market inthe region is anticipated to expand at a CAGR of more than 15.6% duringthe forecast period. Increase in demand for various batteries is driving thenickel sulfate market in Asia Pacific. China is a key country of the nickelsulfate market in Asia Pacific. It held major share of the nickel sulfatemarket in Asia Pacific in 2020. The countryis estimated to maintain its dominant position in the region during theforecast period.
Europe isalso a key region of the global nickel sulfate market. Germany led the nickelsulfate market in Europe in 2020. The increasein the demand for nickel sulfate in the automotive sector is driving the marketin Germany.
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Nickel Sulfate Market: Key Players
The globalnickel sulfate market is consolidated, with the presence of key players.Prominent players operating in the global nickel sulfate market include NorilskNickel, Coremax, Palm Commodities International, Jinco Nonferrous, Umicore,Sumitomo Metal Mining Co., Ltd., Seido Chemical Industry Co., Ltd., IndianPlatinum Pvt. Ltd., Univertical, Zenith, Anron Chemicals Co., GreenEco-manufacture Hi-tech (GEM), and Vizag Chemical.
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Our datarepository is continuously updated and revised by a team of research experts,so that it always reflects the latest trends and information. With a broadresearch and analysis capability, Transparency Market Research employs rigorousprimary and secondary research techniques in developing distinctive data setsand research material for business reports.
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