The Nickel Carbonate Market Size was estimated at 0.2 (USD Billion) in 2022. The Nickel Carbonate Industry is expected to grow from 0.21(USD Billion) in 2023 to 0.28 (USD Billion) by 2032. The Nickel Carbonate Market CAGR (growth rate) is expected to be around 3.46% during the forecast period (2024 - 2032).
Key Nickel Carbonate Market Trends Highlighted
Key market drivers for the Nickel Carbonate Market include the rising demand from the battery industry, where nickel carbonate is used as a precursor material in the production of lithium-ion batteries for electric vehicles and energy storage systems. The increasing adoption of nickel-rich cathodes in battery manufacturing further boosts the demand for nickel carbonate.
Additionally, growing demand from the electroplating and chemical industries, where nickel carbonate is used in surface treatment and chemical synthesis, respectively, contributes to market growth.
Opportunities for exploration and capture in the Nickel Carbonate Market lie in the expansion of the electric vehicle industry, driving the demand for lithium-ion batteries and, thus, nickel carbonate.
The development of new battery technologies, such as solid-state batteries, could also create additional opportunities in the future. Moreover, the increasing focus on renewable energy sources and the transition to a greener economy offer potential growth prospects for the nickel carbonate market.
Recent trends in the Nickel Carbonate Market include a shift towards high-purity nickel carbonate to meet the stringent requirements of the battery industry. The growing emphasis on sustainability and environmental regulations drives the adoption of greener production processes for nickel carbonate, such as the use of recycled materials.
Furthermore, the consolidation of the market through mergers and acquisitions is expected to shape the competitive landscape, with larger players gaining market share and economies of scale.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Nickel Carbonate Market Drivers
Increasing Demand for the Automotive Industry
The automotive industry is the key consumer in the nickel carbonate market. The reason that explains such state of affairs is the utilization of lithium-ion batteries, the production of which includes the utilization of nickel carbonate.
At the same time, the growing popularity of electric vehicles in the market stimulates the growth of demand for this component of production. It is critical to note that in the period under consideration, the growth of demand will be increased even more by the emergence of the new electric car producers in the market of emerging economies.
Therefore, the situation in which the automotive industry is the main cause of growth is likely to continue throughout the period under consideration.
Growing Use in Chemical and Construction Industries
Accordingly, nickel carbonate is widely used across a number of industries, including the chemical and construction industries. In the former, its purpose is to be a catalyst in the production of a variety of other chemicals.
In the latter, nickel carbonate is used as a pigment during the production of ceramics and other construction materials.
The fact that a growing quantity of the substance is nowadays used in both of these industrial sectors will be one of the main facilitators of the nickel carbonate market’s expansion over the projected time period.
Rising Demand from Asia-Pacific Region
The Asia-Pacific region is the largest consumer of nickel carbonate, accounting for over 50% of demand.
The region's rapidly growing economies and increasing population are driving up demand for nickel carbonate in a variety of industries, including the automotive, chemical, and construction industries. The Asia-Pacific region is expected to remain the largest market for nickel carbonate over the forecast period
Nickel Carbonate Market Segment Insights
Nickel Carbonate Market Application Insights
The nickel carbonate market is segmented by application into ceramic, chemical, electronic materials, and others. The ceramic segment will still be the largest application segment and account for over 50% of the market by 2023.
The chemical segment will still be the second-largest application segment and account for over 25% of the market by 2023. The electronic materials segment will be the third largest application segment and account for over 15% of the market by 2023. The other segment will be the smallest application segment and account for under 10% of the market by 2023.
The significant share of the ceramic segment to the market size is attributed to the increasing demand for nickel carbonate in ceramic tiles and sanitary ware production. The metal compound is used as a vital ingredient in clay based ceramic goods.
On the other hand, the size of the chemical segment to the market size is attributed to the increasing requirement for nickel carbonate in the fabrication of nickel based chemical products. Similarly, the size of the electronic materials segment to the market size is attributed to the increasing demand for nickel carbonate in the production of electronic components.
The growth of the market is mainly attributed to the increasing demand for nickel carbonate in ceramics, chemical and electronic materials applications. The ceramic segment will still be the largest application segment and expand at a CAGR of 3.54% during the forecast period.
The chemical segment will expand at a CAGR higher than other application segments during the forecast period. The electronic materials segment will expand at a moderate CAGR during the forecast period. The others segment will expand at a low CAGR during the forecast period.
The nickel carbonate market is characterized by the dominance of a few large players. The Major players in theclude Jilin Jien Nickel Industry Co., Ltd., PT Vale Indonesia Tbk, Sumitomo Metal Mining Co., Ltd., and BHP Billiton.
These players account for a considerable portion of the market. There are also a number of small and medium sized players. These players operate largely in regional markets.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Nickel Carbonate Market Grade Insights
The Nickel Carbonate Market is segmented by Grade into Industrial Grade, Battery Grade, and Others. The Battery Grade segment is expected to hold the largest market share in 2024, owing to the increasing demand for nickel-based batteries in electric vehicles and consumer electronics.
The Industrial Grade segment is also expected to witness significant growth, driven by the rising demand for nickel carbonate in the production of stainless steel, alloys, and other industrial applications. The Others segment includes applications such as electroplating, ceramics, and catalysts and is expected to grow at a moderate pace.
Nickel Carbonate Market End Use Industry Insights
The nickel carbonate market is segmented by end-use industry into electronics, aerospace, automotive, construction, and others. The electronics segment accounted for the largest share of the market in 2023 and is projected to continue to grow at the highest CAGR during the forecast period 2024-2032.
The growth of the electronics segment is attributed to the increasing demand for nickel carbonate in the production of lithium-ion batteries, which are used in a wide range of electronic devices such as smartphones, laptops, and electric vehicles.
The aerospace segment is also expected to witness significant growth during the forecast period due to the increasing demand for nickel carbonate in the production of high-performance alloys used in aircraft engines and other aerospace applications.
The automotive segment is another major end-use industry for nickel carbonate and is expected to grow at a steady pace during the forecast period. Nickel carbonate is used in the production of stainless steel, which is used in the automotive industry for a variety of applications, such as exhaust systems, bumpers, and trim.
The construction segment is also expected to witness moderate growth during the forecast period due to the increasing demand for nickel carbonate in the production of cement and other building materials.
Nickel Carbonate Market Sales Channel Insights
The Nickel Carbonate Market is segmented into online, offline, and other sales channels. The online sales channel is expected to witness significant growth over the forecast period due to the increasing popularity of e-commerce and the convenience it offers to customers.
The offline sales channel is expected to remain dominant, owing to the established distribution networks and the preference of customers to physically examine products before making a purchase. The other sales channel includes direct sales, distributors, and retailers.
This channel is expected to witness moderate growth over the forecast period. In 2023, the Nickel Carbonate Market revenue through the online sales channel is estimated to be around USD 0.06 billion, and it is projected to grow at a CAGR of 4.5% over the forecast period.
The offline sales channel is expected to account for a larger share of the market, with an estimated revenue of USD 0.14 billion in 2023 and a projected CAGR of 3.1% over the forecast period.
The other sales channel is expected to contribute a smaller share of the market, with an estimated revenue of USD 0.01 billion in 2023 and a projected CAGR of 3.9% over the forecast period.
Nickel Carbonate Market Regional Insights
The regional segmentation of the Nickel Carbonate Market provides insights into the market's geographic distribution and performance across different regions. North America held the largest market share in 2023, accounting for approximately 38% of the market revenue.
The region's dominance is attributed to the presence of major nickel-producing countries such as Canada and the United States. Europe followed closely, capturing around 32% of the market share due to strong demand from industries such as automotive and electronics. APAC emerged as a rapidly growing region, with a projected CAGR of 4.2% during the forecast period.
The region's growth is driven by the expanding manufacturing and construction sectors in countries like China and India. South America and MEA held relatively smaller market shares, with a combined contribution of approximately 18% in 2023. However, these regions are expected to witness steady growth over the coming years, supported by increasing industrialization and urbanization.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Nickel Carbonate Market Key Players and Competitive Insights:
Major players in the Nickel Carbonate Market are constantly striving to gain a competitive edge by investing in research and development. Leading Nickel Carbonate Market players are focusing on developing innovative products and technologies to meet the evolving needs of customers.
The Nickel Carbonate Market development is being driven by the increasing demand for nickel-based batteries, which are used in electric vehicles and other energy storage applications. The Nickel Carbonate Market Competitive Landscape is expected to remain highly competitive in the coming years, with several key players vying for market share.
Tianyuan Garnet is a leading company in the Nickel Carbonate Market. The company has a strong focus on research and development, and it has developed a number of innovative products and technologies.
Tianyuan Garnet has a presence, and it supplies its products to a wide range of customers in the automotive, electronics, and chemical industries. The company is well-positioned to continue to grow its market share in the coming years.
One of Tianyuan Garnet's main competitors is the Jilin Jien Nickel Industry. Jilin Jien Nickel Industry is also a leading company in the Nickel Carbonate Market, and it has a strong focus on research and development.
The company has developed a number of innovative products and technologies, and it has a presence. Jilin Jien Nickel Industry is well-positioned to continue to grow its market share in the coming years.
Key Companies in the Nickel Carbonate Market Include:
Zhejiang Taizhou Jilin Jien Nickel Co., Ltd.
Chongqing Sanning Chemical Co. Ltd.
Shanghai Jintai Nickel Industry Co., Ltd.
Jilin Jien Nickel Industry Co. Ltd
Jiangxi Jilin Jien Nickel Co., Ltd.
Sakae Chemical Industry Co
Jiangsu Province Sailon Optoelectronics Chemical Co. Ltd
Sichuan Tianyuan New Material Technology Co., Ltd.
Hunan Nonferrous Metals Holding Co. Ltd.
Hubei Dinglong Nickel Industry Co., Ltd.
Jiangsu Sailon Optoelectronics Chemical Co. Ltd
Tosoh Corporation
Tianyuan New Material Technology Co., Ltd.
Zhejiang Jilin Jien Nickel Co. Ltd
GEM Co., Ltd.
Nickel Carbonate Market Developments
The rising demand for nickel-based batteries in electric vehicles and consumer electronics is primarily driving this growth. Furthermore, the increasing adoption of nickel carbonate in the production of stainless steel and other alloys is contributing to market expansion.
Recent developments in the market include strategic partnerships and collaborations among key players to enhance production capacity and technological advancements.
For instance, in 2023, BASF and Eramet announced a joint venture to construct a new nickel and cobalt refinery in Indonesia, aiming to meet the growing demand for these metals in the battery industry.
Nickel Carbonate Market Segmentation Insights
Nickel Carbonate Market Application Outlook
Ceramic
Chemical
Electronic Materials
Others
Nickel Carbonate Market Grade Outlook
Industrial Grade
Battery Grade
Others
Nickel Carbonate Market End Use Industry Outlook
Electronics
Aerospace
Automotive
Construction
Others
Nickel Carbonate Market Sales Channel Outlook
Online
Offline
Others
Nickel Carbonate Market Regional Outlook
North America
Europe
South America
Asia Pacific
Middle East and Africa
| Report Attribute/Metric | Details |
| Market Size 2022 | 0.2(USD Billion) |
| Market Size 2023 | 0.21(USD Billion) |
| Market Size 2032 | 0.28(USD Billion) |
| Compound Annual Growth Rate (CAGR) | 3.46% (2024 - 2032) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year | 2023 |
| Market Forecast Period | 2024 - 2032 |
| Historical Data | 2019 - 2023 |
| Market Forecast Units | USD Billion |
| Key Companies Profiled | Zhejiang Taizhou Jilin Jien Nickel Co., Ltd., Chongqing Sanning Chemical Co. Ltd., Shanghai Jintai Nickel Industry Co., Ltd., Jilin Jien Nickel Industry Co. Ltd, Jiangxi Jilin Jien Nickel Co., Ltd., Sakae Chemical Industry Co, Jiangsu Province Sailon Optoelectronics Chemical Co. Ltd, Sichuan Tianyuan New Material Technology Co., Ltd., Hunan Nonferrous Metals Holding Co. Ltd., Hubei Dinglong Nickel Industry Co., Ltd., Jiangsu Sailon Optoelectronics Chemical Co. Ltd, Tosoh Corporation, Tianyuan New Material Technology Co., Ltd., Zhejiang Jilin Jien Nickel Co. Ltd, GEM Co., Ltd. |
| Segments Covered | Application, Grade, End Use Industry, Sales Channel, Regional |
| Key Market Opportunities | Growing demand for nickel in battery production Expanding applications in electronics and chemicals Government initiatives promoting clean energy Rising consumer awareness of nickel-based products Technological advancements in nickel carbonate production |
| Key Market Dynamics | Rising demand from the battery industry Growing application in electronics Technological advancements Fluctuating raw material prices Government regulations |
| Countries Covered | North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Nickel Carbonate Market was valued at approximately USD 0.21 billion in 2023.
The Nickel Carbonate Market is projected to grow at a CAGR of 3.46% from 2024 to 2032.
The Nickel Carbonate Market is anticipated to reach an overall valuation of around USD 0.28 billion by 2032.
The Asia-Pacific region is expected to dominate the Nickel Carbonate Market, owing to increasing demand from the battery industry.
Nickel Carbonate is primarily used in the production of nickel-based batteries, as well as other applications such as electroplating, catalysts, and pigments.
Some of the key players in the Nickel Carbonate Market include Glencore, Vale, BHP, and Sumitomo Metal Mining
The growing adoption of electric vehicles is expected to drive demand for Nickel Carbonate in the automotive industry
The rising demand for nickel-based batteries, particularly in the electric vehicle industry, is a major factor driving the growth of the Nickel Carbonate Market.
Fluctuations in the prices of raw materials and intense competition from alternative battery technologies pose challenges to the Nickel Carbonate Market.
Technological advancements and the development of new applications for Nickel Carbonate, such as in energy storage systems, present opportunities for growth in the market.
Senior Research Analyst With an experience of over five years in market research industry (chemicals & materials domain), i gather and analyze market data from diverse sources to produce results, which are then presented back to a client. also, provide recommendations based on the findings. as a senior research analyst, i perform quality checks (qc) for market estimations, qc for reports, and handle queries and work extensively on client customizations. also, handle the responsibilities of client proposals, report planning, report finalization, and execution
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