Seoul, South Korea, Sept. 07, 2022 (GLOBE NEWSWIRE) — As per Fact.MR’s new report on the nickel hydroxycarbonate market, the global market is worth US$ 455.5 million and is expected to rise at a CAGR of 5.8% from 2022 to 2032.
After the COVID-19 pandemic struck, speedy recovery has been observed in the automotive industry. Around 13 million units of two wheelers were sold in South Asian countries last year. Nickel hydroxycarbonate is mainly used in the manufacturing of many automotive components as it helps increase the lifespan and shine of vehicle parts.
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The most important use of nickel hydroxycarbonate is in electroplating applications. Electroplating is used in the automotive industry to refinish many elements such as tire rims, bumpers, and grills to extend their lifespan and make them new. Along with the electroplating of automotive parts, nickel hydroxycarbonate is also used in the electroplating of electronic components such as semiconductors, chips, and many others.
These semiconductors and chips are a piece of a vehicle’s security prerequisites as components; for example, safety belts, airbags, tensioners, and many other components. Worldwide demand for nickel hydroxycarbonate is set to reach US$ 800.9 million by the end of 2032.
Which Market Factors are Shaping the Demand for Nickel Hydroxycarbonate?
“Rising Nickel Hydroxycarbonate Demand from Automotive Industry”
The tri-cationic process is more popular in several industries across the world. The automotive industry is one of them, which uses this process on a large scale. In this tri-cationic process, nickel hydroxycarbonate is used as a coating material. Hence, coatings formed in this process are superior with regards to corrosion resistance, adhesion, and wear resistance.
Nickel hydroxycarbonate is used to protect steel from corrosion in the automotive industry. The most important use of nickel hydroxycarbonate is in electroplating applications. Electroplating is used in the automotive industry to refinish many elements such as tire rims, bumpers, and grills to extend their lifespan. Nickel hydroxide and nickel combination plating are sought-after in car manufacturing for erosion assurance in vehicle parts.
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Key Segments Covered in the Nickel Hydroxycarbonate Industry Survey
- By Product Type :
- 40-42% Nickel
- 45-47% Nickel
- 48-50% Nickel
- By form :
- By End-use Industry :
- Oil & Gas
- By Region :
- North America
- Latin America
- East Asia
- South Asia and Oceania
- Middle East & Africa
Demand for nickel hydroxycarbonate from end-use industries continues to reflect high growth. For sustaining in the long term, manufacturers are focusing on various strategies such as expanding their production capabilities, increasing supply contracts with end-use industries, etc.
Rising demand from automotive and other industries is helping manufacturers recover faster from the COVID-19 impact. Also, being a non-renewable source, nickel availability is restricted to places where it is being mined. This will help market players in maintaining the price balance and reducing the supply side