Carbonyl Nickel Powder Market

Consistent Demand for Carbonyl Nickel Powder for Powder Metallurgy Applications to Propel Market

The field of material science continues to evolve at a rapid pace. Research and development activities are redefining the development of new materials such as carbonyl nickel powder. Due to advancements in technology and research, applications of hard metals, powder metallurgy, and electronic materials continue to expand at a rapid pace. Over the past couple of decades, carbonyl nickel powder is gaining significant popularity, as they play an important role in improving fatigue and mechanical properties of alloy steels, magnetic & conductivity of electronic materials, etc. The demand for carbonyl nickel powder for powder metallurgy applications have evolved at a consistent pace over the past few decades– a factor that is projected to drive the carbonyl nickel powder market during the forecast period.

Production techniques of carbonyl nickel powder continue to evolve and primarily controlled to attain the desirable particle size, density, and particle shape. In the current scenario, as government bodies across the world continue to encourage the manufacturing and usage of electric vehicles, the demand for nickel-based batteries has increased, thereby driving the carbonyl nickel powder market. Despite widening applications of carbonyl nickel powder in different industries, the soaring demand from the chemical sector is likely to play a key role in fueling the growth of the carbonyl nickel powder market, which is likely to attain a market value of ~US$ 1 Bn by 2027.

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Electric Vehicles to Bolster Demand for Carbonyl Nickel Powder Market

At present, the major industrial sectors are under significant pressure to reduce their environmental footprint due to which innovations in every field continue to grow at a rapid pace. The automotive sector, under the constant pressure of government bodies across different regions to reduce the carbon emission in fossil-fueled vehicles, is focusing on the development of electric vehicles– a step toward a greener and resource-efficient future. The significant rise in the production of electric vehicles is influencing the demand for nickel batteries. The demand for nickel-based batteries has witnessed unprecedented growth in the past few years and is directly impacting the growth of the carbonyl nickel powder market.

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Contrary to conventional vehicles that operate on internal combustion engines (ICEs), electric vehicles operate on battery. At present, electric vehicle manufacturers are expected to focus on optimizing the efficiency of batteries so that vehicles can travel longer distances on single charge. Due to this requirement, added quantities of nickel is required to store the energy in lithium-ion batteries. Within the carbonyl nickel powder market, apart from applications in the chemical industry, the adoption of carbonyl nickel powder in fuel cells & battery electrodes is expected to scale new heights during the forecast period, thereby driving the carbonyl nickel powder market during the assessment period.

Stringent Regulations Pertaining to Use of Toxic Substances to Hamper Demand

While there is a rise in application areas of carbonyl nickel powder in various industries, including automotive and chemical, it is deemed to be one of the most dangerous and toxic substances. Research and development activities continue to investigate the toxic nature of nickel and nickel salts. With significant focus on improving workplace safety and surveillance, government bodies are formulating stringent guidelines pertaining to the use of toxic substances. Industrial hygiene programs and biological monitoring coupled with environmental monitoring of industrial working condition have gained significant momentum. Presently, carbonyl nickel powder manufacturers and users of nickel powder are focusing on limiting nickel-exposure. Stringent regulations pertaining to industrial uses of nickel could possibly see a shift in demand patterns wherein the potential of utilizing other alternative materials is likely to gain ground in the carbonyl nickel powder market.

Regulations pertaining to the use of hazardous materials, and substances vary with country due to which, manufacturers and importers of carbonyl nickel powder should provide accurate label warnings. Asia Pacific and North America are expected to be lucrative regions for participants operating in the carbonyl nickel powder market during the forecast period, due to heavy industrialization in different pockets of Asia and significant advancements in technology, industrial provisions, and research in North America.

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Analysts’ Viewpoint

The global carbonyl nickel powder market is expected to grow at a CAGR of ~4% during the forecast period. Some of the top factors that are expected to influence the market growth include an emphasis on the production of electric vehicles, industrialization in Asia Pacific, and soaring demand for carbonyl nickel powder from the chemical industry. Although stringent regulations and industrial guidelines could hamper the adoption of carbonyl nickel powder in the coming years, manufacturers are increasingly focusing on spreading awareness regarding the catastrophic effects of carbonyl nickel powder.