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The global nickel nano powder market size was valued at USD 356.5 million in 2021. The market is projected to grow from USD 387.0 million in 2022 to USD 758.8 million by 2029, exhibiting a CAGR of 10.1% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with nickel nano powder experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. Based on our analysis, the global market exhibited a decline of 7.1% in 2020 as compared to 2019.
Nickel nano powder, also known as nickel nanoparticles, is a black or gray-colored powder that provides excellent electromagnetic, chemical, and mechanical properties. The product is applicable as ceramic and lubricant additives, conductive coatings, and electromagnetic shield. The rising product demand for several applications in chemical manufacturing, medical devices, research & laboratories, nanomaterials, and electronics devices is attributable to market growth. Rapidly developing nanotechnology has widened the scope for scientists, manufacturers, and consumers from sectors, thereby creating growth opportunities for the market.
COVID-19 Lockdown and Closing Mining Activities Impacted Product Demand
With the rise of COVID-19, nickel prices slumped due to low availability of raw materials. This has impacted manufacturers’ ability to sustain themselves in the market through revenue generation. In addition, the pandemic negatively impacted the nickel nano powder companies with the decline in demand from end-users such as research laboratories, electronics, and nanomaterial manufacturers. Demand for consumer electronics declined as users felt these products were nonessential and reduced product consumption.
However, permanent magnets have applications in ventilators, and the continuing pandemic has augmented their demand as ventilators are crucial in treating respiratory concerns. Ventilator-making companies, mainly based in China have increased production to meet surging demand in the country. Additionally, nickel nanoparticles are used for absorbing electromagnetic radiation and shielding; hence, they have a high demand from Magnetic Resonance Imaging (MRI) machines. Increasing patient visits to hospitals and diagnostic centers during the pandemic resulted in higher demand for MRI machines.
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Rapid Expansion for Nanomaterials Offers Lucrative Growth Opportunities for the Market
The propelling demand for nanomaterials in several industries opens growth opportunities for the nickel nanoparticles market. Single-walled carbon nanotubes are combined with nickel nanomaterials to enhance the characteristics such as hardness, tensile strength, and elastic modulus. The nickel-bonded carbon nanotubes exhibit semiconductor or conductive metallic properties depending on the structure, which is helpful in nanoscale electronic devices and electrically conductive films for applications in plastics, coatings nanowires, nanofibers, and bioscience.
Government regulations favoring composite nanomaterial usage in automotive and aerospace industries will propel product demand. Additionally, increasing energy storage and power generation applications shall support the nickel nano powder market growth.
Furthermore, the demand for transparent conducting materials is rising from applications, including touch screens, displays, solar cells, and optical panels. This is projected to bolster product consumption due to their high optical transparency.
Increasing Demand from the Electronics Industry will Drive the Market Growth
The increasing product demand from the electronics industry is driving the market. Technological advancement has been on the rise owing to society's modernization and growing applications for industrial and commercial needs. Consumer attractiveness toward advanced products is the primary factor surging the demand for magnets and ceramic capacitors. This has resulted in increased product consumption in the automotive industry owing to the advent of Electric Vehicles (EVs). Furthermore, the rising incorporation of ceramic capacitors in telecommunications will fuel product demand.
The growing demand for fuel cells in the automotive industry will drive the consumption of nickel nano powders. Further, the introduction of regulations by government bodies to minimize emission rates and propel hydrogen-based energy demand is resulting in high product demand from electrode applications.
High Cost of Production and Processing is Likely to Hamper the Market Growth
The key restraint for the market is the high production and processing cost. The product is manufactured using sol-gel process, nanolithography, chemical vapor deposition, laser pyrolysis, and proprietary technologies such as radio frequency plasma technology. Nickel nano powder displays different toxicity and biological activity characteristics compared to its bulk form. This is increasing concerns over using nickel nanoparticles in the medical industry and affects its demand. Increasing production and utilization of these nanoparticles results in higher exposure to humans and the environment. All the factors mentioned above are expected to act as a market restraint.
< 50 nm Segment to Hold Prime Share Due to Increased Demand from Electronics Applications
Based on type, the market is bifurcated into < 50 nm and ≥ 50 nm.
The < 50 nm segment is projected to hold the largest share in the global market during the forecast period. Nano powders with less than 50 nanometers in size are considered under this segment. They are used in the electronics industry for various applications, including fuel cells and automotive catalytic converters. The growing electronics & electrical industry, due to globalization and higher dependence on technologies, surges the product demand.
The ≥ 50 nm segment includes nickel nano particle sizes larger than 50 nanometers. The product finds applications as magnetic fluid and catalysts for chemical manufacturing and fuel cells. In addition, the growing aerospace industry has propelled the nickel nanoparticles demand for use in propellants and sintering additive applications. The developing technology in automotive and aerospace industries is expected to surge the product demand during the nickel nano powder industry forecast period.
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Electronics Segment Accounted for Dominant Share Owing to Digitalization of Society
Based on application, the market is segmented into chemical manufacturing, electronics, research & laboratory, nuclear energy, nanomaterials, and others.
Electronics segment accounted for the largest nickel nano powder market share in 2021 and is anticipated to be the fastest growing segment during the forecast period. In the electronics industry, nickel nano powder is used in dye-sensitized solar cells and sensors, superconductors, conductive paste, conducting material, photocatalyst, and magnetic separation. In addition, medical devices use it for magnetic wave absorption. Rising digitalization will increase the product demand from the electronics segment.
The growth in the chemical manufacturing segment can be attributed to rising product use as a catalyst and additive during the synthesis of chemicals. This includes the product use in the conversion of biomass to fuel, formation of new carbon bonds, and arene preparation. Research labs use nickel nano powder in micrograms to study the material and discover new potential applications. This includes product use in developing technologies for testing and examination before commercial usage.
The nuclear energy segment includes product usage in the purification of uranium. Increasing adoption of nuclear energy in industrial applications and environmental projects will lead to THE product demand. The nanomaterials segment growth can be attributed to the development of nano tubes, nano wires, and nano sheets. These materials have antioxidant properties and are used in bio-engineering applications, such as implants, drug delivery, and medical devices, for electromagnetic absorption.
Others segment includes the use of nickel nano powder in plastics, optics, textiles, and alloy metals applications. The product is used as an additive in plastics and textiles during manufacturing to enhance physical properties.
Asia Pacific Nickel Nano Powder Market Size, 2021 (USD Million)
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Asia Pacific held a dominant share in the market and was estimated to have a value of USD 139.1 million in 2021. The rising demand for nickel nano powder in the region is attributed to the rapid development of nanotechnology in countries, including Japan, South Korea, and China. The large population among these countries has increasingly become dependent on technologies in everyday life, which, in turn, is augmenting market growth.
The market growth in Europe is attributed to the rising trend of technologically advanced machinery and electronic materials and components. The region is technologically advanced and supported by developed economies where the product is in demand as additives for ceramics, lubricants, electronics, and ceramics. Further, rising geopolitical conflicts in parts of Europe have surged the product consumption for military and law enforcement applications.
The availability of raw materials within the region and economically stable nations support technological development in North America. Furthermore, the rising product utilization in automotive and aerospace industries for fuel cell and propellant applications is driving the market in the region.
Rest of the world will showcase gradual growth throughout the forecast period. The market growth is driven by rising product applications for chemical manufacturing. Several end-use industries have manufacturing facilities set up in the region due to the availability of raw materials, labor, and land. The associations’ investments, government incentives, and policies have surged product consumption in medical devices, electronics, and nuclear energy applications.
Technological Innovation will Help Players to Intensify Competition
Tekna, Otto Chemie Pvt. Ltd., Sky Spring Nanomaterials, Inc., Sisco Research Laboratories Pvt. Ltd, Nanoshel, and American Elements are major companies operating in the market. For example, Tekna produces advanced powders for leading market verticals, including printed electronics, additive manufacturing, and energy storage. The company has entered a lease agreement for an industrial-pilot manufacturing facility for nickel nano powder in Sherbrooke, Canada. In this, the company would provide the capacity of up to 25 tons of powder annually by 2023.
An Infographic Representation of Nickel Nano Powder market
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The research report covers detailed market analysis and concentrates on crucial aspects such as competitive landscape, type, technology, and applications. Also, the market report offers insights into market trends and highlights vital industry developments. In addition to the factors mentioned above, the report encompasses various factors that have contributed to the growth of the market in recent years.
Value (USD Million)
By Type, Application, and Geography
Fortune Business Insights says that the global market size was USD 356.5 million in 2021 and is projected to reach USD 758.8 million by 2029.
In 2021, the market value stood at USD 356.5 million.
Growing at a CAGR of 10.1%, the market will exhibit steady growth in the forecast period (2022-2029).
The electronics segment is expected to lead the market during the forecast period.
Increasing product demand from the electronics industry is a key factor driving the market growth.
Tekna, Otto Chemie Pvt. Ltd., Sky Spring Nanomaterials, Inc., Sisco Research Laboratories Pvt. Ltd, Nanoshel, and American Elements are a few of the leading players in the global market.
Asia Pacific held the highest market share in 2021.
The growing demand for nanomaterials and the rising chemical industry drive the product adoption.
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