Nickel powder finds widespread application in rechargeable batteries used across various industries ranging from automotive to consumer electronics. The rising adoption of electric vehicles globally has considerably boosted demand for lithium-ion batteries which have nickel as a key ingredient.
The global Nickel Powder Market is estimated to be valued at US$ 91.39 Mn in 2024 and is expected to exhibit a CAGR of 4.5% over the forecast period 2024 to 2031.
Nickel powder is primarily used as a binding agent and cathode material in the manufacturing of rechargeable lithium-ion batteries. Properties like high energy density, good safety performance, and longer lifespan have increased nickel's usage in batteries. Lithium-ion batteries with nickel cathodes are commonly used in power tools, electric vehicles, smartphones, laptops, etc. The growing sales of electronics and electric mobility are positively impacting the nickel powder industry. Furthermore, nickel powder finds applications as a catalyst in fuel cells, additive for magnetic alloys, and coatings for corrosion resistance.
Key Takeaways
Key players operating in the Nickel Powder Market are Kawasaki Heavy Industries Ltd, CRRC Corporation Limited, Nippon Sharyo Ltd., Siemens AG, Progress Rail (Caterpillar Company), Bombardier Inc., Hitachi Ltd., Alstom SA, Escorts Group, Wabtec Corp. (previously GE Transportation), Construcciones Y Auxiliar De Ferrocarriles sa, Hyundai Rotem, Trinity Industries Inc., Stadler Rail AG, and The Greenbrier Companies. These companies have major manufacturing facilities and supply nickel powder to various industries globally.
The growing demand for electric vehicles and electronic devices is fueling the Nickel Powder Market Growth. According to industry estimates, electric vehicles accounted for 10% of total automobile sales in 2024 and are expected to grow substantially in the coming years. This rising shift to EVs will augment the usage of lithium-ion batteries and nickel compounds.
Advances in battery manufacturing technologies such as graphene addition and novel cell designs are improving the energy storage capacity of nickel-based batteries. Such R&D efforts are expanding the scope of nickel powder in next-gen energy storage solutions.
Market Trends
Increased battery recycling - Major battery and automotive manufacturers have entered partnerships to recover and reuse materials from spent batteries. Recycling nickel from lithium-ion batteries is gaining popularity due to its shortage risks and environmental impact. Recycled nickel powder lowers costs and ensures supply stability.
Thinner nickel coatings - Battery manufacturers are developing methods to apply ultra-thin and perfectly uniform nickel coatings on electrodes through novel electrodeposition technologies. Thinner coatings using lesser nickel increase energy density and reduce battery costs.
Market Opportunities
Energy Storage Systems (ESS) - ESS integrates batteries for applications beyond mobility such as stabilizing power grids, home backup systems, and industrial energy management. Considering their long lifespan, nickel-based batteries will experience high demand from the booming ESS sector.
Medical Devices - Technologies involving electrified surgical tools, implantable devices, and wearables open newer avenues for low-capacity nickel batteries. Their safety, longevity, and design flexibility favor medical/dental applications.
Impact of COVID-19 on Nickel Powder Market Growth
The COVID-19 pandemic has significantly impacted the Nickel Powder Market. During the lockdown periods imposed by various governments, industrial activities slowed down considerably. This led to a decline in demand for nickel powder from end-use sectors like stainless steel, aluminum alloys, and electric vehicles. However, with gradual lifting of lockdowns and resuming of economic activities, the demand is recovering. The market is expected to witness steady growth over the coming years on account of increasing need for nickel powder in batteries and renewable energy applications. Post COVID-19, larger investment is likely to be seen in developing markets in Asia Pacific and Europe to meet the growing demand from expanding industries.
Geographical Concentration of Nickel Powder Market
In terms of value, Asia Pacific accounts for the largest share of the global Nickel Powder Market. Countries like China, Japan, South Korea and India are major consumers as well as Nickel Powder Companies. This is due to presence of a well-established manufacturing sector and growing demand for stainless steel and batteries in the region. Within Asia Pacific, China dominates the market and accounts for over 40% of the world's nickel production. Other countries with high concentration include Indonesia, Philippines and New Caledonia.
Fastest Growing Region for Nickel Powder Market
Europe is projected to be the fastest growing regional market for nickel powder over the forecast period. This growth can be attributed to stringent emission norms compelling increased adoption of electric vehicles in the region. The European Union has implemented regulations to phase out combustion engine cars by 2035. This is likely to substantially boost demand for batteries and thereby nickel powder, which is a key material in lithium-ion batteries. countries including Germany, France, Italy, UK and Norway are observed to lead the EV adoption in Europe.
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