Nickel Acetate Market Trends

Growth Drivers

• Advancements in Automobile Industry – Nickel acetate is employed in the manufacture of fasteners, bolts, hydraulic systems, shafts, and other engine components because of features, such as, corrosion resistance, wear and abrasion resistance, and ductility. Increasing improvements in the automobile industry are expected to propel the global nickel acetate market growth. According to the International Trade Administration, China has the world’s largest automobile market in terms of both annual sales and manufacturing output, and the production of vehicles is expected to reach 35 million vehicles by 2025.
• Growth of Textile Industry – Nickel Acetate is used as a mordant in textile dyeing to fix the dye onto fabric which is further backed by the growing utilization of digital textile printing ink. The booming textile industry is predicted to propel the nickel acetate market. India alone exported around USD 30 billion worth of textiles between April and December of 2021.
• Advancements in Aerospace Industry - Nickel-based plating has exceptional adhesion and corrosion protection and provides a uniform coating of thickness, which is paramount to the aerospace industry. According to the United States Aerospace & Defense Industry, the total aerospace and defense industry sales revenue was a combined value of` USD 382 billion. The advancing aerospace industry is anticipated to propel the nickel acetate market growth.
• Increased Use in Electronics - Nickel plating is widely used in electronic parts, such as, microprocessors and integrated circuits due to its reliability and functionality. As per recent studies, the number of smartphones sold worldwide rose from about 1.3 billion in 2020 to around 1.4 billion in the year 2021.
• Increased Use in Aesthetic Jewelry – Nickel Acetate is used for decorative purposes to give a bright, shiny appearance to jewelry and also to provide resistance to corrosion and wear. India saw around a 54% rise in jewelry exports in 2021-22 compared to the year before, according to the India Brand Equity Foundation.

Challenges

• Contact with Skin May Cause Dermatitis - It has been observed that is a person comes in repeated and prolonged contact with nickel acetate, that a person may experience some organ damage. It is strictly prohibited to inhale nickel acetate since it can cause asthma, cancer and other significant allergies. Hence, this factor may limit the market growth over the forecast period.
• Carcinogenic in Nature
• Produces Toxic Fumes When Heated