Global Nickel Sulfate Market Size, Share, Growth Analysis Report - Forecast 2034

Nickel Sulfate Market Size

The global nickel sulfate market size was worth around USD 4.82 Billion in 2024 and is predicted to grow to around USD 21.35 Billion by 2034 with a compound annual growth rate (CAGR) of roughly 16.2% between 2025 and 2034.

The report analyzes the global nickel sulfate market's drivers, restraints/challenges, and the effect they have on the demands during the projection period. In addition, the report explores emerging opportunities in the nickel sulfate industry.

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Nickel Sulfate Market: Overview

Nickel sulfate with the chemical formula NiSO4(H2O)6 is an inorganic compound. The salt is blue-green and exhibits high solubility. Nickel sulfate is used in electroplating, as it is a rich source of Ni2+ ions. Electroplating, also known as electrodeposition, refers to the process involving a solid substrate and a metal coating covering it to improve the overall surface quality along with other factors like enhancing the resistance to abrasion, lubricity, and corrosion, amongst others. In 2015, more than 40,000 tonnes of nickel sulfate were produced across the globe.

In healthcare, the chemical compound was one of the most preferred allergens in patch testing, a method of determining patients’ allergic sensitivity to a given substance with a market share of 18.9% over other allergens. As of 2022, a minimum of 7 sulfate salts are known in the scientific community. The main differentiating character is either crystal habit or hydration.

Nickel sulfate occurs naturally and is a rare mineral and all forms of the chemical are known to be paramagnetic, a form of magnetism allowing some minerals to be attracted weakly with the help of an externally provided magnetic field resulting in the generation of internal, induced magnetic field, in the direction same as that of the applied field. During Covid-19, the global market was severely impacted due to the negative impact on the battery manufacturing industry.

Key Insights

• As per the analysis shared by our research analyst, the global nickel sulfate market is estimated to grow annually at a CAGR of around 16.2% over the forecast period (2025-2034).
• Regarding revenue, the global nickel sulfate market size was valued at around USD 4.82 Billion in 2024 and is projected to reach USD 21.35 Billion by 2034.
• The nickel sulfate market is projected to grow at a significant rate due to expanding electric vehicle (ev) battery production, along with demand from the electroplating and chemical industries.
• Based on Type, the Plating Grade segment is expected to lead the global market.
• On the basis of Application, the Chemical Industry segment is growing at a high rate and will continue to dominate the global market.
• Based on region, Asia-Pacific is predicted to dominate the global market during the forecast period.

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Nickel Sulfate Market: Growth Drivers

Rising applications in electroplating to drive market growth

The global nickel sulfate market is projected to grow owing to the increasing applications of the chemical compound in electroplating, a process meant to achieve metal finishing and improve its properties for further utilization. Since nickel offers excellent resistance against wearing which can be additionally improved by using a heat treatment process.

Nickel sulfate and other nickel alloys provide conductivity and hardness, thus making them a preferred choice for electrodeposition. SRG Global, a leading electroplating services provider based in the United States, reportedly generated over 2 billion in sales revenue in 2021. Since the process aids in the creation of a protective barrier on the electroplated surface, it reduces friction increasing the object’s longevity which ultimately reflects on the manufacturer's final revenue.

Nickel Sulfate Market: Restraints

Recorded allergic reactions to restrict market expansion

The global market cap is projected to witness restricted expansion due to the compound leading to skin allergies in many recorded cases. The compound is known to have multiple health-related advisories, which if not adhered to, can raise medical concerns. The fact sheet developed by the New Jersey Department of Health and Senior Services has mentioned that the chemical can also lead to breathing issues, and nose, throat, & lung irritation along with a serious impact on the kidney during prolonged exposure. These concerns could potentially hamper the global market growth trend during the projection period.

Nickel Sulfate Market: Opportunities

Growing electric vehicle (EV) market to provide excellent growth opportunities

The EV market has been growing at a rapid rate due to the growing order for electric vehicles along with rising innovations and development in the field. This has further propelled the requirement for lithium-ion batteries which could positively impact the demand for nickel sulfate for electroplating. The global EV market is projected to grow at a CAGR of 24.25% by 2028. As per official records, more than 6.3 million EVs were sold worldwide in 2021, a rise of more than 100% from the sales generated in 2020.

Nickel Sulfate Market: Challenges

Health hazards associated with the compound a significant challenge for future growth

Nickel sulfate is labeled as a hazardous substance by multiple international health & safety regulatory bodies like Occupational Safety and Health Administration (OSHA) and other agencies. It is also known to be carcinogenic in case of prolonged exposure acting as a major challenge for global players to navigate through while using the compound. Nickel sulfate is highly regulated in various countries like Europe owing to the hazardous status of the compound.

Nickel Sulfate Market: Segmentation

The global nickel sulfate market is segmented into type, application, and region.

Based on type, the global market is segmented into plating grade, EN grade, and high purity grade. EN stands for European Standard and leads the global market growth trend owing to the high acceptance of the product amongst end-consumers. EN grade nickel sulfate is produced during the reaction between sulphuric acid and nickel oxide followed by crystallization. The compound is highly pure and does not contain any impurities thus affecting the final product quality. High-purity nickel sulfate is almost 99.99% nickel.

Based on application, the global market is divided into the chemical industry, battery, and electroplating. Nickel sulfate is used as an electrolyte during electroplating along with its utilization as other components in metal cleaning and etching. Some of the electroplating methods involve barrel plating, rack plating, and reel-to-reel plating. Even after a surface is electroplated there are few tests that may be conducted to inspect the quality of the products. These tests include examination for adhesion, porosity, appearance, thickness, and bondability. In the chemical compound, around 22.3% is nickel content.

Nickel Sulfate Market: Report Scope

Recent Developments:

• In August 2022, Nornickel, a global leader in the production of high-grade nickel and palladium along with holding a strong position as a producer of copper and platinum, announced the reduction of authorized capital from RUB 791,227 to RUB 152,863,397. This was achieved after the shareholders approved the move in the Extraordinary General Meeting
• In July 2022, The Umicore Group, a company specializing in circular materials technology with excellent command over chemistry, material science, and metallurgy, announced the company’s new strategy called the UMICORE Rise Strategy 2030. With the new move, the company intends to become a world leader in the coming years.

Nickel Sulfate Market: Regional Analysis

North America to lead with the highest market share

The global nickel sulfate market is projected to be dominated by North America with the United States leading the regional market share. The growth may be driven by the rising efforts toward strengthening domestic production of nickel and its alloys along with increasing investments in nickel extraction processes.

The construction sector of the US, which currently values at around 2 trillion is a major contributor toward the growing demand for stainless steel which further propels the requirement for nickel sulfate. Growth in Asia-Pacific is projected to be driven by Indonesia, one of the largest producers of nickel across the globe. The country is known to have the largest reserves of nickel. However, the recent ban on raw nickel export may impede future growth.

Nickel Sulfate Market: Competitive Analysis

The report provides a company market share analysis to give a broader overview of the key market players. In addition, the report also covers key strategic developments of the market, including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the nickel sulfate market on a global and regional basis.

The global nickel sulfate market is dominated by players like:

• Outotec
• Jilin Jien Nickel Industry
• Nicomet
• Jinchuan
• Sumitomo Metal Mining Co.
• Norilsk Nickel
• SEIDO CHEMICAL INDUSTRY CO.
• LTD.
• Mechema
• Green Eco-Manufacturer
• Coremax
• Guangxi Yinyi
• Huaze Cobalt & Nickel
• Jinco Nonferrous
• and Umicore Ltd

The global nickel sulfate market is segmented as follows;

By Type

• Plating Grade
• EN Grade
• and High Purity Grade

By Application

• Chemical Industry
• Battery
• and Electroplating

By Region

• North America
  • The U.S.
  • Canada
  • Mexico
• Europe
  • France
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific
• The Middle East & Africa
  • Saudi Arabia
  • UAE
  • Egypt
  • Kuwait
  • South Africa
  • Rest of the Middle East & Africa
• Latin America
  • Brazil
  • Argentina
  • Rest of Latin America