Global Nickelous Sulfate Market Is Expected To Reach $ 4707.00 Million By 2023 From $2113.73 Million In 2018
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Nickelous Sulfate, usually refers to the inorganic compound with the formula NiSO4 (H2O)6. This highly soluble blue-coloured salt is a common source of the Ni2+ ion for electroplating. At least seven Sulfate salts of nickel (II) are known. These salts differ in terms of their hydration or crystal habit.
The common tetragonal hexahydrate crystallizes from aqueous solution between 30.7 and 53.8 °C. Below these temperatures, a heptahydrate crystallises, and above these temperatures an orthorhombic hexahydrate forms. The yellow anhydrous form, NiSO4, is a high melting solid that is rarely encountered in the laboratory. This material is produced by heating the hydrates above 330 °C. It decomposes at still higher temperatures to nickel oxide.
X-ray crystallography measurements show that NiSO4·6H2O consists of the octahedral [Ni (H2O)6]2+ ions. These ions in turn are hydrogen bonded to Sulfate ions. Dissolution of the salt in water gives solutions containing the aquo complex [Ni (H2O)6]2+.
Nickelous sulfate industry is relatively fragmented, manufacturers are mostly in the China, Taiwan, Japan and Europe. As for sales, Europe and North America sales revenue accounted for more than 43.03% of the total value of global nickelous sulfate market. Sumitomo Metal Mining (SMM) is the world leading manufacturer in global nickelous sulfate market with the market share of 13.31% in terms of revenue and 10.87% in terms of volume.
Compared to 2017, nickelous sulfate market decreased revenue by 12.61 percent to 2113.73 million USD worldwide in 2018. In the past six years, the nickelous sulfate market performance was unstable, but it will be positive in the near future because of the increasing downstream demand.
The global nickelous sulfate market is expected to reach $ 4707.00 million by 2023 from $2113.73 million in 2018, growing at a CAGR of 17.73% from 2018 to 2023. And China market is expected to maintain the biggest market with $ 1688.68 million of revenue by 2023.
In the past few years, as the main raw material price was not stable, with the decrease in production capacity, it is expected that the nickelous sulfate raw material price might be slightly higher in the short term. Moreover, the improvement of energy, transportation costs, and labor costs, will play a significant role in promoting the cost of nickelous sulfate.
There are companies adding new capacities and aims at the cost and quality leadership which shall improve profitability. As the same time, companies are focusing on technological innovation, equipment upgrades, and process improvements, to reduce costs and improve quality.
The average price of nickelous sulfate will fall further. The product average price declined in the past few years due to the technology development and fierce competition, the average price will keep this trend in the few future years due to increasing mature manufacturing technology and cost of raw materials.