Global nickel nano powder market is likely to exhibit a promising growth curve as far as the short-term outlook is considered. The report will uncover the insights into how the market growth will unfold in the next few years.
Advent of Nanotechnology Unlocks New Doors to Opportunities for Nickel Nano Powder Market
The expansion of the nickel nano powder market is responsible for the increased product demand for several applications in chemical manufacturing, medical devices, research & laboratories, nanomaterials, and electrical devices. The scope for researchers, producers, and consumers has expanded thanks to the rapidly evolving field of nanotechnology, opening up new market expansion prospects. The electronics industry's growing product demand is what is driving the market. There has been a rise in technical innovation due to social modernization and expanding applications for industrial and commercial uses. Customer attraction to cutting-edge products is the primary factor driving increased demand for magnets and ceramic capacitors. The use of products in the automobile sector has expanded since the advent of electric vehicles (EVs). The growing demand for nanomaterials across multiple industries presents a significant opportunity for the market.
The nickel-bonded carbon nanotubes can have metallic or semiconductor qualities depending on their structural makeup, which is advantageous for nanoscale electronic devices and electrically conductive films for usage in plastics, coatings, nanowires, nanofibers, and bioscience. Government policies supporting the use of composite nanomaterials in the automotive and aerospace sectors will increase demand for the product. The high price of production and processing is what mostly restrains the nickel nano powder market. In addition to radio frequency plasma technology, the product is produced using the sol-gel process, nanolithography, laser pyrolysis, chemical vapor deposition, and other proprietary technologies. Nickel nanopowder displays varying biological activity and toxicity levels compared to its bulk form. Nickel nanoparticle demand is impacted, and their application in medicine is questioned.
Nickel Nano Powder Market: COVID-19 Impact
Nickel prices fell as COVID-19 spread because there were fewer raw materials available. This has affected manufacturers' capacity to generate enough income to remain competitive. Additionally, the pandemic had a negative effect on the nickel nanopowder industry due to a drop in demand from end-users like research facilities, electronics companies, and producers of nanomaterials. As consumers reduced their consumption of these products because they believed they were unnecessary, consumer electronics demand fell. However, because ventilators are essential for treating respiratory issues, the ongoing pandemic has increased demand for permanent magnets, which have used in ventilators. Chinese manufacturers of ventilators have upped manufacturing to keep up with the nation's growing demand. Nickel nanoparticles are also employed for electromagnetic radiation absorption and shielding, which is why MRI scanners place a great demand on them. During the pandemic, there was a rise in the number of patients visiting hospitals and diagnostic facilities, which increased the need for MRI scanners.
Quick Development of Nanomaterials Turns out Profitable for Nickel Nano Powder Market
The market can expand as a result of the surge in demand for nanomaterials across numerous industries. Single-walled carbon nanotubes and nickel nanoparticles are mixed to improve properties, including hardness, tensile strength, and elastic modulus. According to the structure, nickel-bonded carbon nanotubes have metallic or semiconductor properties that are useful for electrically conductive films used in plastics, coatings, nanowires, nanofibers, and bioscience. Demand for products will increase due to government rules that support the use of composite nanomaterials in the aerospace and automotive industries. The nickel nano powder market will increase in tandem with the expansion of energy storage and power production applications. Furthermore, applications, including touch screens, displays, solar cells, and optical panels, are increasing the demand for transparent conducting materials. The increased optical transparency of the products is anticipated to increase product consumption.
Nickel Nano Powder Market Benefits from Rising Demand from Electronics Sector
The nickel nano powder market is being driven by the rising demand for products from the electronics sector. Due to society's modernization and the expansion of applications for industrial and commercial purposes, technological innovation has been accelerating. The demand for magnets and ceramic capacitors is driven mostly by consumer attraction to cutting-edge goods. This has led to higher product consumption in the automotive industry due to the introduction of Electric Vehicles (EVs). The growing use of ceramic capacitors in telecommunications will also increase demand for the product. The expanding market for fuel cells in the automotive sector will fuel the consumption of nickel nanoparticles. Furthermore, the government's implementation of rules to reduce emission rates and boost the demand for hydrogen-based energy is driving up product demand for electrode applications.
High Production and Processing Costs to Impede Nickel Nano Powder Market Expansion
The high cost of production and processing primarily constrains the nickel nano powder market. Sol-gel technique, nanolithography, chemical vapor deposition, laser pyrolysis, and proprietary technologies like radio frequency plasma technology are all used in the production of the product. Nickel nanopowder exhibits differing toxicity and biological activity properties than its bulk form. This affects the demand for nickel nanoparticles and raises questions about their use in the medical field. There is a larger exposure to individuals and the environment due to increased manufacturing and use of these nanoparticles. All of the elements above are anticipated to hinder the market growth.
Market with Increased Application in Electronics Sector
Electronics Category Dominates Nickel Nano Powder Market
The electronics category held the largest nickel nano powder market share, and it is anticipated that it will continue to rule the market during the forecast period. Nickel nanopowder is utilized in the electronics sector for photocatalysts, magnetic separation, superconductors, dye-sensitized solar cells, and sensors. As a magnetic wave absorber, it is also used in medical equipment. The electronics industry will see a rise in product demand due to rising digitalization. In addition, increased product usage as a catalyst and additive during the synthesis of chemicals can be linked to the expansion of the chemical manufacturing sector. This covers the creation of new carbon bonds, arene preparation, and the usage of the result in the conversion of biomass to fuel. Research facilities use nickel nanopowder in microgram quantities to examine the substance and find new possible uses. This comprises testing and evaluating products in emerging technologies before their commercial application.
Asia Pacific to Dominate Nickel Nano Powder Market as Nanotechnology Experiences Boom Across Key Nations
Over the forecast period, it is anticipated that the Asia Pacific nickel nano powder market will account for the largest revenue share due to the nation's rapidly expanding use of nanotechnology. Large populations in these nations are using technologies more and more frequently, which is accelerating market growth. The rapid advancement of nanotechnology in nations like Japan, South Korea, and China is blamed for the region's increased need for nickel nanopowder. These countries' big populations are becoming increasingly reliant on technologies in daily life, boosting market expansion. Technology development is supported in this region by the availability of raw materials and economically sound states. The expanding product usage is also driving the market in the region in the automotive and aerospace sectors for fuel cell and propellant applications.
Europe market is anticipated to experience stable revenue growth throughout the forecast period due to the increased development of technologically advanced machinery and electronic materials and components. As a result of the region's superior technological infrastructure and developed economies, the material is in demand as additives for ceramics, electronics, lubricants, and ceramics. Furthermore, the demand for products for military and law enforcement applications has increased due to escalating geopolitical crises in some parts of Europe. The nickel nano powder market here is growing due to more products being used in chemical manufacture. Due to the region's accessibility to raw materials, labor, and land, many end-use businesses have manufacturing facilities established there. The associations' financial investments, government incentives, and policies have increased product consumption in nuclear energy, electronics, and medical technologies.
Global Nickel Nano Powder Market: Competitive Landscape
In January 2022, advanced powders will be produced by Tekna for top market sectors like energy storage, printed electronics, and additive manufacturing. In Sherbrooke, Canada, the business has signed a lease for an industrial-pilot manufacturing facility for nickel nanopowder. By 2023, the company will offer a capacity of up to 25 tonnes of powder per year.
Few of the players in the nickel nano powder market Tekna (Canada), Otto Chemie Pvt. Ltd. (India), Sky Spring Nanomaterials, Inc. (U.S.), Sisco Research Laboratories Pvt. Ltd (India), Nanoshel (India), American Elements (U.S.), Nanografi NanoTechnology (Turkey), ACS Material (U.S.), Parshwamani Metals (India), and Guangzhou Hongwu Material Technology Co., Ltd. (China).
Global Nickel Nano Powder Market is Segmented as Below:
Key Elements Included In The Study: Global Nickel Nano Powder Market
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