Nickel Acetylacetonate Market - Forecast(2023 - 2028)

Nickel Acetylacetonate Market Overview

Nickel Acetylacetonate Market size is estimated to reach a value of US$521.6 million by the end of 2027 after growing at a CAGR of 4.5% during 2022-2027. Deprotonation of acetylacetone produces nickel acetylacetonate, a coordination complex. It's a paramagnetic dark green solid that dissolves in organic liquids. It forms the blue-green diaquo complex when it combines with water. It is mainly used as a catalyst or a precursor with nickel to accelerate chemical reactions. Bis(2,4-pentanedionato) nickel is synthesized from treatment of acetylacetonate with nickel nitrate along with base. This anhydrous complex serves as a precursor in nickel-based catalysis like nickel bis(cyclooctadiene). Nickel acetylacetonate has extensive application as an epoxy resin curing agent. Curing is a polymer chemistry and process engineering chemical process that results in the toughening or hardening of a polymer material by cross-linking polymer chains. The processes that result in a solid product from a liquid solution are referred to as curing.

Nickel Acetylacetonate Market COVID-19 Impact

Many of the industries across the globe have faced several challenges due to the COVID-19 pandemic. The industries such as solar energy and water treatment including many others have experienced pitfalls. According to International Finance Corporation, water and wastewater utilities in 2020 were expecting reductions of 15% in revenue collections on average due to the COVID-19 crisis. Many projects in such industries have been halted due to an interrupted supply chain and employee shortages due to quarantines. Also, the production and demand of nickel in various industries have declined due to an interrupted supply chain and cessation in the transportation of raw materials. Thus, the global pause in industrial production and distribution, the demand and consumption of global nickel acetylacetonate have hampered to an extent in several industries. 

Report Coverage

The “Nickel Acetylacetonate Market Report – Forecast (2022-2027)”, by IndustryARC, covers an in-depth analysis of the following segments in the Nickel Acetylacetonate Market.

By Form: Anhydrous and Dihydrate.
By Purity: Below 95%, 95% and Above 95%.
By Grade: Technical Grade, Optical Grade, Pharmaceutical Grade, Military Grade and Others.
By Application: Solar Energy, Water Treatment, Precursor, Catalyst and Others.
By Geography: North America (the USA, Canada and Mexico), Europe (the UK, Germany, France, Italy, Netherlands, Spain, Russia, Belgium and the Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Australia and New Zealand, Indonesia, Taiwan, Malaysia and Rest of APAC) and South America (Brazil, Argentina, Colombia, Chile and Rest of South America) and Rest of the World (the Middle East and Africa).

Key Takeaways

• Asia-Pacific is the fastest growing region in the global nickel acetylacetonate industry. This growth is mainly attributed to the increased demand for renewable energy.
• Solar energy is expected to be the significant segment owing to the surge in demand for sustainable energy sources. 
• Global nickel acetylacetonate plays an important role in several industries, especially as a catalyst in nickel-based chemical processes which is expected to provide a significant growth opportunity for the Nickel Acetylacetonate Market size.

Nickel Acetylacetonate Market Segment Analysis – by Form

The anhydrous segment held the largest Nickel Acetylacetonate Market share in 2021, with a share of over 67%. Nickel acetylacetonate anhydrous is used with nickel in nickel steel alloy casting. It serves as a precursor accelerating chemical reaction. Because of its widespread application, the nickel-steel alloy is the most important of all steel alloys. When nickel is added to structural steel, it increases its strength while decreasing its ductility proportionally. The addition of nickel in nickel steel alloy enhances its toughness improving its shock and impact load. It results in an increase in strength to resist externally applied force. Nickel also decreases the critical temperature requirement of steel which improves the heat treatment process. According to Nickel Institute, more than 2/3rd of nickel produced serves in stainless steel production. Thus, the versatility of nickel steel alloy in various applications and the surge in demand for nickel is in turn boosting the growth of the Nickel Acetylacetonate Market size.

Nickel Acetylacetonate Market Segment Analysis – by Application

The water treatment segment held the largest Nickel Acetylacetonate Market share in 2021 and it accounted for around 35%. Stainless steel containing nickel is employed in water treatment. With a lifespan of more than 100 years, it provides the optimal mix of high strength and cheap maintenance, more than compensating for any increased initial expenditure. Many Asian countries have selected stainless steel tubing to replace lead, copper and plastics, to eliminate leakage in water distribution. Nickel-containing stainless steel is also employed in hot and cold plumbing applications in various countries. This ensures that the drinking water is safe and contaminant-free for a long time. According to Invest India, water treatment in India in 2021 was valued at US$ 393.81 billion. Thus, the growth in water treatment and surge in demand for nickel is in turn boosting the Nickel Acetylacetonate Market growth.

Nickel Acetylacetonate Market Segment Analysis – by Geography

The Asia Pacific was the leading region accounted for the largest Nickel Acetylacetonate Market share in 2021, with a share of over 36%. This growth is mainly attributed to the increase in demand for global nickel acetylacetonate in renewable energy industries in this region especially solar energy. Nickel acetylacetonate is an organometallic compound. These compounds, particularly those produced by highly electropositive metals, can operate as reducing agents. It has extensive application in solar industry. According to International Energy Agency, renewable electricity capacity worldwide is estimated to be 4800 GW by 2026. Thus, the growth and surge in demand in solar energy is boosting the market growth.

Nickel Acetylacetonate Market – Drivers

Growth in Solar Energy

Nickel acetylacetonate is an organo-metallic compound. Organometallic compounds are chemical compounds that contain at least one bond between a metallic element and an organic molecule's carbon atom. Organometallic compounds can be used to catalyze reactions in which the target molecules are polymers, resulting in a faster reaction rate. Owing to its non-aqueous solubility property it is used in solar energy applications. The need and demand for renewable energy are rising day by day and there is a lot of scope in the future for the development of environmentally friendly energy sources. According to the United States Department of Energy, in 2021 solar energy in the United States is growing at the rate of 4000% over the decade, the fastest growing electricity generation. Thus, the opportunity in immediate and rising demand is boosting the market growth.

Growth in Steel Industry

Nickel acetylacetonate is primarily used as a precursor for nickel-based catalysis. Nickel is an alloying element. Nickel improves some of essential qualities of steel like ductility, formability and weldability. Nickel steel alloy has high resistance to corrosion than steel. The addition of nickel also enhances the elasticity of steel. According to World Steel Association, steel production worldwide in 2021 was 174.4 million tons. Thus, the growth in steel production and surge in demand for nickel is in turn boosting the Nickel Acetylacetonate Market growth.

Nickel Acetylacetonate Market – Challenge

Poor Metal Dispersion in Impregnation

Catalysis research and industrial catalytic applications involving energy conversion, chemical synthesis and other processes rely heavily on metal catalysts. Nickel acetylacetonate serves as a metal catalyst for nickel and accelerates the chemical reaction. The development of highly dispersed supported metal catalysts with small and regulated metal particle sizes is of tremendous interest since it increases the active phase's surface area and, as a result, catalytic activity. Because of its simplicity and low waste output, the impregnation process is the most often used synthesis method in the industry. The impregnation process, on the other hand, suffers from poor metal dispersion and large particle size distributions due to the easy agglomeration of nanoparticles during the drying and calcination steps. Metal sintering is a significant issue in non-noble transition metal catalysts such as Nickel, which must be supported at high metal loading (5–30%) and impregnation with metal nitrates can result in a wide particle size distribution ranging from 1 to 100 nm. As a result, there is still a strong motivation to develop a more generic and straightforward method for producing highly dispersed, supported metal catalysts. Thus, the inefficient impregnation method directly impacts the catalytic application of nickel acetylacetonate which is restraining the growth of the global market.

Nickel Acetylacetonate Industry Outlook

Technology launches, acquisitions and R&D activities are key strategies adopted by players in the Nickel Acetylacetonate Market. The top 10 companies in the Nickel Acetylacetonate Market are:

1. TCI America
2. Chem-Impex International
3. Alfa Aesar
4. Strem Chemicals
5. SynQuest Labs
6. DalChem
7. Shepherd Chemical
8. Merck KGaA
9. M S Sigma-Aldrich Co. Llc.
10. Premium Nickel Resources

Recent Developments

• In January 2022, BHP announced its $ 50 million investment in nickel sulfide development located in Tanzania. The investment is to aid the development of the Kabanga Nickel project which will be employed for the production of battery-grade nickel, copper and cobalt.
• In March 2021, the world’s largest producer of palladium and nickel, Norilsk Nickel, announced its $2 billion program to support the Norilsk city. The investment will go toward social efforts to encourage people to enroll in the Norilsk State Industrial Institute, as well as projects to build new residentials for the city and improve infrastructure.
• In December 2020, BASF SE and metallurgy group Eramet entered into a joint venture to jointly assess the development of a state-of-the-art nickel and cobalt hydrometallurgical refining complex.

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