The global nickel nano powder market size is projected to experience dynamic growth in the forthcoming years owing to the increasing generation of nuclear generation worldwide, finds Fortune Business Insights™
Nuclear energy is being touted as the next step in clean power generation, which has encouraged countries to expand their investments in the nuclear sector. According to the World Nuclear Association, approximately 10% of the world’s electricity demands are being met currently 440 nuclear power reactors worldwide, with 50 more reactors under construction.
Furthermore, nuclear power plants supplied 2,657 TWh of electricity in 2019, up from 2,563 TWh in 2018. Engineered nanomaterials are expected to play a critical role in stabilizing the huge and complex nuclear plants. For example, nickel nano powder in the nuclear energy sector owing to its operational simplicity, eco-friendly properties, and high reactivity. These materials are vital for nuclear power generation as malfunctioning nuclear plants can lead to unimaginable disasters, such as Chernobyl in 1986 and Fukushima in 2011.
However, the use of nickel in some applications can prove fatal to health and cause illnesses such as chronic bronchitis and others, which may decrease the demand for nickel-based nanopowders.
The COVID-19 pandemic has affected all the businesses and economies across the world. Due to the worldwide lockdown in 2020 and the continuing restrictions in 2021, the chemicals industry has come to a standstill. The widespread supply chain disruptions triggered by the pandemic will have spillover effects on the nickel nano powder market growth, posing challenges for manufacturers. However, the increasing use of nuclear power-derived detection technologies deployed for medical applications by organizations such as the International Atomic Energy Agency (IAEA) amid the coronavirus may offset some of the losses faced by producers of nickel-based nanomaterials.
On the basis of type, this market is classified into <50nm and >50nm. Based on application, the market is divided into chemical manufacturing, defense, fuel cells, medical devices, nanomaterials, nuclear energy, research & laboratory, and others. By geography, this market is categorized into North America, Asia Pacific, Europe, Latin America, and the Middle East & Africa.
This research report offers a 360-degree evaluation of the market-driving factors and trends, along with market restraints. Moreover, this report provides a detailed examination of the segments and regional developments in the market. Further, this report also supplies tangible insights into the various business strategies adopted by key market players.
Rising Demand for Nickel Nano Powder in the Defense Industry to Boost Market Growth
The adoption of nickel nano powder in the defense industry is expanding on account of its electromagnetic properties. For example, the strong electromagnetic capabilities of nickel nanomaterials make them one of the best stealth materials, which are crucial for military reconnaissance missions. Furthermore, these powders can be used in the aerospace industry to manufacture lightweight structural components, which can significantly enhance the energy-efficiency quotient of an aircraft. Thus, the elemental benefits of nickel micron powder are the foremost reasons for the promising prospects of this market.
Growing Focus on the Nuclear Energy Sector to Boost the Asia Pacific Market
Asia Pacific is expected to command the nickel nano powder market share in the forecast period owing to the rising investments in nuclear power generation in China and India. For example, as per data from the World Nuclear Association, China has 49 operable nuclear reactors, which met 5% of the country’s electricity demand in 2019, while India has 23 nuclear plants that generated 3% of the country’s electricity in 2019.
North America is rapidly emerging as the most promising region for nickel nano powder across the planet owing to the growing adoption of these powders in fuel-cell applications. On the other hand, the market in Europe is anticipated to undergo steady expansion due to the widening utilization of nickel nanomaterials in several applications, such as defense, chemical manufacturing, and others.