The global Nickel Hydroxide industry is growing pervasively, mainly due to the increasing usage of battery-oriented electronic devices over the last few years. The market had evaluated at USD 2298.50 MN in the year 2021 with a CAGR registered over 6% during the period 2020-2030. Nickel hydroxide is an integral chemical compound used in the manufacturing of nickel-cadmium batteries. The increasing demand for nickel in the production of batteries is expected to escalate the market on the global platform.
Recognizing the potential of the market to ascend on further heights in the years to come, Market Research Future (MRFR) in its recently published study report asserts that the global Nickel Hydroxide industry will reach USD 2,841.91 MN by 2030, registering a 6% CAGR over the forecast period (2020 to 2030).
In addition to nickel-cadmium batteries, nickel hydroxide is also used as a catalyst in various other chemical reactions. As a result, this substance witness a huge demand across industries, which acts as a key driving force, pushing up the market growth.
Additional factors substantiating the market growth include ever-increasing population, urbanization, and industrialization, across the globe. Improving economic conditions are playing a vital role in the growth of the market, increasing consumers’ purchasing power and the demand for battery-operated electronic devices.
On the other hand, factors such as the highly toxic nature of nickel hydroxide are expected to obstruct the market growth during the anticipated period.
Nickel Hydroxide is a green, crystalline, inorganic compound that produces toxic gases upon heating. Nickel hydroxide is used in nickel-cadmium batteries and as a catalyst in chemical reactions. Exposure to nickel hydroxide can cause severe dermatitis, skin and asthma-like allergies and affects the lungs, kidneys, gastrointestinal tract and neurological system. Nickel hydroxide is a known carcinogen and is associated with an increased risk of developing lung and nasal cancers. (NCI05).
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Nickel Hydroxide Global Market – Segmentation
MRFR has segmented its analysis into three key dynamics for the convenience of understanding;
By Applications: Comprises Batteries (Pocket Batteries and Mid-High Rate Batteries) among others.
By Regions: North America, Europe, APAC, and the Rest-of-the-World.
Global Nickel Hydroxide industry – Regional Analysis
The Asia Pacific region accounts for the leading market for nickel hydroxide batteries followed by the North American and European region, respectively. The APAC market is growing steadily due to the presence of several key manufacturers and the growing industrialization in the region.
Being the largest producer and consumer of the product, the APAC region is estimated to register the highest CAGR during the forecast period. The region will continue with its dominance over the global Nickel Hydroxide industry, continuing with the same trends such as the emphasis on process and product development and the growing application industries in the region.
The Nickel Hydroxide industry in the North American region stands at the second position in terms of size. Factors substantiating the market growth include the presence of some of the prominent manufacturers in the region equipped with the superior product offering.
Due to the high consumption of Nickel Hydroxide in the manufacturing of nickel-cadmium batteries, the region is estimated to create a substantial revenue pocket in the global market by the end of the forecast period.
The European region is rapidly emerging as one of the promising markets for nickel hydroxide, globally. The market growth is majorly fostered by the increasing demand and sales of battery-operated electronics, especially in the U.K., France, Italy, and Germany.
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Global Nickel Hydroxide industry – Competitive Analysis
The Nickel Hydroxide industry appears to be fragmented and highly competitive, characterized by the presence of numerous large and small-scale players. Matured players incorporate strategic initiatives such as acquisition, collaboration, expansion, partnership, and technology launch. These strategies are estimated to improve the quality of the product and increase production capacity to suffice the rapidly growing demand, particularly from the emerging regions.
Manufacturers emphasize new product development initiatives and geographical expansion. With increasing industrialization and up-gradation of technology to manufacture batteries, manufacturers are setting up facilities to produce nickel hydroxide in the most efficient manner.
Many manufacturing facilities which had been non-functional in the past few years are getting in action which is projected to impact the market positively. Key Players are striving to inculcate the latest technical innovations in their procedure to reduce the harmful factors.
Fervent players leading the global Nickel Hydroxide industry include Sumitomo Metal Mining Co., Ltd, Norilsk Nickel, ERAMET, Jiangmen Chancsun Umicore Industry Co., Ltd, Tanaka Chemical Corporation, Henan Kelong New Energy Co., Ltd, ALT Cobalt & Nickel Products (Dalian) Co., Ltd., and Jilin Jien Nickel Industry Co., LTD.
Industry/ Innovation/ Related News:
October 08, 2018 --- Pure Minerals Limited (Australia), a leading player involved in mining and exploration of mineral properties announced the acquisition of fellow battery metals player Queensland Pacific Metals Pty Ltd (QPM - Australia), a company poised to establish a 600,000 tonnes/annum battery metals processing plant in Townsville, Queensland.
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