Nickel Hydroxide Market -Global Industry Analysis and Forecast (2023-2029)

Global Nickel Hydroxide Market is anticipated to reach US$ 2.68 Bn. by 2029 from US$ 1.78 Bn. in 2022 at a CAGR of 5.99%during a forecast period.

Nickel hydroxide is a chemical compound that is used largely in the production of nickel-cadmium batteries and as a catalyst in certain chemical processes. By oxidation to nickel (III) oxide-hydroxide, it is mostly employed in rechargeable battery electrodes. Nickel hydroxide is a crystalline inorganic chemical compound that is insoluble and has high redox characteristics. It has so far been widely used in the production of mid-high rate batteries and pocket batteries. Agriculture, electrochemical, chemical, and food are just a few of the end-use sectors.

East Asia's growing industrialization contributed to the development of solar infrastructure all over the world. Additionally, over the last half-decade, the usage of nickel hydroxide in electro catalysis has increased. Due to the closure of non-essential manufacturing industries, the market declined by 1.2 percent in 2022. During the forecast period of 2023-29, demand for nickel electroplating, as well as its use as a battery cathode material, is expected to increase.To know about the Research Methodology :- Request Free Sample Report

In report, 2022 is considered a base year however 2022’s numbers are on the real output of the companies in the market. Special attention is given to 2021 and the effect of lockdown on the demand and supply, and also the impact of lockdown for the next two years on the market. Some companies have done well in lockdown also and specific strategic analysis of those companies is done in the report.
Nickel Hydroxide Market Dynamics
A key growth factor in the global nickel hydroxide market is the increasing demand for batteries throughout the world. Electrochemical batteries generally employ nickel hydroxide as electrodes. Various distinctive properties such as uttermost dependability, better performance, and extended battery life drive demand for nickel hydroxide-based batteries, assisting in the worldwide nickel hydroxide market's growth.

The market is experiencing an incredible time of mergers, joint ventures, growth, and signed agreements as a result of technological advancements in the synthesis of nickel hydroxide and its end-use applications. The importance of generating a more durable and efficient grade of nickel hydroxide has been emphasized by all major players in the industry, and one of these grades is spherical-coated nickel hydroxide.
Nickel Hydroxide Market Opportunities:
The rising demand for nickel hydroxide in the global market offers a variety of market growth opportunities. During the forecasted period, the nickel hydroxide market is expected not only to be heavily employed in the electronics sector, but its ability to remove impurities from water also can give growth opportunities in the chemical sector. In addition, the usage of nickel hydroxide in the production of Nickel Oxide and its use in the ceramics sector offers a variety of growth prospects in the worldwide market.
Nickel Hydroxide Market Restraints:
The nickel hydroxide market is gaining traction in the worldwide market, but some factors are limiting its growth, such as rising toxicity concerns about the usage of nickel hydroxide, which is hampered the nickel hydroxide market's growth in the global market. Additionally, due to the existence of carcinogenic qualities, the increased use of nickel hydroxide in the chemical and electric industries has resulted in the development of nose and lung cancer, which has hampered the market's growth.
Segmentation Analysis
By End Use, the battery segment held xx% of the market share in 2022. Nickel hydroxide has been the most popular battery material for hybrid electric cars. This is related to the use of nickel hydroxide in electric hybrid car batteries. Thus, the demand for pure nickel hydroxide has increased, which is utilized in these batteries. Nickel-based batteries are resistant to electrical use because they may be kept in a discharged state for long periods without sustaining harm and perform well in hot environments. Standby, electric cars (EVs), hybrid electric vehicles (HEVs), and aviation starters all use nickel-based batteries.

Nickel-based batteries are particularly well-suited to electrically or mechanically demanding applications, and they have many uses. The vehicle sector has increased its use of nickel hydroxide batteries as a result of this. PHEV registrations increased in 2021 as countries enacted rigorous rules and regulations to support the growth of electric cars and a complete move away from internal combustion engines, raising nickel hydroxide demand. This had a drastic impact, increasing demand for nickel hydroxide and an overall rise in nickel hydroxide usage in the battery sector.

By End-use Industry, The automotive sector is positioned to remain one of the leading drivers for nickel hydroxide sales growth with a large number of vehicle manufacturers switching to hybrid electric vehicle versions of their existing IC engine cars. Furthermore, the overall number of electric car registrations increased in 2021, indicating that customers are eager to adopt electric vehicles and make the switch to a greener choice. In addition, as they attempt to lessen their reliance on non-renewable energy sources to satisfy their electrical demands, an increasing number of countries are investing in strengthening their solar infrastructure. This raises the need for nickel-cadmium batteries, which are recognized for producing continuous electric current and are favored for starting generators and providing uninterrupted power supply since they give consistent power throughout the cycle.
Regional Insight
The Asia Pacific and Latin America were the fastest growing regions in 2022. The nickel hydroxide market in Asia-Pacific is dominated by China due to high growth in electrochemical battery usage. The Asia-Pacific region's growth is due to rising demand for nickel hydroxide in the region, particularly for battery manufacture, which is used in hybrid electric vehicles, portable devices, consumer goods, and a variety of other items. Nickel hydroxide is in significant demand in South Korea and Japan, which have a strong electronic industry.

China has been the world's largest automaker for the past half-decade. The Chinese government, on the other hand, has implemented several regulation adjustments to accelerate the adoption of electric cars by 2040. As a result, manufacturers are required to work hard to achieve the objective of BEVs and PHEVs accounting for 40% of total sales by 2040. Additionally, China is committed to constructing and boosting its solar and wind power generation capacity to 1,200 GW by 2030, up from its present capacity of 500 GW. This would need the usage of nickel-cadmium batteries, which are often employed in solar power plants for energy storage. Furthermore, being the world's largest manufacturer of solar photovoltaic power systems, China is expected to maintain its dominance in the market during the forecast period.

The European region holds the second-largest market share in the worldwide nickel hydroxide market, owing to the growing usage of nickel hydroxide in electric hybrid cars. Growing demand for nickel hydroxide in countries such as Germany, France, the United Kingdom, Sweden, and the Netherlands is further propelling the nickel hydroxide market in Europe.

The North American region holds the third-largest market share in the worldwide nickel hydroxide market, owing to the rising sale of electric and hybrid cars in recent years, which has increased demand for nickel hydroxide in the region. The United States is one of the few countries with well-established battery charging networks. To decarbonize the economy, the United States has been an early user of electric cars, which has resulted in an alarming growth in the number of electric vehicles on the road.

In addition, President Biden just announced a plan to address around 45 percent of the electorate's needs. President Biden also recently announced a plan to fulfill roughly 45 percent of power demand from the sun by 2050, up from just 4 percent in 2021. To meet this goal, the country would have to double its installed solar energy generating capacity per year for the following four years, then double it again by 2029. These facilities store energy using solar cells, which employ nickel hydroxide as one of the cathode materials, which is expected to raise demand in the long term.
Nickel Hydroxide Market Report Objectives:
Landscape analysis of the Nickel Hydroxide Market

competitive benchmarking

Past and current status of the industry with the forecasted market size and trends
Evaluation of potential key players that include market leaders, followers, and new entrants

Technology trends

Potential impact of micro-economic factors of the market

External and Internal factors affecting market have been analyzed
Nickel Hydroxide Market Scope: Inquire before buying



Nickel Hydroxide Market


Base Year
2022
Forecast Period
2023-2029


Historical Data
CAGR
Market Size in 2022
Market Size in 2029


2018 to 2022
5.99%
US$ 1.78 Bn
US$ 2.68 Bn


Segments Covered


by Type
Condenser
Evaporator
Water Coil
by Application
Automotive
HVAC
Commercial Refrigeration
Others


Regions Covered


North America
United States
Canada
Mexico
Europe
UK
France
Germany
Italy
Spain
Sweden
Austria
Rest of Europe
Asia Pacific
China
S Korea
Japan
India
Australia
Indonesia
Malaysia
Vietnam
Taiwan
Bangladesh
Pakistan
Rest of APAC
Middle East and Africa
South Africa
GCC
Egypt
Nigeria
Rest of ME&A
South America
Brazil
Argentina
Rest of South America



Nickel Hydroxide Market Key Players
1. American Elements
2. Bochemie
3. GFS Chemicals
4. Jiangmen Chancsun Umicore Industry, Co. Ltd.
5. Jilin Jien Nickel Industry
6. Kansai Catalyst Co, Ltd.
7. Kelong New Energy Co, Ltd
8. Norn Nickel
9. Sumitomo Metal Mining
10. Supraveni Chemicals
11. Tanaka Chemicals
12. Tinchem Enterprise
13. Umicore
14. Yantai Cash

Frequently Asked Questions:

1. Which region has the largest share in Global Nickel Hydroxide Market?
Ans: Asia Pacific region held the highest share in 2022.

2. What is the growth rate of Global Nickel Hydroxide Market?
Ans: The Global market is growing at a CAGR of 5.99% during forecasting period 2023-2029.

3. What is scope of the Global Nickel Hydroxide Market report?
Ans: Global market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Nickel Hydroxide Market?
Ans: The important key players in the Global market are – American Elements, Bochemie, GFS Chemicals, Jiangmen Chancsun Umicore Industry, Co. Ltd., Jilin Jien Nickel Industry, Kansai Catalyst Co, Ltd., Kelong New Energy Co, Ltd, Norn Nickel, Sumitomo Metal Mining, Supraveni Chemicals, Tanaka Chemicals, Tinchem Enterprise, Umicore, and Yantai Cash

5. What is the study period of this Market?
Ans: The Global market is studied from 2022 to 2029.