The market for nickel hydroxide is anticipated to reach a value of US$ 3.4 billion in 2023 and is projected to expand at a CAGR of 6.2% from 2023 to 2033.
The chemical compound nickel hydroxide (Ni(OH)2) is principally utilized in the manufacture of rechargeable nickel-metal hydride (NiMH) batteries. In these batteries, it is a crucial part of the positive electrode (cathode), where it engages in reversible electrochemical reactions that store and release energy.
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Due to their high energy density, good power output, and comparably low cost to other battery technologies like lithium-ion, NiMH batteries are frequently used in hybrid electric vehicles (HEVs) and electric cars (EVs).
Due to the rising demand for electric vehicles and renewable energy storage systems, the market for nickel hydroxide has experienced tremendous expansion in recent years.
The need for nickel hydroxide is anticipated to increase as more nations and citizens adopt sustainable energy alternatives. Furthermore, nickel hydroxide is used for things other than batteries. It serves as a precursor for various nickel compounds and is utilised in ceramics and catalysts.
Key Takeaways from Market Study
- The global nickel hydroxide market size reported by Fact.MR for 2022 was US$ 3.2 billion
- The market for nickel hydroxide is projected to expand at a CAGR of 6.2% over the period of 2023-2033
- Demand for nickel hydroxide during the historical period of 2018-2022 increased at a CAGR of 4.6%
- The SAO market is set to witness a growth of 4.2% CAGR during the forecast period
- The automobile segment is bolstering the market growth in North America, occupying around 33.0% market share.
“From Catalysts to Batteries, the Diverse Applications of Nickel Hydroxide Paves the Way for the Market Growth” says a Fact.MR analyst.
Market Growth Stratagems
To fulfil the changing needs of battery producers, businesses concentrate on research and development to enhance the performance and efficacy of nickel hydroxide. This involves researching different production techniques or creating high-purity nickel hydroxide with improved electrochemical characteristics. Furthermore, major players may spend money on increasing their production capacity to fulfil the rising demand for nickel hydroxide. To obtain more production capacity, this can entail constructing new manufacturing facilities, renovating current ones, or forming strategic partnerships.
For instance :
- Umicore and PowerCo, the new battery company of the Volkswagen Group, obtained full regulatory approvals for their joint venture announced in September 2022. The partners can now swiftly proceed to prepare for large-scale industrial production of cathode active materials (CAM) and precursor materials (PCAM) in Europe.
- In July 2021, Japan’s Sumitomo invested US$ 424 m to boost battery materials production. By 2027, the firm plans to reach cathode materials production capacity of 10,000 tonnes per month.
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Key Companies Profiled
- American Elements
- GFS Chemicals
- Kansai Catalyst Co, Ltd.
- Norn Nickel
- Sumitomo Metal Mining
- Tanaka Chemicals
Segmentation of Nickel Hydroxide Industry Research
- By Purity:
- By Form:
- By Application:
- By End-use Industry:
- By Region:
- North America
- Latin America
- East Asia
- South Asia & Oceania
- Middle East & Africa
What differences can the nickel hydroxide report make on the revenue impacts and strategies of businesses?
Fact.MR strives to provide comprehensive assessments of opportunities in various regions and technology segments. The study also offers an uncluttered data-driven insight into the growth avenues of nickel hydroxide and all its segments. Some of the ways the study can make a discernible impact are by offering evidence-based perspectives on:
- Attractiveness quotient of emerging product/technology types in various products in the nickel hydroxide
- Micro-economics factors that may hamper the prospects of some of the key segments
- Recent spate of research and development (R&D) funding on key nickel hydroxide s
- New business models paving way for disruptions in demand dynamic of key segments
- Regional markets that will be future engine of growth and the industry trends that will support these markets
- Challenges overcoming which may offer industry players competitive edge
More Valuable Insights on Offer
Fact.MR, in its new offering, presents an unbiased analysis of the nickel hydroxide market, presenting historical market data (2018-2022) and forecast statistics for the period of 2023-2033.
The study reveals essential insights on the basis of purity (2N, 2N5, 3N, 3N5, 4N, 5N), form (powder, nano-particle, and spherical), application (battery (Ni-MH, and Ni-Cd), electroplating, catalysts (photo-catalysis and electro-catalysis)), and end-use industry (chemicals, electrical, and automobiles) and across major regions of the world (North America, Latin America, Europe, East Asia, South Asia, and Oceania, Middle East & Africa).
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