REPORT OVERVIEW
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The global nickel hydroxide market size was USD 392.9 million in 2022 and the market is expected to reach USD 392.9 million in 2028, with a growing Compound annual growth rate (CAGR) of 4.8% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with nickel hydroxide experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels.
In electrochemical processes including electrocatalysis, supercapacitors, electrochromic devices, photocatalysis, and electrochemical sensors, nickel hydroxide is also used. Due to various technological advancements and improvements related to certain applications, the nickel hydroxide market is anticipated to grow at an attractive rate over the forecast period. Market participants in the nickel hydroxide market are adjusting their operating models to the new norm by focusing on digitizing processes and embracing cutting-edge advancements in robotic automation and artificial intelligence. Rechargeable battery demand is rising steadily as energy demands increase globally as a result of increased urbanization, which is anticipated to support the growth of the nickel hydroxide market.
COVID-19 Impact: Halt on Manufacturing Operations to Slower Market Growth
To meet the short-term COVID-induced demand, businesses that are actively expanding their capacity must exercise caution while examining these unexpected demand patterns. The nickel hydroxide market industry's future will be shaped from 2021 to 2028 by changes in social, economic, trade, and political situations following the pandemic, along with anticipated changes in environmental legislation. For several uses, the COVID-19 Nickel Hydroxide Market has reported conflicting results. The closure of non-essential manufacturing businesses caused the market to shrink by 1.2% in 2020. The Nickel Hydroxide Market landscape is hampered by the uneven recovery in various end markets and regions.
LATEST TRENDS
"Increasing Technological Advancements to Boost Market Growth"
The nickel hydroxide market is currently going through an incredible phase of mergers, joint ventures, expansions, and agreements formed due to technological advancements in the synthesis of nickel hydroxide and its end-use applications. A more resilient and effective grade of nickel hydroxide is produced, and one such grade is spherical-coated nickel hydroxide, which has been emphasized by all major enterprises in this sector. The idea that high-performance materials can be created by mixing molecules at the atomic or subatomic level was developed by the R&D departments of these companies. Spherical coated nickel hydroxide grade is noted for having exceptional fallibility due to its amorphous composition. The aforementioned elements maintain a constant demand for nickel hydroxide market in 2028.
Segmentation
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- By Type Analysis
As per the type, the market is classified as follows:Pure Nickel Hydroxide, Contain Cobalt Nickel Hydroxide, Contain Zinc Nickel Hydroxide, Contain Cadmium Nickel Hydroxide, and Others.Due to the Ni-Cd batteries, which contain cadmium nickel hydroxide and offer this very property and the additional benefit of being discharged for a longer period, cadmium nickel hydroxide dominates the nickel hydroxide market share.
- By Application Analysis
Based on application, the market is segmented as follows: Batteries, Electronics, Chemical, and Others.Due to the use of nickel hydroxide in the automobile industry, the application of nickel hydroxide in batteries has continued to be one of the main demand drivers over time.
DRIVING FACTORS
"Increased Adoption of Electric Vehiclesto Facilitate Market Development"
Since many car manufacturers are switching to hybrid electric vehicle versions of their current IC engine vehicles, the automotive industry is likely to continue to be one of the main drivers of nickel hydroxide market growth. Additionally, there has been an increase in the total number of electric vehicle registrations in 2020, which shows that consumers are ready to accept electric vehicles and switch to a greener alternative. Nickel hydroxide batteries' superior performance, dependability, and longer battery life are expected to drive the product's market expansion. These elements are anticipated to support nickel hydroxide market growth over the projection period.
"Rising Demand for Renewable Sources to Promote Industry Progress"
Its use in producing renewable sources is anticipated to increase in response to the growing environmental consciousness. Furthermore, to lessen their reliance on non-renewable energy sources to meet their electrical needs, an increasing number of nations have been investing in developing their solar infrastructure. As a result, there is a greater demand for nickel-cadmium batteries, which are recommended for starting generators and supplying uninterrupted power since they maintain a steady current throughout the entire cycle and are known to offer constant electric current.The increasing need for renewablesources is driving the worldwide nickel hydroxide market.
RESTRAINING FACTORS
"Concerns About Toxicity of Nickel Hydroxide to Hinder Market Growth"
Growing worries about the nickel hydroxide market's toxicity are impeding its expansion. When heated, nickel hydroxide emits poisonous fumes. Skin and asthma-like allergies as well as acute dermatitis can be brought on by nickel hydroxide exposure. The kidneys, lungs, digestive system, and nervous system are all impacted. Additionally, nickel hydroxide is a carcinogen that can enhance the risk of lung and nasal malignancies. The growth of the world nickel hydroxide market is likely to be constrained by concerns about the toxicity of Ni2+ ions.The rising cost of raw materials, which could hinder production in the next years, is a significant nickel hydroxide market deterrent in addition to health-related worries.
REGIONAL INSIGHTS
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"Increase in Demand for Electric Vehicles to Propel Market Progress in North America"
The U.S. is one of the few nations with nationwide battery charging networks that have been built. To decarbonize the economy, the United States was a pioneer in the use of electric vehicles, which has resulted in an alarming rise in their prevalence on the road. A new government plan calls for around 45% of the world's electricity needs to be supplied by solar energy by the year 2050, up from just 4% in the year 2020. The nation would need to double its installed solar energy generation capacity every year for the following four years, then again double the capacity by 2030, to meet this goal. Since nickel hydroxide is one of the cathode materials used in solar cells, which are used by these plants to store energy, it is anticipated that demand for nickel hydroxide market will increase throughout the long-term forecast period.
KEY MARKET PLAYERS
"Market Players Focus on New Product Launches to Strengthen Market Position"
Leading players in the market are adopting various strategies to expand their presence in the market. These include R&D investments and the launch of new, technologically-advanced products in the market. Some companies are also adopting strategies such as partnerships, mergers, and acquisitions to strengthen their market position.
List of Market Players Profiled
- Norilsk (Russia)
- SMM Group (Japan)
- Tanaka-Chemical (Japan)
- Kansai Catalyst (Japan)
- Chancsun Umicore (China)
- Henan Kelong (China)
- Anhui Yaland (China)
- Jilin Jien (China)
- Kingray New Materials (China)
- Jinchuan Group (China)
- Jiangmen Fangyuan (China)
REPORT COVERAGE
The report covers overall market aspects, including market segmentation based on its type and application. The report depicts a diverse group of participants, including the market and potential market leaders. Major factors that are expected to drive major growth in the market. The factors anticipated to expand the market share are also included in the report to offer market insights. The estimated growth of the market in the forecast period is also included in the report. The regional analysis is completed to explain the region's dominance in the global market. The factors hindering the growth of the market are discussed in detail. The SWOT analysis of the market is depicted in the report. It contains all-inclusive market details.
| REPORT COVERAGE | DETAILS |
|---|---|
| Market Size Value In | US$ 392.9 Million in 2022 |
| Market Size Value By | US$ 392.9 Million by 2028 |
| Growth Rate | CAGR of 4.8% from 2022 to 2028 |
| Forecast Period | 2022-2028 |
| Base Year | 2021 |
| Historical Data Available | Yes |
| Segments Covered | Types & Application |
| Regional Scope | Global |
Frequently Asked Questions
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1. What value is the nickel hydroxide market expected to touch by 2028?
- Based on our research, the nickel hydroxide market is projected to touch USD 392.9 million by 2028
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2. What CAGR is the nickel hydroxide market expected to exhibit by 2028?
- The nickel hydroxide market is expected to exhibit a CAGR of 4.8 % by 2028.
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3. What are the driving factors of the nickel hydroxide market?
The Increased Adoption of Electric Vehicles and rising demand for renewable sources are the driving factors of the nickel hydroxide market.
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4. Which are the top companies operating in the nickel hydroxide market?
- Norilsk, SMM Group, Tanaka-Chemical, Kansai Catalyst, Chancsun Umicore, Henan Kelong, Anhui Yaland, Jilin Jien, Kingray New Materials, Jinchuan Group, and Jiangmen Fangyuan are top companies in the nickel hydroxide market.
