The global nickel hydroxide market 2022 is expected to witness considerable growth over the review period at a substantial CAGR, as per the MRFR report.
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Drivers and Restraints
Due to the growing demands of nickel hydroxide as electrodes in electrochemical batteries, the global nickel hydroxide market is expected to experience a high demand growth. The long battery life, utmost efficiency, and superior performance of the nickel hydroxide-based batteries are expected to drive the growth of the global nickel hydroxide market as opposed to other types of batteries.
Rising toxicity issues, however, hampers business expansion. The carcinogenic effects of nickel hydroxide are associated with an elevated chance of developing lung and nasal cancers. Exposure to this material can cause serious allergies such as dermatitis, acne and asthma. This affects the nervous system and the liver , kidneys, gastrointestinal tract. This emits poisonous gases of metallic Nickel when heated until decomposition. Therefore the Ni2 + ion-related toxicity issues are likely to impede the expansion of the global demand for nickel hydroxide. Furthermore, rising raw material prices could impede the growth of the global nickel hydroxide market over the forecast period.
Market Segmentation
The global market for nickel hydroxide is segmented into the product and end-use sectors.
The global demand for nickel hydroxide is segmented into batteries, catalysts and others depending on the applications (ceramics, glass, optics, some other electrochemical applications)
Centered on end-user sector, the global demand for nickel hydroxide is segmented into the automobile, telecommunications, pharmaceutical, and other industries.
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Regional Overview
The nickel hydroxide market is segmented across five regions, namely, Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa.
Between these, Asia Pacific has a large market share owing to the growing use of nickel hydroxide in the manufacture of batteries. The growing demand for nickel hydroxide batteries in portable devices, hybrid electric vehicles and several consumer products has propelled the region to witness a higher growth over the evaluation period. Countries like Japan and South Korea with a large base in the electronics industry fuel demand for the hydroxide nickel market. Subsequently, China and India are projected to raise demand for nickel batteries because of their use in hybrid electric vehicles. China has the world 's biggest automotive industry, and is implementing plans to ban fossil fuel cars from emission control and switching to hybrid vehicles. Besides this, the electronics industry in India and China is also rising at a faster pace to complement their increasing economy. In addition, renowned electronics manufacturers are moving their manufacturing plants to this area due to the simple investment requirements, free business policy, speed up the process and other stimulus steps provided by those countries. In addition, increasing urbanization, increased buying power and the people's disposable income in this area encourage development of the market.
Europe is expected to experience massive demand for nickel hydroxide due to its use in electric hybrid vehicles. In addition to this, the use of nickel hydroxide in consumer electronics and other handheld products is also expected to contribute to the growing market demand for nickel hydroxide. The transport strategy of the Government of Norway sets a specific goal that all new passenger cars and vans delivered in 2025 will be vehicles with zero emissions. That tends to significantly increase the consumption of nickel hydroxide batteries.
Major Players
Some of the eminent players operating in the global nickel hydroxide market are Umicore Industry Co., Ltd, Sigma-Aldrich, Inc., Alt Cobalt and Nickel Products (dalian). Co. Ltd, Norilsk Nickel, Nippy Chemicals., Jilin Jien Nickel Industry Co., Ltd., American elements, Tinchem Enterprise, Kelong, Umicore, Triveni chemicals., Tanaka Chemical Corporation, SUMITOMO METAL MINING CO.,LTD., ZincFive, Inc., Jiangmen chancsun and Changsha Xinye Industrial Co. Ltd.
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