Nickel Hydroxide Market Expected to Surpass $6.2B by 2033

The nickel hydroxide market is expected to reach $3.4 billion by 2023, exhibiting a projected compound annual growth rate (CAGR) of 6.2%. By the year 2033, it is anticipated to further expand and achieve a value of $6.2 billion.

Nickel hydroxide, represented by the chemical formula Ni(OH)2, holds a pivotal role across various industries, particularly in the rechargeable battery sector. Its distinctive characteristics, such as high energy density, exceptional charge and discharge capabilities, and thermal stability, position it as an ideal material for use in batteries. The global nickel hydroxide market has been experiencing substantial growth, primarily propelled by the rising demand for rechargeable batteries in applications such as electric vehicles (EVs), consumer electronics, and renewable energy storage.

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Market Opportunity:

The nickel hydroxide market is poised for significant growth, driven primarily by the widespread adoption of electric vehicles (EVs) globally. The increasing emphasis of governments and consumers on cleaner and more sustainable transportation options has led to a surge in demand for high-performance rechargeable batteries. Nickel hydroxide, a crucial component in nickel-metal hydride (Ni-MH) and nickel-cadmium (Ni-Cd) batteries, is expected to play a pivotal role in meeting this demand. Furthermore, the expanding renewable energy sector, with its growing requirement for efficient energy storage solutions, contributes to the market's potential.

The escalating demand for portable electronic devices, including smartphones, laptops, and wearable technology, is another driving force in the nickel hydroxide market. These devices heavily rely on lithium-ion batteries, often incorporating nickel hydroxide in their cathodes. As the consumer electronics industry continues to innovate and expand, the persistent need for high-performance batteries further fuels the demand for nickel hydroxide.

Market Challenges:

Despite the promising growth opportunities, the nickel hydroxide market faces several challenges. One of the key challenges is the increasing focus on lithium-ion batteries, which have become the preferred choice for many applications due to their higher energy density and longer cycle life. While nickel hydroxide is a crucial component of Ni-MH and Ni-Cd batteries, these technologies are gradually being phased out in favor of lithium-ion batteries, impacting the market's growth.

Environmental concerns related to the mining and processing of nickel, as well as the recycling of nickel-containing batteries, have raised sustainability issues. The industry must address these concerns by developing more eco-friendly and efficient processes to maintain a competitive edge.

Key Players:

American Elements
GFS Chemicals
Kansai Catalyst Co, Ltd.
Norn Nickel
Sumitomo Metal Mining
Tanaka Chemicals
Umicore

Competitive Landscape:

Companies can expand their geographic reach by entering new markets or strengthening their presence in existing ones. This requires the establishment of distribution networks, regional offices or subsidiaries, and partnerships with local distributors to meet demand in different regions. In addition, mergers, acquisitions, and strategic partnerships can provide access to new technologies, markets, or resources. To gain a competitive edge and expand their market reach, key players are collaborating with other companies involved in nickel hydroxide production or related sectors. For example, Umicore and PowerCo recently obtained regulatory approvals for their joint venture to produce cathode active materials and precursor materials in Europe. Similarly, Sumitomo invested heavily in battery materials production to increase their cathode materials production capacity by 2027.

Segmentation of Nickel Hydroxide Industry Research

By Purity :
2N
2N5
3N
3N5
4N
5N

By Form :
Powder
Nano-Particle
Spherical

By Application :
Battery
Ni-MH
Ni-Cd
Electroplating
Catalysts
Photo-catalysis
Electro-catalysis

By End-use Industry :
Chemicals
Electricals
Automobiles

By Region :
North America
Latin America
Europe
East Asia
South Asia & Oceania
Middle East & Africa

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This release was published on openPR.