Rockville, June 12, 2023 (GLOBE NEWSWIRE) -- The recent research analysis by Fact.MR on the global market global nickel hydroxide provides a thorough overview of the industry’s product, end-user, and region categories. It also offers comprehensive details on important players and the crucial tactics they are turning to for gaining an upper hand over their competitors.
Fact.MR – A Market Research and Competitive Intelligence Provider: On the basis of analysis by Fact.MR, the global nickel hydroxide market is estimated to be valued at US$ 3.4 billion in 2023 and is expected to grow at a CAGR of 6.2% during the forecast period of 2023-2033.
Nickel hydroxide (Ni(OH)2) is a chemical compound that is primarily used in the production of rechargeable nickel-metal hydride (NiMH) batteries. It is an important component of the positive electrode (cathode) in these batteries, where it undergoes reversible electrochemical reactions to store and release energy.
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NiMH batteries are commonly used in hybrid electric vehicles (HEVs) and electric vehicles (EVs) due to their high energy density, good power output, and relatively low cost compared to other battery technologies like lithium-ion.
The market for nickel hydroxide has witnessed significant growth in recent years due to the increasing demand for electric vehicles and renewable energy storage systems.
As governments and consumers worldwide embrace clean energy solutions, the demand for nickel hydroxide is expected to continue to rise. Additionally, nickel hydroxide has applications beyond batteries. It is used in catalysts, ceramics, and as a precursor for other nickel compounds.
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
Companies focus on research and development to improve the performance and efficiency of nickel hydroxide, aiming to meet the evolving requirements of battery manufacturers. This involves developing high-purity nickel hydroxide with enhanced electrochemical properties or exploring alternative production methods. Further, to meet the growing demand for nickel hydroxide, key players may invest in expanding their production capacity. This could include building new manufacturing facilities, upgrading existing plants, or entering into strategic partnerships to access additional production capabilities.
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
- Umicore
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
- Battery
- 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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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 insights into the growth avenues of the 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).
Check out more related studies published by Fact.MR Research:
Nickel Acetate Market Outlook: The market report states that demand for the chemical is set to increase at 3.2% CAGR over the tenure of 2021 to 2031, and overall sales are expected to amount to 8.5 Kilo tons by 2031.
Zinc Hydroxide Market Outlook: The global zinc hydroxide market is expected to register a growth in line with the global GDP average during the forecast period.
Nickel Hydroxycrbonate Market Outlook: The global nickel hydroxycarbonate market reached a valuation of US$ 434.3 billion in 2021 and is projected to expand at a CAGR of 5.8% to climb to US$ 800.9 million by the end of 2032.
N, N, N-Trimethyl-1-Adamantyl Ammonium Hydroxide Market: Global sales of N,N,N-Trimethyl-1-Adamantyl Ammonium Hydroxide were estimated at over 11,500 tons in 2018, and are projected to record a CAGR of over 4.0% through 2029.
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