Nickel Hydroxide Market, Demand Analysis By Geographical Regions, Type And Application Till 2030
The global Nickel Hydroxide Market is growing pervasively, mainly due to the increasing usage of battery-oriented electronic devices over the last few years. The market had evaluated at USD 2298.50 MN in the year 2021 with a CAGR registered over 6% during the period 2020-2030. Nickel hydroxide is an integral chemical compound used in the manufacturing of nickel-cadmium batteries. The increasing demand for nickel in the production of batteries is expected to escalate the market on the global platform.
Recognizing
the potential of the market to ascend on further heights in the years to come,
Market Research Future (MRFR) in its recently published study report asserts
that the global Nickel Hydroxide
Market will reach USD 2,841.91 MN by 2030, registering a 6% CAGR
over the forecast period (2020 to 2030).
In
addition to nickel-cadmium batteries, nickel hydroxide is also used as a
catalyst in various other chemical reactions. As a result, this substance
witness a huge demand across industries, which acts as a key driving force,
pushing up the market growth.
Additional
factors substantiating the market growth include ever-increasing population,
urbanization, and industrialization, across the globe. Improving economic
conditions are playing a vital role in the growth of the market, increasing
consumers’ purchasing power and the demand for battery-operated electronic
devices.
On
the other hand, factors such as the highly toxic nature of nickel hydroxide are
expected to obstruct the market growth during the anticipated period.
Nickel
Hydroxide is a green, crystalline, inorganic compound that produces toxic gases
upon heating. Nickel hydroxide is used in nickel-cadmium batteries and as a
catalyst in chemical reactions. Exposure to nickel hydroxide can cause severe
dermatitis, skin and asthma-like allergies and affects the lungs, kidneys,
gastrointestinal tract and neurological system. Nickel hydroxide is a known
carcinogen and is associated with an increased risk of developing lung and
nasal cancers. (NCI05).
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Nickel Hydroxide Global Market – Segmentation
MRFR
has segmented its analysis into three key dynamics for the convenience of
understanding;
By Applications: Comprises Batteries (Pocket
Batteries and Mid-High Rate Batteries) among others.
By Regions: North America, Europe, APAC, and
the Rest-of-the-World.
Global Nickel Hydroxide Market – Regional Analysis
The
Asia Pacific region accounts for the leading market for nickel hydroxide
batteries followed by the North American and European region, respectively.
The APAC market is growing steadily due to the presence of several key
manufacturers and the growing industrialization in the region.
Being
the largest producer and consumer of the product, the APAC region is estimated
to register the highest CAGR during the forecast period. The region will continue
with its dominance over the global Nickel Hydroxide Market, continuing with the
same trends such as the emphasis on process and product development and the
growing application industries in the region.
The
Nickel Hydroxide Market in the North American region stands at the second
position in terms of size. Factors substantiating the market growth
include the presence of some of the prominent manufacturers in the region
equipped with the superior product offering.
Due
to the high consumption of Nickel Hydroxide in the manufacturing of
nickel-cadmium batteries, the region is estimated to create a substantial
revenue pocket in the global market by the end of the forecast period.
The
European region is rapidly emerging as one of the promising markets for nickel
hydroxide, globally. The market growth is majorly fostered by the increasing
demand and sales of battery-operated electronics, especially in the U.K.,
France, Italy, and Germany.
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Global Nickel Hydroxide Market – Competitive Analysis
The
Nickel Hydroxide Market appears to be fragmented and highly competitive,
characterized by the presence of numerous large and small-scale players.
Matured players incorporate strategic initiatives such as acquisition,
collaboration, expansion, partnership, and technology launch. These strategies are
estimated to improve the quality of the product and increase production
capacity to suffice the rapidly growing demand, particularly from the emerging
regions.
Manufacturers
emphasize new product development initiatives and geographical expansion. With
increasing industrialization and up-gradation of technology to manufacture
batteries, manufacturers are setting up facilities to produce nickel hydroxide
in the most efficient manner.
Many
manufacturing facilities which had been non-functional in the past few years
are getting in action which is projected to impact the market
positively. Key Players are striving to inculcate the latest
technical innovations in their procedure to reduce the harmful factors.
Key Players:
Fervent
players leading the global Nickel Hydroxide Market include Sumitomo Metal
Mining Co., Ltd, Norilsk Nickel, ERAMET, Jiangmen Chancsun Umicore Industry
Co., Ltd, Tanaka Chemical Corporation, Henan Kelong New Energy Co., Ltd, ALT
Cobalt & Nickel Products (Dalian) Co., Ltd., and Jilin Jien Nickel Industry
Co., LTD.
Industry/ Innovation/ Related News:
October 08, 2018 --- Pure Minerals Limited
(Australia), a leading player involved in mining and exploration of mineral
properties announced the acquisition of fellow battery metals player Queensland
Pacific Metals Pty Ltd (QPM - Australia), a company poised to establish a
600,000 tonnes/annum battery metals processing plant in Townsville, Queensland.
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