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The global nickel hydroxide market is poised for substantial growth, anticipated to showcase a Compound Annual Growth Rate (CAGR) of 6.13%, ultimately reaching an estimated value of USD 2,595,749.1 thousand by the conclusion of the forecast period. In terms of volume, the global market, currently measured at 259,939.3 tons, is projected to expand to 389,315.4 tons, manifesting a CAGR of 4.705 throughout the assessment period.
The primary catalyst behind this notable growth is the burgeoning electric vehicle (EV) sector, driven by increasing environmental awareness. Nickel hydroxide has emerged as a prevalent battery material for EVs, offering distinct advantages over conventional nickel-cadmium (Ni-Cd) batteries. These advantages include a 30–40% larger capacity, ease of storage and transportation, environmental friendliness, and recyclability. The escalating demand for electric vehicles on a global scale has, consequently, propelled the demand for nickel hydroxide.
Another contributing factor to the market's expansion is the rapid growth within the consumer electronics goods category. Nickel hydroxide finds extensive use in electroplating various electronic components, such as printed circuit boards (PCBs), connections, and microprocessors, further bolstering its market demand.
However, a notable challenge to market growth stems from the adverse health effects associated with exposure to and inhalation of nickel hydroxide, presenting a potential constraint throughout the assessment period.
Despite these challenges, an encouraging factor for market participants lies in the increased investment by multiple entities in the EV industry. This focus is particularly evident in initiatives involving tax breaks, subsidies, and the overall electrification of transportation. Such investments are poised to create new development opportunities within the nickel hydroxide market.
Analyzing the market based on application, end-use, and region, the segmentation reveals insightful trends. In terms of application, the market is categorized into batteries, catalysts, and others. The batteries segment stands out as the leading and fastest-growing category, with a value of USD 1,229,189.41 thousand in 2021. The remarkable growth of this segment is attributed to the escalating demand for EVs driven by environmental concerns and governmental policies.
Examining end-use, the market is segmented into automotive, electronics, chemical, and others. The automotive segment claims the largest market share in 2021 and is projected to reach a value of USD 2,078,418.06 thousand by the forecast period's conclusion. The significant growth in the electric vehicle sector, coupled with the widespread adoption of Internet of Things (IoT) and Big Data in automobiles, is anticipated to fuel the demand for nickel hydroxide within the automotive segment.
Regionally, the market spans across North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The Asia-Pacific region is anticipated to exhibit the fastest growth, driven by China's dominance in automobile sales. The Chinese government has implemented legislative changes with the goal of achieving increased electric car usage by 2040. Manufacturers are now obligated to make substantial progress toward the target of having electric vehicles constitute 40% of all sales by 2040. Consequently, nickel hydroxide batteries are expected to become the preferred choice for battery production in this evolving landscape.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 1.9 Billion |
| Market Size Value In 2023 | USD 2.01 Billion |
| Growth Rate | 6.00% (2023-2032) |
Nickel Hydroxide Market Highlights:
Global Nickel Hydroxide Market Overview
Nickel Hydroxide Market Size was valued at USD 2.01 Billion in 2023. The Nickel Hydroxide industry is projected to grow from USD 2.13 Billion in 2024 to USD 3.21 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.26% during the forecast period (2024 - 2032). An increase in the demand for electrodes to be used in electrochemical batteries and the rising of new features like superior performance and long battery life are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Nickel Hydroxide Market Trends
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Rapid growth in the demand for electric vehicles is driving the market growth.
The rising demand for electric vehicles drives the market CAGR for nickel hydroxide. As governments worldwide focus on reducing carbon emissions and promoting sustainable transportation, the demand for electric vehicles has soared. Nickel hydroxide is a crucial component in the cathode material of NiMH batteries used in electric vehicles. The favorable properties of nickel hydroxide, such as its high energy density and long lifecycle, make it a preferred choice for electric vehicle manufacturers. The push for extended driving ranges and faster charging times has also fueled the demand for nickel hydroxide. As a result, the nickel hydroxide market has experienced a substantial boost, with battery manufacturers raising their production capacities to meet the growing requirements of the electric vehicle sector.
The energy storage sector is witnessing rapid advancements in battery technologies, driven by the need for more effective energy storage solutions. While lithium-ion batteries dominate the EV market, there is a resurgence of interest in NiMH batteries due to their lower cost and recyclability. Nickel hydroxide plays a critical role in enhancing the performance of NiMH batteries. The research and development efforts to improve the energy density, charge/discharge efficiency, and overall lifespan of NiMH batteries drive the demand for nickel hydroxide. Innovations in nickel hydroxide synthesis methods and cathode material composition are being explored to achieve higher energy densities and improved battery performance. These advancements are expected to significantly impact the nickel hydroxide market, making it an attractive investment opportunity for stakeholders.
The current adoption of renewable energy sources, such as wind and solar power, has created a need for effective energy storage solutions to address intermittency issues. Nickel hydroxide is utilized in rechargeable batteries deployed in renewable energy storage systems, offering a reliable and efficient means of storing excess energy generated during peak production. The shift toward renewable energy will likely drive the demand for nickel hydroxide in energy storage applications. Due to their cost-effectiveness and environmental sustainability, nickel hydroxide batteries provide a viable alternative to lithium-ion batteries in stationary energy storage. As governments and industries invest heavily in renewable energy projects, this sector's demand for nickel hydroxide is expected to grow substantially.
The nickel hydroxide market is experiencing a significant upsurge due to the surging demand for electric vehicle batteries, advancements in battery technologies, and the growing renewable energy sector. The transition toward sustainable transportation and the need for reliable energy storage solutions have propelled the demand for nickel hydroxide, making it a vital component in the battery industry. As the market continues to evolve, stakeholders and investors should closely monitor these trends and capitalize on the lucrative opportunities the expanding nickel hydroxide market presents, further driving the Nickel Hydroxide market revenue.
Nickel Hydroxide Market Segment Insights
Nickel Hydroxide End-Use Industry Insights
The Nickel Hydroxide market segmentation, based on the end-use industry, includes automotive, electronics, and chemical. The automotive category generated the most income due to adopting electric vehicles (EVs). Nickel hydroxide is used to produce Ni-MH batteries for hybrid vehicles and EVs. As the demand for EVs continues to rise globally, the consumption of nickel hydroxide in this sector is expected to increase significantly.
Nickel Hydroxide Application Insights
The Nickel Hydroxide market segmentation, based on application, includes batteries and catalysts. The batteries segment dominated the market due to the production of nickel-cadmium (Ni-Cd) and nickel-metal hydride (Ni-MH) batteries. These batteries find extensive applications in portable electronics, electric vehicles, and renewable energy storage systems. Nickel hydroxide acts as the positive electrode material in these batteries, providing high energy density and excellent cycling performance.
Figure 1: Nickel Hydroxide Market, by Application, 2022 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Nickel Hydroxide Regional Insights
By region, the study provides market insights into North America, Europe, Asia-Pacific, and the Rest of the World. The North American Nickel Hydroxide market will grow rapidly due to the presence of prominent battery manufacturers and a growing electric vehicle market. The increased demand for electric vehicles and government initiatives to promote clean energy and reduce carbon emissions have fueled this region's consumption of nickel hydroxide.
Further, the major countries studied in the market report are The US, Canada, German, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 2: NICKEL HYDROXIDE MARKET SHARE BY REGION 2022 (USD Billion) 
Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review
Europe's Nickel Hydroxide market accounts for the second-largest market share due to the growing EV market and stringent environmental regulations. The European Union's focus on reducing greenhouse gas emissions and promoting sustainable transportation has boosted the demand for electric vehicles, thereby driving the need for nickel hydroxide. Further, the German Nickel Hydroxide market held the largest market share, and the UK Nickel Hydroxide market was the rapid-growing market in the European region.
The Asia-Pacific Nickel Hydroxide Market will dominate the CAGR from 2023 to 2032. It is due to witnessing rapid growth in the electric vehicle sector. Factors such as urbanization, industrialization, and government initiatives to promote electric mobility have increased the demand for nickel hydroxide in Asia. Moreover, China’s Nickel Hydroxide market held the largest market share, and the Indian Nickel Hydroxide market was the significant-growing market in the Asia-Pacific region.
Nickel Hydroxide Key Market Players & Competitive Insights
Leading market players are investing heavily in research and development to expand their product lines, which will help the Nickel Hydroxide market grow even more. Market participants are also undertaking various strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. The Nickel Hydroxide industry must offer cost-effective items to spread and survive in a more competitive and rising market climate.
Manufacturing locally to minimize operational costs is one of the key business tactics manufacturers use in the Nickel Hydroxide industry to benefit clients and increase the market sector. The Nickel Hydroxide industry has offered some of the most significant medical advantages in recent years. Major players in the Nickel Hydroxide market, including Sigma-Aldrich Inc., Norilsk Nickel, Alt Cobalt and Nickel Products Co.Ltd., Nippy Chemicals, Jilin Jien Nickel Industry Co. Ltd., American Elements, Tinchem Enterprise, Kelong, Umicore, Triveni Chemicals, SUMITOMO METAL MINING CO. LTD., Tanaka Chemical Corporation, ZincFive Inc., Changsha Xinye Industrial Co. Ltd., and others, are attempting to raise market demand by contributing in research and development operations.
Nippy Chemicals Co, Ltd., founded in 2002, and located in Hyderabad, Telangana, India, manufactures raw materials for batteries, different specialty chemicals, and other raw materials for the pharma industry. The products included are ethoxy benzoic acid, amino methyl propyl pyrazole carboxamide, methyl phenyl bromide, etc. It is one of the biggest chemical manufacturing companies all over the world. Nippy Chemicals is adopting various changes to tap the top market in the market by innovating their product, developing more products, and developing a new production method.
Norilsk Nickel, also known as Nornickel, founded in 1993 located in Moscow, Russia, is a Russian nickel and palladium mining and smelting company. Its operations are in Norilsk Talnakh, Niket in Zapolyamy, western Finland, and South Africa. It is the world's largest producer of nickel and copper. The products included are nickel, copper, palladium, gold, platinum, cobalt, coal, silver, rhodium, tellurium, selenium, iridium, and ruthenium. Norilsk Nickel, commonly known as Norn Nickel, a leader in the nickel industry, has decided to increase its battery raw materials manufacturing capacity.
Key Companies in the Nickel Hydroxide market include
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Norilsk Nickel
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Alt Cobalt and Nickel Products Co.Ltd.
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Nippy Chemicals
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Jilin Jien Nickel Industry Co. Ltd.
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American elements
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Tinchem Enterprise
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Kelong
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Umicore
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Triveni Chemicals
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SUMITOMO METAL MINING CO. LTD.
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Tanaka Chemical Corporation
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ZincFive Inc.
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Changsha Xinye Industrial Co. Ltd.
Nickel Hydroxide Industry Developments
Jiangmen Chancsun Umicore Industry Co. Ltd is spending a lot on research and development, which will reward the company in the long run through increased sales and more profit margins.
China accounts for the fastest market growth rate and value during the forecasted period, followed by India; hence, the Asia-Pacific region accounts for the largest market share.
Japan's Sumitomo Metal Mining is investing several US$ million to increase its material manufacturing capacity. It has a vision for developing a new nickel-based cathodic material facility in western Japan.
Nickel Hydroxide Market Segmentation
Nickel Hydroxide End-Use Industry Outlook
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Automotive
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Electronics
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Chemical
Nickel Hydroxide Application Outlook
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Batteries
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Catalyst
Nickel Hydroxide Regional Outlook
- North America
- US
- Canada
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia and New Zealand
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
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