Higher Electric Vehicles Production Favoring Nickel Hydroxide Market Surpass US$ 5.5 Bn by 2031

NEW YORK, Nov. 16, 2021 /PRNewswire/ -- Fact.MR – A Market Research and Competitive Intelligence Provider: As per the newly released data by Fact.MR, the nickel hydroxide market size is estimated to surpass US$ 3 Bn in 2021. The overall demand is projected to increase at 6.2% CAGR between 2021 and 2031, reaching a market valuation of around US$ 5.5 Bn by 2031.

The swift expansion of the market is attributable to surging application of nickel hydroxide across various industries such as chemicals and automotive.

Nickel hydroxide is also known as Ni(OH)2. Nickel hydroxide has gained immense popularity due to its electroactive nature. It is extensively used as a positive electrode in nickel-metal hydride and other rechargeable batteries such as nickel-iron (Ni-Fe) and nickel-cadmium (Ni-Cd) systems. Spherical nickel hydroxide market is expected to witness positive growth with rising application in power battery, high capacity battery and high temperature battery. Furthermore, powder nickel hydroxide market to gain significant traction in the future.

The rapid transition from conventional to electric vehicles has fueled the demand for nickel hydroxide. It is frequently used in electrical car batteries. Nickel hydroxide-based batteries offer a slew of advantages such as long battery life, utmost reliability, and superior performance. This has propelled the demand for nickel hydroxide-based batteries. These battery chemistries include zinc-nickel hydroxide, nickel cadmium hydroxide & nickel–cobalt hydroxide. These factors will continue to accelerate the growth of nickel hydroxide market through the forecast years.

Besides this, application in the chemical industry as a catalyst for removing impurities from effluent water will remain a chief growth driver. Fact.MR has forecast the increasing investment by governments to improve the capacity of solar energy generation will drive the sales of nickel hydroxide during the assessment period.

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According to the report, the automotive industry will continue to dominate the nickel hydroxide market during the forecast period. Favorable policies implemented to reduce carbon emission and rapid adoption of electric vehicles are creating huge demand for nickel hydroxide based electrochemical batteries.

Regionally, East Asia is expected to remain the most lucrative market for nickel hydroxide with a valuation of US$ 0.9 Bn in 2021. Demand in the region will be driven by the increasing electric vehicle production, presence of leading players, and governmental support towards the expansion of the solar infrastructure.

"Leading market players are focusing on the expansion of their product portfolio by establishing new manufacturing facilities. Consequently, some of them are making deeper inroads in Asia Pacific, MEA and Latin America, to capitalize on the untapped potential across China, India, Brazil, and Japan," says the Fact.MR analyst

Key Takeaways from Nickel Hydroxide Market Survey

• East Asia and North America accounts for 30% and 23% of the global market share, respectively, in 2021.
• The U.S. market is exhibiting strong growth due to rising sales of electric vehicles and increasing investments in solar energy infrastructure.
• China, which is the largest manufacturer of solar photovoltaic power systems, is anticipated to register the fastest growth across East Asia through 2031
• South Asia & Oceania market is poised to exhibit growth at 4.2% CAGR between 2021 and 2031.
• In terms of end use, nickel hydroxide-based battery category is expected to dominate the market, growing at a CAGR of 6.6% through 2031.
• Based on end-use industry, automobiles segment is anticipated to account for around 34% market share by 2031.

Key Drivers

• Increasing adoption of nickel hydroxide in electrochemical batteries is driving the nickel hydroxide market.
• Rapid production of electric vehicles to reduce CO2 emission and rising fuel prices will continue to boost the sales of nickel hydroxide.
• Adoption of Ni(OH)2 as a catalyst in industrial water treatment process is anticipated to support the market growth during the forecast period.
• Growing adoption of nickel hydroxide for manufacturing nickel salts and other products is positively impacting the market.

Key Restraints

• Adverse effects of nickel hydroxide on skin and health are restricting the growth of the market.

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Competitive Landscape

Key companies operating in the nickel hydroxide market are focusing on expanding their production capacity. They are incorporating latest technologies in the nickel hydroxide manufacturing. Mergers, partnerships, capacity expansion, and collaborations are some of the strategies adopted by market players.

• In August 2021, Korean company Posco started high-purity nickel production for secondary batteries. The new high-purity nickel factory in Gwangyang is expected to produce 20 thousand tons per year to secure supply for cathode materials necessary for the high-capacity batteries, capable for 500 thousand electric Motor Vehicles.
• In April 2021, China's Ningbo Lygend started trial production at its high-pressure acid leach (HPAL) plant in Indonesia's Obi Island. The plant, which has a design capacity of 35kt Ni-in-mixed hydroxide product in its first phase, will initially supply third-party market before nickel sulphate, supplying the burgeoning electric vehicle battery market.

Some of the prominent players operating in the nickel hydroxide market profiled by Fact.MR are:

• American Elements
• Bochemie
• GFS Chemicals
• Jiangmen Chancsun Umicore Industry, Co. Ltd.
• Jilin Jien Nickel Industry
• Kansai Catalyst Co, Ltd.
• Kelong New Energy Co, Ltd
• Norn Nickel
• Sumitomo Metal Mining
• Supraveni Chemicals
• Tanaka Chemicals
• Tinchem Enterprise
• Umicore
• Yantai Cash

More Insights on the Global Nickel Hydroxide Sales Outlook

Fact.MR provides an unbiased analysis of nickel hydroxide market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for nickel hydroxide with a detailed segmentation on the basis of:

Purity

• 2N Nickel Hydroxide
• 2N5 Nickel Hydroxide
• 3N Nickel Hydroxide
• 3N5 Nickel Hydroxide
• 4N Nickel Hydroxide
• 5N Nickel Hydroxide

Appearance

• Powder Nickel Hydroxide
• Nano-Particle Nickel Hydroxide
• Spherical Nickel Hydroxide

End Use

• Battery
• Ni-MH
• Ni-Cd
• Electroplating
• Catalysts
• Photo-catalysis
• Electro-catalysis

End-Use Industry

• Chemicals
• Electricals
• Automobiles

Key Questions Covered in the Nickel Hydroxide Market Outlook Report

• The report offers insight into nickel hydroxide demand outlook for 2021-2031
• The market study also highlights projected sales growth for nickel hydroxide market between 2021 and 2031
• Nickel hydroxide market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry
• Nickel hydroxide market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others

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Nickel Acetate Market- The need for nickel electroplating and the usage of nickel acetate in aluminum surface treatment for use in medical and other critical services kept the doors open, allowing the market to move forward during these difficult times. Due to its use as a catalyst in the aluminum sealing process, nickel acetate's sealing functionality helped it earn positive sales. Furthermore, the nickel acetate market forecast was aided by aluminum's superior barrier properties, which served to keep its demand from medical applications in line.

Alkali Metal Hydroxides Market- The chemical compound alkali metal hydroxides is made up of a positively charged metal ion and a negatively charged hydroxide anion (OH-). Because of its wide range of uses, sodium hydroxide represents a considerable proportion of the worldwide alkali metal hydroxides market. The Asia-Pacific region's developing industries are likely to fuel up demand for sodium hydroxide. Potassium hydroxide has essentially identical applications as sodium hydroxide, but its manufacturing costs are significantly greater. The demand for sodium hydroxide is projected to witness growth driven by the growing industries in the Asia-Pacific.

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