The global nickel hydroxide market is likely to grow at a notable CAGR between 2015- 2023, states the new Market Research Future (MRFR) report. Nickel hydroxide, simply put is a crystalline solid that is odorless and apple green in color. It is an inorganic compound that is available in powder form. Nickel hydroxide readily dissolves in ammonium hydroxide and acids and is insoluble in water. Some of its key applications include catalysts, batteries, and others.
Various factors are contributing to the global nickel hydroxide market growth. These factors, as stated by the new MRFR report, comprise increasing need in electrochemical batteries as electrodes, rising use as a catalyst in the chemical industry, increasing use in various electrochemical processes namely electrochemical sensors, electrochemical devices, supercapacitors, electrosynthesis, electrocatalysis, photocatalysis , and to manufacture nickel oxide that finds application in ceramics, optic, and glass industry. The superior performance, utmost reliability, and long battery life of batteries that are nickel hydroxide based are also boosting the market growth.
On the contrary, rising raw material prices and toxicity concerns may hinder the nickel hydroxide market growth over the forecast period.
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The MRFR Report offers an inclusive segmental analysis of the global nickel hydroxide market based on end user industry & application.
Based on application, the global nickel hydroxide market is segmented into catalysts, batteries, and others. Others are again segmented into optics, glass, ceramics, and few other electrochemical applications.
Based on end user industry, the nickel hydroxide market is segmented into the chemical industry, electronics industry, automotive industry, and others.
By region, the global nickel hydroxide market covers the recent trends and growth opportunities across North America, Europe, the Asia Pacific (APAC), Latin America, and the Middle East and Africa (MEA). Of these, the APAC region will have the lions share in the market over the forecast period. Factors propelling the global nickel hydroxide market growth in this region include its growing consumption in chemical, agriculture, food, electrical and electronics, and others and rising consumption of inorganic compound as an intermediate in specialty nickel compound production. Japan, India & China are the key contributors in this region. Of all, the electrical segment will grow at the highest CAGR for the increasing use in smartphone batteries, hybrid vehicles, cadmium batteries, and others.
The global nickel hydroxide market in North America will have a healthy growth over the forecast period and will grow at a high CAGR for the increasing consumption of nickel hydroxide in heavy end-use sectors. Mexico, Canada, and the US are the key contributors in the region for the increasing investments in various end use industries. Besides, the burgeoning demand for the product in electrical and electronic sectors, automotive, and food are also adding market growth.
The global nickel hydroxide market in Europe is predicted to have notable growth over the forecast period for its burgeoning demand in the textile industry, excessive use in the hydrogenation process as a catalyst, technological advances, and growing innovation. Italy, Germany, & the UK, are the major contributors in the region.
The nickel hydroxide market in Latin America is predicted to have considerable growth over the forecast period for its growing consumption in Argentina, Uruguay, and Brazil.
The nickel hydroxide market in the MEA is predicted to have rapid growth over the forecast period for boundless usage of lightweight products in the automotive and electrical & electronics market. The UAE & Qatar are the major contributors in the region.
Eminent players profiled in the global nickel hydroxide market report include Jilin Jien Nickel Industry Co., Changsha Xinye Industrial Co. Ltd, ZincFive, Inc., Jiangmen Chancsun Umicore Industry Co., Ltd, Tanaka Chemical Corporation, Umicore, SUMITOMO METAL MINING CO., LTD., Triveni Chemicals., Kelong, Tinchem Enterprise, American Elements, Ltd., Nippy Chemicals., Nickel Products (Dalian).Co. Ltd, Alt Cobalt, Norilsk Nickel, and Sigma-Aldrich, Inc.
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