The global nickel hydroxide market is predicted to take a swift uptake during the assessment period (2017-2023). It is an inorganic compound which is also known as Nickel (II) hydroxide or Ni (OH)2. Nickel hydroxide is a crystalline solid that is odorless and apple green in color generally available in the form of a powder. Exposure to nickel hydroxide can lead to severe skin problems, asthma-like allergies and dermatitis, and affects the neurological system, gastrointestinal tract, kidneys and lungs. During decomposition this compound emits toxic fumes of metallic nickel.
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Consumer electronics and portable devices increasing demand for rechargeable batteries is driving the growth of the global nickel hydroxide market. Along with nickel-cadmium batteries this compound is used as a catalyst too in various chemical reactions. This is another driving force that is pushing the growth of the global nickel hydroxide market. The additional factors that are substantiating the growth of the global nickel hydroxide market include increase in the demand for electronic devices that are battery-operated, increase in consumers’ purchasing power, improving economic conditions, industrialization and urbanization and ever-increasing population across the world.
The nickel hydroxide market appears to be highly competitive and fragmented, characterized by the existence of different small and large-scale players. The key players are incorporating strategic initiatives such as technology launch, partnership, expansion, collaboration and acquisition. Such strategies are likely to augment the product quality and boost up production capacity to cater to the increasingly growing demand, especially from the emerging regions.
Leading players profiled in the global nickel hydroxide market include Changsha Xinye Industrial Co. Ltd, Jiangmen chancsun Umicore Industry Co., Ltd, ZincFive Inc., Tanaka Chemical Corporation, SUMITOMO METAL MINING CO. LTD, Triveni Chemicals, Umicore, Kelong, Tinchem Enterprise, American elements, Jilin Jien Nickel Industry Co., Ltd., Nippy Chemicals, Alt Cobalt and Nickel Products (dalian) Co. Ltd, Norilsk Nickel and Sigma Aldrich, Inc.
Oct 2018 – CEO of SpaceX, Neurolink and Tesla, Elon Musk with an aim to expand his business has demanded batteries having longer life which worked wonders for Tanaka Chemical, the leader in the nickel hydroxide market.
October 2018 – Leading player in exploration of mineral properties and mining, Pure Minerals Limited announced the acquisition of Queensland Pacific Metals Pty Ltd, a fellow battery metal player which is poised to establish 600,000 tonnes per annum battery metals processing plants.
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In Market Research Future (MRFR) report, the global nickel hydroxide market has been segmented based on application and end-user.
Based on application, it is segmented into catalyst and batteries.
Based on end-user, the nickel hydroxide market is segmented into chemical industry, electronics industry and automotive industry.
Based on region, the global nickel hydroxide market covers growth opportunities and latest trends across five regions- Asia Pacific, North America, Europe, Latin America and the Middle East & Africa. Of these, Asia Pacific leads the nickel hydroxide market owing to the increasing demand and use of nickel hydroxide in manufacturing batteries. The growing demand for such batteries in several consumer products, hybrid electric vehicles and portable devices have propelled this region to experience a healthy growth during the assessment period. South Korea and Japan having strong electronics industry base is driving the demand for nickel hydroxide market. India and China are anticipated to boost the demand for nickel batteries owing to its use in the hybrid electric vehicles.
Europe is predicted to show exceptional demand for nickel hydroxide due to its use in the electric hybrid vehicles. The European countries such as Netherland, Sweden, Germany, Britain and France have joined the ambitious plan under the Paris climate accord with an aim to end sales of diesel and petrol cars by 2040. The application of nickel hydroxide in consumer electronics along with other portable devices is also likely to increase the demand of nickel hydroxide market. Norway government’s transportation plan highlights a clear target that every new passenger car and van that will be sold in 2025 must be zero-emission cars.
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