Nickel Hydroxide Market Overview

In 2020, the nickel hydroxide market value is  USD 370.3 million and it is expected to exhibit the highest CAGR of 4.8% along with the nickel hydroxide market size of USD 520.9 million during the forecast period 2021-2028.

Nickel Hydroxide is an insoluble chemical compound that dissolves readily in acids and ammonium hydroxide and also has strong redox properties. It is denoted by Ni(OH)2. It is usually available in powder form which is an odorless, apple green, and crystalline solid material. It occurs naturally as the mineral theophrastite. Under static conditions, it can be non-oxidizing and non-explosive. It has a molecular weight of 92.71 g/mol with a melting point of 230 degrees celsius and decomposes before the melting point of 200 degrees celsius.

Nickel hydroxide is highly electroactive and is preferred in rechargeable battery electrodes using oxidation to nickel (III) oxide-hydroxide. It is highly dissolvable in ammonium hydroxide and water and has a density more than water valued at 4g/cm3. This product is formed electronically by anodic oxidation and alkali metal hydroxide which produces the pure and environment-friendly nickel hydroxide. The production of nickel hydroxide electronically has 90% less salt compared to nickel hydroxide produced by precipitation.

COVID-19 Analysis:

The COVID-19 pandemic has severely affected the general working of the population in all the regions globally.  The virus has spread from one region to another and impacted all sectors. To curb the spread of the virus, most of the countries imposed stringent regulations like lockdowns, transportation bans, educational sectors off, manufacturing industries shut down, and many more. The World Health Organization (WHO) states that the COVID-19 virus is a dangerous pandemic and should follow the required safety guidelines implemented by the governments.

This lockdown of the COVID-19 pushes the economies towards forced recession which results in people dealing with financial crises and also with health issues. The manufacturing industries of nickel hydroxide are shut down due to lockdown which stops the downfall in sales revenue of the market. The key players are taking necessary steps to increase their market growth by introducing the latest technologies, investing in research & development, and many more. It is expected that after the lift up of the lockdowns, the nickel hydroxide market is escalating its market growth due to its high demand in various applications.

Competitive Landscape

The prominent key players in the nickel hydroxide market outlook are the following:

• Sigma-Aldrich, Inc.


• Norilsk Nickel


• Alt Cobalt and Nickel Products (Dalian). Co., Ltd


• Nippy Chemicals


• Tinchem Enterprise


• Jilin Jien Nickel Industry Co., Ltd.


• American Elements


• Triveni Chemicals


• Kelong


• Tanaka Chemical Corporation


• Umicore


• Sumitomo Metal Mining Co., Ltd


• ZincFive, Inc.


• Jiangmen Chancsun Umicore Industry Co. Ltd


• Changsha Xinye Industrial Co. Ltd.

Market Dynamics:

Drivers:

Rising the requirement of nickel hydroxide as electrodes in the electrochemical batteries is propelling the growth of the market. The superior characteristics like utmost reliability, long battery life, and superior performance of the nickel hydroxide-based batteries are anticipated to accelerate the nickel hydroxide market growth. Apart from application in the electronic industry, nickel hydroxide is also used in the chemical industry as a catalyst to eliminate the impurities from industrial effluent water.

Moreover, this material is used in the production of Nickel Oxide (NiO) which is ideal to use in various applications like glass, optic, and ceramics industry. It is also used in other electrochemical processes like photocatalysts, electrosynthesis, electrochromic devices, electrocatalysis, supercapacitors, and electrochemical sensors.

Restraint:

Increasing toxicity concerns related to Ni2+ ions are hindering market growth. Growing prices of raw materials lead to an increase in the cost of nickel hydroxide material which is restraining the growth of the market. When the substance is heated to decomposition, toxic fumes of metallic nickel are emitted. To avoid this problem, the manufacturers are increasing the energy density of nickel hydroxide electrodes by adding the amount of cadmium or cobalt, or zinc to the substance.

Opportunities:

Increasing demand for nickel hydroxide in various applications is creating opportunities to fuel the growth of the market. The usage of nickel hydroxide in the chemical industry for removing the impurities from the water is boosting the market growth in the assessment period. Moreover, nickel hydroxide is also used in the manufacturing of Nickel Oxide (NiO) and its application in the ceramics industry is offering several growth opportunities for the market of nickel hydroxide.

Challenges:

Rising the use of nickel hydroxide in the electric and chemical industries leads to the development of nasal and lung cancer for the presence of carcinogenic properties is one of the challenges for the growth of the global market. Furthermore, when exposed to this nickel hydroxide substance may cause severe dermatitis, skin, and asthma-like allergies. It can affect the lungs, kidneys, gastrointestinal tract, and neurological system.

Study Objectives -

• To provide detailed information about the nickel hydroxide market structure along with various forecast segments and sub-segments for the coming years.


• To provide the particular factors that are affecting the growth of the nickel hydroxide market value.


• To analyze the nickel hydroxide market industry analysis based on porter’s five force analysis, factors-price analysis, supply chain analysis, etc.


• To provide history and forecast revenue segments and sub-segments of the hydroxide market revenue for the five main geographies.


• To provide country-level analysis of the nickel hydroxide market industry growth by region, form, end-user, and application.


• To provide a strategic profile of the major companies in the market, analyze their core competencies, statistics, and draw a global nickel hydroxide market growth landscape.


• To examine the new product developments, strategic alliances, mergers, and acquisitions of the global market research.

Segment Overview:

The global nickel hydroxide market has been divided into segments based on application, end-user, and region.

Based on Application

The nickel hydroxide market applications are classified into glass, ceramics, catalysts, batteries, optics, few more electrochemical applications, and others. Further, the batteries segment is divided into mid-high rate batteries and pocket batteries.

Based on End-user

By end-user, the global market has been categorized into few types such as electronics industry, chemical industry, automotive industry, and others.

Based on Region

Region-wise, the nickel hydroxide market is globally bifurcated into five main geographies like Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa. Out of these regions, Asia-Pacific is holding the largest market share for the rising demand for the nickel hydroxide material in the manufacturing of batteries.

Regional Analysis -

Geographically, the nickel hydroxide market based on region is divided into five major regions such as Asia-Pacific, North America, Latin America, Europe, and the Middle East & Africa. Owing to the growing consumption of nickel hydroxide in the manufacturing of batteries which are used in hybrid electric vehicles, portable devices, consumer products, and various other products, Asia-Pacific is dominating the maximum nickel hydroxide market share in the forecast period.

Due to the presence of a strong electronic market in South Korea and Japan, nickel hydroxide has a high demand in this region. As nickel hydroxide is used in electric vehicles, its demand was growing in the countries like India and China. Because China has the world’s largest car market and the government is developing strategies towards the ban of carbon emission fuel vehicles to control pollution and switch to electric vehicles. Due to its growing use in electric vehicles, Europe is accounting for the second-largest market share. The countries like France, Britain, Germany, Sweden, and the Netherlands have joined under the plan Paris climate for ending the petrol and diesel vehicles by 2040 and has increased the demand for electric vehicles which is boosting the global market in this region. North America is leading the third-largest market for the rising sale of electric and hybrid vehicles.

Recent Developments

December 2021- Chinese lithium nickel-cobalt-manganese oxide (NCM) precursor and Guangdong Brunp Recycling Technology, an NCM material manufacturer, has started developing a lithium-ion battery cathode active material (CAM) industrial park located at Yichang in central China's Hubei province. The project has been engineered to fulfill the speedy development of the power battery capacity expansions and new energy vehicle (NEV) industry by the country's largest lithium-ion battery manufacturer and its parent company Contemporary Amperex Technology (CATL).

December 2021- Saturnose, a US-registered battery development firm, is building an aluminum-ion battery and announced that it is on track and will be set to launch in the market by next year. The company is testing its improved, altered aluminium ion (Ea2I) battery with an energy density of over 550Wh/L that is 20pc greater than the best energy density of 475Wh/L of a lithium-ion battery. The company aims to substitute lithium-ion batteries that are not cost-effective. The production cost of the latest aluminium-ion battery by Saturnose is USD 65/KW, which is 50pc lesser than that compared to a lithium-ion battery USD135/KW.

One of the most popular enterprisers, Jiangmen Chancsun Umicore Industry Co. Ltd invested a huge amount in research and development. Hence it rewards the company for increased sales and more profit margins for a long period.

The top key player, Nippy Chemicals to reach the highest potential in the global market, is adopting various strategies like introducing innovations for the existing product, developing new products, developing new production methods, and many more.

Report Overview:

This global nickel hydroxide market research includes various parts such as the Market Overview, COVID-19 analysis, Market Dynamics, Study Objectives, Segment Overview, Regional Analysis, Competitive Landscape, Recent developments, Segmentation Table, and FAQs. The market scenario includes the nickel hydroxide market drivers, restraints, challenges, and opportunities. The nickel hydroxide market forecast segments into three types as application, end-user, and region.

Segmentation Table

The nickel hydroxide market trends have been segmented into three forms globally based on the application, end-user, and region.

By Application

Glass, ceramics, catalysts, batteries, optics, few more electrochemical applications, and others are the few applications of the global market.

By End-user

The electronics industry, chemical industry, automotive industry, and others are a few industries.

By Region

Asia-Pacific, Europe, North America, and the rest of the world are the four main geographies included in the nickel hydroxide market.

Report Scope:

Report Attribute/Metric	Details
Market Size	2030: Significant value
CAGR	2022–2030: Substantial CAGR
Base Year	2021
Forecast Period	2022 to 2030
Historical Data	2019 & 2020
Forecast Units	Value (USD Million)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By Application, End-Use industry and Region
Geographies Covered	North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Vendors	Sigma-Aldrich, Inc., Norilsk Nickel, Alt Cobalt and Nickel Products (dalian). 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., Jiangmen chancsun Umicore Industry Co., Ltd, and Changsha Xinye Industrial Co. Ltd.
Key Market Opportunities	Nickel hydroxide has carcinogenic properties and is associated with an increased risk of developing lung and nasal cancers.
Key Market Drivers	Increasing the energy density of nickel hydroxide electrodes, such as the addition of cadmium or cobalt or zinc to it.

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