Global Nickel Hydroxide Market to Grow at a CAGR of 5% During 2024-2032, Driven by Rising Demand For Electrochemical Batteries

The global market for nickel hydroxide is being driven by the surging demand for electrochemical nickel batteries. The growing environmental awareness and shifting consumer preference for eco-friendly goods are aiding the market. China, the world’s largest manufacturer of cars, is developing strategies to ban carbon fuel automobiles to check the pollution. Governments are promoting the usage of electric vehicles, which has increased the demand for electrochemical batteries. Nickel hydroxide is used as electrodes in electrochemical batteries, and hence, this trend is anticipated to drive the market. The rising electronics industry in Japan, South Korea, China, and India is also expected to aid the market growth.

Recently, Elon Musk, the founder and CEO of Tesla Inc. (NASDAQ: TSLA), a pioneer in the electric cars industry, has urged the key industry players to increase the capacity of nickel hydroxide production to meet the industry demand. In fact, the company had initiated early discussions with Indonesia in October 2021 to develop a fully developed supply chain of nickel in the country, particularly for extracting battery chemicals such as nickel hydroxide. Thus, the growing push from the electric vehicles industry is expected to further propel the growth of the market in the coming years.

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Market Analysis by Grade, Application, and Region:

• The market based on grade can be divided into battery-grade and reagent grade, among others.

• Based on the application, the industry can be divided into the battery, electroplates, catalysts, and others.

• The regional markets for nickel hydroxide include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for nickel hydroxide is being aided by the rising demand for electrochemical batteries.

• The adoption of nickel hydroxide in the chemical treatment of industrial water is expected to fuel the market growth.

• The growing usage of nickel hydroxide in electrochemical processes, such as electrocatalysis, photocatalysis, and electrochromic, is anticipated to provide a further impetus to the market growth.

• The rising developments in the electronics industry are also aiding the nickel hydroxide industry growth.

• Rapid urbanisation and an increase in disposable incomes among the consumers are further favouring the market growth.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for nickel hydroxide for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the grades, applications, and major regions of nickel hydroxide.

• It assesses the regional price trends for the (2018-2023) and (2024-2032) periods.

• The market report also analyses the trade data by covering the value and volume of major importing and exporting countries. 

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global nickel hydroxide market are Kansai Catalyst Co., Ltd., Norilsk Nickel Group, and Tinchem Enterprises, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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