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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 2020 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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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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