Higher Electric Vehicles Production Favoring Nickel Hydroxide Market Surpass US$ 5.5 Bn by 2031

Higher Electric Vehicles Production Favoring Nickel Hydroxide Market Surpass US$ 5.5 Bn by 2031

PR Newswire

NEW YORK, Nov. 16, 2021

Nickel Hydroxide Application in Batteries to Grow by 6.6% CAGR Through 2031

The latest research report by Fact.MR studies in detail various growth drivers, restraints, and challenges shaping the nickel hydroxide market. It provides comprehensive analysis of latest trends and opportunities driving demand across leading segments in terms of purity, appearance, end use and end-use industry.

NEW YORK, Nov. 16, 2021 /PRNewswire/ -- Fact.MR – A Market Research and Competitive Intelligence Provider: As per the newly released data by Fact.MR, the nickel hydroxide market size is estimated to surpass US$ 3 Bn in 2021. The overall demand is projected to increase at 6.2% CAGR between 2021 and 2031, reaching a market valuation of around US$ 5.5 Bn by 2031.

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The swift expansion of the market is attributable to surging application of nickel hydroxide across various industries such as chemicals and automotive.

Nickel hydroxide is also known as Ni(OH)2. Nickel hydroxide has gained immense popularity due to its electroactive nature. It is extensively used as a positive electrode in nickel-metal hydride and other rechargeable batteries such as nickel-iron (Ni-Fe) and nickel-cadmium (Ni-Cd) systems. Spherical nickel hydroxide market is expected to witness positive growth with rising application in power battery, high capacity battery and high temperature battery. Furthermore, powder nickel hydroxide market to gain significant traction in the future.

The rapid transition from conventional to electric vehicles has fueled the demand for nickel hydroxide. It is frequently used in electrical car batteries. Nickel hydroxide-based batteries offer a slew of advantages such as long battery life, utmost reliability, and superior performance. This has propelled the demand for nickel hydroxide-based batteries. These battery chemistries include zinc-nickel hydroxide, nickel cadmium hydroxide & nickel–cobalt hydroxide. These factors will continue to accelerate the growth of nickel hydroxide market through the forecast years.

Besides this, application in the chemical industry as a catalyst for removing impurities from effluent water will remain a chief growth driver. Fact.MR has forecast the increasing investment by governments to improve the capacity of solar energy generation will drive the sales of nickel hydroxide during the assessment period.

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According to the report, the automotive industry will continue to dominate the nickel hydroxide market during the forecast period. Favorable policies implemented to reduce carbon emission and rapid adoption of electric vehicles are creating huge demand for nickel hydroxide based electrochemical batteries.

Regionally, East Asia is expected to remain the most lucrative market for nickel hydroxide with a valuation of US$ 0.9 Bn in 2021. Demand in the region will be driven by the increasing electric vehicle production, presence of leading players, and governmental support towards the expansion of the solar infrastructure.

"Leading market players are focusing on the expansion of their product portfolio by establishing new manufacturing facilities. Consequently, some of them are making deeper inroads in Asia Pacific, MEA and Latin America, to capitalize on the untapped potential across China, India, Brazil, and Japan," says the Fact.MR analyst

Key Takeaways from Nickel Hydroxide Market Survey

Key Drivers

Key Restraints

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Competitive Landscape

Key companies operating in the nickel hydroxide market are focusing on expanding their production capacity. They are incorporating latest technologies in the nickel hydroxide manufacturing. Mergers, partnerships, capacity expansion, and collaborations are some of the strategies adopted by market players.

Some of the prominent players operating in the nickel hydroxide market profiled by Fact.MR are:

More Insights on the Global Nickel Hydroxide Sales Outlook

Fact.MR provides an unbiased analysis of nickel hydroxide market, presenting historical demand data (2016-2020) and forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global demand for nickel hydroxide with a detailed segmentation on the basis of:



End Use

End-Use Industry

Key Questions Covered in the Nickel Hydroxide Market Outlook Report

Explore Fact.MR's Coverage on the Chemical & Materials Domain –

Sodium Nickel Chloride Battery Market- Over the last decade, the sodium nickel chloride battery has been introduced for electric vehicles. One of the key driving motors for the sodium nickel chloride battery cathode market growth is the rapidly growing number of electric vehicles (EVs) on the road. The global demand for sodium nickel chloride batteries is predicted to rise in the future decade as the production of electric vehicles and plug-in hybrids increases around the world. Sodium nickel chloride batteries are currently available for electric vehicles, stationary railway backup, and on-grid/off-grid energy storage.

Nickel Acetate Market- The need for nickel electroplating and the usage of nickel acetate in aluminum surface treatment for use in medical and other critical services kept the doors open, allowing the market to move forward during these difficult times. Due to its use as a catalyst in the aluminum sealing process, nickel acetate's sealing functionality helped it earn positive sales. Furthermore, the nickel acetate market forecast was aided by aluminum's superior barrier properties, which served to keep its demand from medical applications in line.

Alkali Metal Hydroxides Market- The chemical compound alkali metal hydroxides is made up of a positively charged metal ion and a negatively charged hydroxide anion (OH-). Because of its wide range of uses, sodium hydroxide represents a considerable proportion of the worldwide alkali metal hydroxides market. The Asia-Pacific region's developing industries are likely to fuel up demand for sodium hydroxide. Potassium hydroxide has essentially identical applications as sodium hydroxide, but its manufacturing costs are significantly greater. The demand for sodium hydroxide is projected to witness growth driven by the growing industries in the Asia-Pacific.

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