Regional Analysis of Nickel Hydroxide Market: Key Growth Areas and Opportunities

Nickel hydroxide market is valued to be US$ 3.4 billion in 2023 and it is expected to grow at a CAGR of 6.2% to reach US$ 6.2 billion by the end of 2033. The Nickel Hydroxide Market has been recording decent growth in view of increasing applications across a variety of industries, mainly including preparation of rechargeable batteries, such as nickel-metal hydride batteries. This demand is coming mainly from the growing electric vehicle market, energy storage solutions, and green energy technologies.

Get Free Sample Copy of This Report: https://www.factmr.com/connectus/sample?flag=S&rep_id=7066

Key Drivers

Increasing demand for Electric Vehicles (EVs): Nickel hydroxide is a crucial raw material used in the manufacturing of NiMH batteries, which find applications in HEVs. Modern day trends for eco-friendly mobility and emerging numbers of e-mobility initiatives, across the globe, are massively driving up demands for these batteries. As the next decade unfolds, electric vehicles will continue to be marketed more rapidly owing to government regulations, infrastructural development in terms of charging facilities, and consumer preference for using eco-friendly modes of transportation. This rise in the sale of EVs is expected to drive the nickel hydroxide market, which still remains a vital component of the battery technology within these vehicles.

Energy Storage and Renewable Energy: There has been an emerging requirement for suitable methods of storing energy with increased interest in renewable energy sources. Nickel hydroxide is used to make rechargeable batteries that can act in conjunction with renewable energy systems to provide a smooth integration into national grids. It would, therefore, be an added advantage to the nickel hydroxide market, with governments and industries on the lookout for this trend in finding more sustainable and reliable storage solutions for power.

Consumer Electronics and Power Tools: Other factors contributing to market growth are the increased application of nickel hydroxide in consumer electronics such as laptops and smartphones, and the use of the same in portable tools. Both these applications require rechargeable batteries powering them, wherein nickel hydroxide plays a very significant role as a highly stable and reliable material. Hence, demand for nickel hydroxide-based batteries arises, especially in emerging economies with growing consumer electronics markets.

Waste Management and Recycling Initiatives: In most industries, Sustainability/Recyclability has been on the rise. Discussions pertaining to various consideration of companies for nickel recycling from spent batteries add to the reduction in mining for new nickel supplies. This makes the production processes more sustainable besides meeting the growing demand for nickel hydroxide through friendly means to the environment.

Key Companies Profiled

• American Elements
• GFS Chemicals
• Kansai Catalyst Co, Ltd.
• Norn Nickel
• Sumitomo Metal Mining
• Tanaka Chemicals
• Umicore

Challenges

Fluctuating Prices of Raw Materials: The volatility in raw material prices, especially regarding the metal nickel, is the first and foremost problem facing the nickel hydroxide market. Nickel represents a crucial feedstock used in the manufacturing of nickel hydroxide; hence, any fluctuation in the price of this feedstock has significantly influenced the levels of production cost and profitability amongst producers. This is exacerbated by the rising demand for nickel due to various industries around the globe, including the EV and stainless steel sectors.

Competition from Li-ion Batteries: Despite the many uses where nickel-metal hydride batteries stand out, their applications have found stiff competition in lithium-ion batteries. Lithium-ion batteries exhibit higher energy density and a demand for electrical vehicles and consumer electronics. The continuous improvement of lithium-ion technology may restrain the development of the nickel hydroxide market unless its growth is matched by innovations in the NiMH technology.

The environmental and regulation pressures: With the greener alternatives growing for industries, much scrutiny has been thrown upon the environmental impacts that are related to nickel extraction and its processing. Severe environmental regulations, along with increasing customer demand for sustainable products, encourage companies towards seeking eco-friendly alternatives for the batteries. This will weaken the market for nickel hydroxide if the clean technologies prove to be better options for a viable future.

Regional Insights

United States: On a macro level, the demand for nickel hydroxide in the U.S. is increasing, basically because of the sales of electric vehicles and increased implementation of high-end energy storage systems. Government initiatives together with policy frameworks geared toward boosting electric vehicles and green energy storage solutions together play a critical role in developing this market.

China: With great strides in the EV and battery manufacturing industries, China is one major buyer country for nickel hydroxide. In addition, because this country focuses on renewable energy infrastructure, the demand for energy storage systems is increasing, leading to more demand in the nickel hydroxide market.

Get Customization on this Report for Specific Research Solutions: https://www.factmr.com/connectus/sample?flag=RC&rep_id=7066

Europe: The market holds tremendous potential for growth prospects in the region, owing to various factors comprising stringent emissions norms and impressive incentive quantity for electric vehicle adoption. These countries, such as Germany and France, are targeting carbon footprint reduction, which ultimately enforces the use of nickel hydroxide in batteries.

Conclusion

From this, it can be concluded that in the forthcoming years, the trend of the nickel hydroxide market will see a considerable growth impetus from the electric vehicle market along with the application of rechargeable batteries in energy storage systems. Although there are challenges arising in terms of price volatility and competition from lithium-ion batteries, the progress in battery recycling and the initiative taken globally toward sustainable energy solutions has created substantial avenues for the expansion of the market.

About Fact.MR :

We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client’s satisfaction.

Contact:

US Sales Office

11140 Rockville Pike

Suite 400 Rockville, MD 20852

United States Tel: +1 (628) 251-1583, +353-1-4434-232 (D)

Sales Team: sales@factmr.com