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Nickel Hydroxide Market

E-mobility and Solar Power Generation to Uplift Requirement of Nickel Hydroxide-based Batteries, Opines Fact.MR

Published : 27 Oct 2021 Industry: Chemical & Materials

According to a new Fact.MR report on the nickel hydroxide market, sales are predicted to reach US$ 3 Bn in 2021, and rise at a CAGR of 6.2% from 2021 to 2031.

Fact.MR, a market research and competitive intelligence provider, analyses that the nickel hydroxide market is set to witness high-end growth based on exclusive usage of the material in battery manufacturing along with burgeoning application in electroplating and as a catalyst in the chemical industry.

Electricity generation from sun rays using photovoltaic cells has remained the industry call during the past few years. Solar panels with silicon-based photovoltaic cells require a lot of batteries, which drives up demand for nickel hydroxide in the market. The main principle underlying solar cell operation is the conversion of sunlight into direct current (DC), which necessitates the use of high-potential batteries to store energy.

Besides, these batteries have proven to be useful for constant power supply applications to supply uninterrupted power and start generators. Moreover, various eco-friendly policies have proven to be demand drivers for an increase in solar panel sales, in turn, responsible for escalating demand for photovoltaic batteries that use nickel hydroxide as cathode materials. This has resulted in an increase in the consumption of battery materials over the past half-decade.

Additionally, batteries are now used in a variety of applications, including solar power, electric cars, railroads, inverters, and electric devices, which, in turn, raises demand for battery materials such as nickel hydroxide.

Players have been noticed taking more organic ways to improve their market play. Majority of firms were seen engaging in constant R&D activities to be mutually gratified in the market. Companies' commitment towards innovation is expected to propel market expansion beyond its normal trajectory.

Key Takeaways from Market Study

  • Nickel hydroxide market anticipated to add 1.7X value by 2031.
  • East Asia to be most opportunistic pocket holding more than 35% market share throughout forecast period.
  • Automotive industry to experience optimistic glaze by rising at CAGR of 6.7% over assessment period.
  • Among applications, batteries has been the fastest-growing segment globally.

“Organic growth, stimulated by rising production capacity expansion, to act as a wheel of fortune,” says a Fact.MR analyst.

Capacity Expansion: Champion’s Approach

Vital players operating in the market are undertaking capacity expansion to become future-ready and meet the growing demand for battery materials from electric vehicle manufacturers. Additionally, companies have been investing in research & development of superior purity grades of Ni(OH)2, to, in turn, match client requirements.

  • Umicore, a major nickel hydroxide producer, received a loan from the European Investment Bank for US$ 146 Mn to develop its battery material production facilities in Poland. It also spent US$ 372 Mn on a cathode material production plant in Nysa in 2021.

Such initiatives adopted by manufacturers keep the market competitive and ever-ready for future revenue-generating opportunities.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the nickel hydroxide market, presenting historical market data (2016-2020) and forecast statistics for the period of 2021-2031.

The study reveals essential insights on the basis of purity (2N, 2N5, 3N, 3N5, 4N, 5N), appearance (powder, nano-particle, spherical), end-use (battery (Ni-MH, Ni-Cd), electroplating, catalyst (photo-catalysis, electro-catalysis)), end-use industry (chemical industry, electrical industry, automobile industry), and across key regions, namely, North America, Latin America, Europe, East Asia, South Asia & Oceania, and the Middle East & Africa.

About the Chemicals and Materials Division at Fact.MR

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned chemicals and materials team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analysed the chemicals and materials industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

For more information, refer to our market research report or contact the PR author.

Yash Pathak

Fact.MR

Client Research Partner – Chemicals and Materials

E-mail: yash@factmr.com

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Nickel Hydroxide Market is Expected to Witness Proliferating Demand for Nickel Hydroxide Batteries in Automotive Industry during 2021-2031