Global Nickel Hydroxide Market: Snapshot
Nickel hydroxide, an inorganic compound that produces toxic substances upon heating, is commonly used in rechargeable battery electrodes. Denoted by Ni(OH)2, it is highly useful for its insoluble chemical properties as well as strong redox attributes. Theophrastite, which is a mineral form of nickel hydroxide, was originally discovered back in 1980 in northern Greece. Nickel hydroxide dissolves with a very few chemicals such as amines and ammonia, while it is attacked by acids. As the energy demands escalates across the world, owing to rapid urbanization, the demand for rechargeable batteries is incrementing consistently, which in turn is expected to provide traction to the global nickel hydroxide market.
This report on the global nickel hydroxide market is a comprehensive assessment of the current scenario and based on in-depth analysis of all the factors that may drive or restrain the demand in the near future, it projects the CAGR for the forecast period of 2017 to 2025 as well as estimates the state of the market in 2025. The report has been compiled in order to serve as a credible business tool for the stakeholder connected to the global nickel hydroxide market.
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While α Ni(OH)2, β Ni(OH)2, and γ Ni(OH)2 can be the product segments of the global nickel hydroxide market, it is applicable in several end-use industries such as electrochemical batteries, chemical industry, agriculture industry, food industry, and others including the pharmaceutical industry. Geographically, the report takes stock of all important regions such as North America, Asia Pacific, and Europe.
Global Nickel Hydroxide Market: Overview
Nickel hydroxide is an integral chemical compound which finds application primarily in the manufacture of nickel cadmium batteries and as a catalyst in certain chemical reactions. It is mostly used in rechargeable battery electrodes, by oxidation to nickel (III) oxide-hydroxide. Nickel hydroxide is an insoluble green, crystalline, inorganic chemical compound exhibiting strong redox properties. So far, it has found widespread application in the manufacture of mid-high rate batteries and pocket batteries. Some of its end use industries are agriculture, electrochemical, chemical, and food, among others.
The global market for nickel hydroxide has witnessed steady growth in the past few years and is expected to tread on a healthy growth trajectory in the near future too.
A report by TMR Research offers key insights into the global nickel hydroxide market. To do so, it segments the market based on different parameters and studies each segment in details. It studies the different factors promoting or hindering the market, the prevalent competitive scenario, and the growth prospects in the near future. It also furnishes an extensive qualitative analysis of the factors driving and restraining the market. It also furnishes a market attractiveness analysis and profiles prominent companies operating in it.
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Global Nickel Hydroxide Market: Drivers and Trends
The soaring demand for batteries worldwide is a major growth driver in the global market for nickel hydroxide. Nickel hydroxide are primarily used as electrodes in electrochemical batteries. Some of the unique perceived benefits of nickel hydroxide batteries are their longer life, better reliability, and superior performance, as compared to the other types of batteries. This has also led to their swift uptake.
Countering the growth in the market, however, is the rising concerns over its toxicity concerns. Nickel hydroxide releases toxic gases when heated. Exposure to nickel hydroxide can result in acute dermatitis and skin and asthma-like allergies. It affects kidneys, lungs, gastrointestinal tract, and the neurological system. Additionally, nickel hydroxide is a carcinogen that can up the risk of lung and nasal cancers. Besides, the concerns about health, another major market deterrent is the rising raw material prices that might hamper production in the upcoming years.
A noticeable trend in the global market for nickel hydroxide is the strong emphasis on improving the product portfolio by top-tier companies to enhance their consumer base. Additionally, savvy companies are expending their energies to tap into the emerging economies in Asia Pacific, the Middle East and Africa, and Latin America, as they exhibit solid potential.
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Global Nickel Hydroxide Market: Regional Outlook
Based on geography, the key segments of the global market for nickel hydroxide are Europe, North America, Asia Pacific, and the Rest of the World. Asia Pacific, among them, is a lucrative market that is poised for robust growth in the near future. In fact, China in Asia Pacific is a top producer and consumer of nickel hydroxide due to the substantial usage of electrochemical batteries. The market in Latin America too is expected to grow at a rapid pace. At present, North America and Europe are dominating in terms of market share.
Companies Mentioned in Report
To present a detailed assessment of the competition prevailing in the global market for nickel hydroxide, the report profiles companies such as ALT Cobalt & Nickel, Sigma-Aldrich Co. LLC., Sumitomo Metal Mining Co., Ltd, , Norilsk Nickel, Nippy Chemicals, Jien Nickel, BHP Billiton, Vale, Glencore, ERAMET, Hard Creek, and Henan Kelong.