As per the newly released data by Fact.MR, the ni-MH 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.
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 Nano-Particle 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 Nano-Particle 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 ni-MH 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:
Purity
Appearance
End Use
End-Use Industry
Key Questions Covered in the Powder Nickel Hydroxide Market Outlook Report
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