The Report Global Nickel Hydroxide Market by Type ( Condenser, Evaporator, Water Coil ) by Application ( Automotive, HVAC, Commercial Refrigeration, Others ) Industry & Region- Forecast 2029.This comprehensive market research report delves into the diverse aspects of the global Nickel Hydroxide Market. It analyzes the historical trends from 2016 to 2022 while offering insights into the anticipated growth trajectory until 2029. The impact of various external factors, including the COVID-19 pandemic, is meticulously examined to provide a holistic understanding of the market landscape. The report encompasses a detailed assessment of key players, market leaders, followers, and new entrants, applying rigorous research methodologies.
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Market Value :
Global Nickel Hydroxide Market is anticipated to reach US$ 2.68 Bn. by 2029 from US$ 1.78 Bn. in 2022 at a CAGR of 5.99%during a forecast period.
Market Drivers and Restraints:
The soaring demand for batteries across the globe is a significant driver propelling the Nickel Hydroxide Market’s expansion. Electrochemical batteries heavily rely on nickel hydroxide for their electrodes, owing to its remarkable reliability, enhanced performance, and prolonged battery life. The market is currently witnessing a surge in technological advancements, mergers, joint ventures, and agreements, further catalyzed by the synthesis of nickel hydroxide and its application spectrum.
However, the market growth is restrained by concerns about the toxicity of nickel hydroxide. Rising awareness about its potential carcinogenic attributes has led to reservations within industries employing nickel hydroxide, potentially hampering its market growth.
Global Nickel Hydroxide Market Segment Analysis :
Base On The Type:
The battery segment seized the lion’s share of the market in 2022, primarily driven by the escalating adoption of nickel hydroxide-based batteries in hybrid electric vehicles and portable devices. Notably, nickel hydroxide plays a pivotal role in powering electric hybrid car batteries, contributing to their increasing demand. The automotive sector is poised to continue driving nickel hydroxide sales, especially with the transition toward hybrid electric vehicles.
Base On The End Use:
The automotive sector remains a significant growth driver, as numerous vehicle manufacturers transition toward hybrid electric vehicle versions. Moreover, the surge in electric vehicle registrations underscores the consumer shift toward greener alternatives. As countries worldwide bolster their solar infrastructure, the chemical sector stands to benefit from nickel hydroxide’s impurity-removing capabilities.
In terms of End Use, the battery segment’s market share in 2022 . The most often used battery substance for hybrid electric vehicles has been nickel hydroxide. This has to do with the nickel hydroxide that is used in the batteries of electric hybrid vehicles. As a result, the demand for pure nickel hydroxide, which is used in these batteries, has skyrocketed. Because they can be held in a discharged condition for extended periods of time without suffering any damage and because they work well in warm situations, nickel-based batteries are robust to electrical use. Nickel-based batteries are used in standby, electric vehicles (EVs), hybrid electric vehicles (HEVs), and aviation starters.
Nickel-based batteries have several applications and are particularly well-suited to electrically or mechanically demanding applications. The use of nickel hydroxide in the automotive industry has increased.
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In terms of regional insights, the Asia Pacific region, particularly China, dominates the Nickel Hydroxide Market due to its burgeoning industrialization and escalating usage of electrochemical batteries. Europe follows closely, witnessing substantial growth driven by the adoption of nickel hydroxide in electric hybrid vehicles. North America stands as the third-largest market, witnessing a surge in electric and hybrid car sales, thereby amplifying the demand for nickel hydroxide.
Global Nickel Hydroxide Market Key Companies :
1. American Elements, 2. Bochemie, 3. GFS Chemicals, 4. Jiangmen Chancsun Umicore Industry, Co. Ltd., 5. Jilin Jien Nickel Industry, 6. Kansai Catalyst Co, Ltd., 7. Kelong New Energy Co, Ltd, 8. Norn Nickel, 9. Sumitomo Metal Mining, 10. Supraveni Chemicals, 11. Tanaka Chemicals, 12. Tinchem Enterprise, 13. Umicore, 14. Yantai Cash
Report on the Nickel Hydroxide Market’s Objectives:
Market landscape study for nickel oxide
benchmarking that is competitive
Industry history and present conditions, along with projected market size and trends
Evaluation of possible significant actors, including industry pioneers, laggards, and newcomers
trends in technology
Potential market microeconomic elements’ effects
Market-affecting internal and external factors have been examined.
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