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.
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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.
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.
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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.
Key Segments of Nickel Hydroxide Industry Survey
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By Purity
- 2N Nickel Hydroxide
- 2N5 Nickel Hydroxide
- 3N Nickel Hydroxide
- 3N5 Nickel Hydroxide
- 4N Nickel Hydroxide
- 5N Nickel Hydroxide
-
By Appearance
- Powder Nickel Hydroxide
- Nano-Particle Nickel Hydroxide
- Spherical Nickel Hydroxide
-
By End Use
- Battery
- Ni-MH
- Ni-Cd
- Electroplating
- Catalysts
- Photo-catalysis
- Electro-catalysis
- Battery
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By End-use Industry
- Chemicals
- Electricals
- Automobiles
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Competitive Landscape
The nickel hydroxide industry has remained moderately fragmented in nature, with vital players continuing to expand their share in the market. They have adopted a blend of organic and inorganic growth strategies to expand their geographical presence, and, in turn, improve their access to untapped markets.
- Japan’s Sumitomo Metal Mining is investing US$ 424 million in increasing its cathodic material manufacturing capacity. It has a vision for a new nickel-based cathodic material facility to be built in western Japan.
- Norilsk Nickel, commonly known as Norn Nickel, a global leader in the nickel industry, has decided to increase its manufacturing capacity of battery raw materials.
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