Nickel Hydroxide Market Scenario
Nickel Hydroxide Market Anticipated to Generate USD 2,841 Million Fueled by Various Industrial Application & Growth by 2023
The electrical industry has observed a staggering growth in the past decade. This industry owes its progression to numerous discoveries that have taken place over the years. As a result of the extension of the bigger canopy i.e. electrical sector, smaller markets like nickel hydroxide get a chance to flourish. According to a recent research study distributed by Market Research Future, this market will expand enormously during the forecast period of 2017-2023.
Nickel Hydroxide Market finds its most common application in rechargeable battery electrodes. It can be distinguished by the chemical formula Ni(OH)2. Nickel hydroxide is an insoluble chemical compound that possesses strong redox properties. In physical form, this material is translucent emerald-green crystal and it is extracted in the form of a thin sheet nearby the boundaries of chlorite and idocrase crystals.
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Market Players & Key Strategies
There are many who have invested in the global market for nickel hydroxides. Furthermore, the market witnesses a steady flow of new entrants as well. Some of the most renowned players in this market can be recognized as Sigma-Aldrich, Inc., Norilsk Nickel, Alt Cobalt and Nickel Products (dalian). Co. Ltd, Nippy Chemicals., Jilin Jien Nickel Industry Co., Ltd., American elements, Tinchem Enterprise, Kelong, Umicore, Triveni chemicals., SUMITOMO METAL MINING CO.,LTD., Tanaka Chemical Corporation, ZincFive, Inc., Jiangmen chancsun Umicore Industry Co., Ltd, and Changsha Xinye Industrial Co. Ltd. Major players are turning towards Asia Pacific and Middle East Africa as these areas have ample opportunities.
In terms of figures, the future looks pretty fulfilling for this market. The global market for nickel hydroxide is estimated to grow at a moderate CAGR of around 6%. Whereas the revenue rates are expected to surge as well. Back in 2016, the market was valued at USD 2,298 million whereas, by the end of the forecast period, the market is anticipated to generate USD 2,841 million.
Recently, the demand for nickel hydroxide has surged as they can be efficiently used as electrodes in electrochemical batteries. This fact acts as one of the primary growth boosters for this market. On the other hand, the benefits that the compound itself offers superior performance, longer battery life and reliability further propel the market’s expansion.The market may have to deal with certain minor restraints like high toxicity of this compound and fluctuating raw material costs. The stakeholders are working on these problems and they will soon enough find a plausible solution.
Elon Musk recently decided that he will be expanding his business out of California with an aim to make electric vehicles a real and common concept. He has demanded batteries with longer life and this demand has worked wonders for the nickel hydroxide market giant Tanaka Chemical. A partnership amongst the two giants seems to be on the cards and the market has high hopes for this development.
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Market Research Future is an expert in providing research reports on chemicals and materials amongst other domains. It recently released a report on ‘Nickel Hydroxide Market’ and there is an entire segment that is dedicated to segmental analysis. Here are some minor snippets of that section of the report.
Applications Batteries. The batteries segment is further branched out into mid-high rate batteries and pocket batteries. Mid-high range batteries secure the greater share of the market followed by pocket batteries.
End users Chemical industries, electrochemical batteries, agriculture industry and food industry.
Comprehensive Regional Analysis
The nickel hydroxide market has very effectively established its hold on all the major areas of the world. Some of the regions where the market’s presence can be predominantly observed can be listed as Europe, Asia Pacific, North America and Rest of the World.
After an extensive evaluation of the growth trends of all the aforementioned regions, the research report by Market Research Future concluded that it was Asia Pacific that accounted for the largest share of the market. It could be majorly credited to the business brought in by China and also to the higher margin of investments by the stakeholders in this region. The other regions mentioned above are expected to grow at a steady pace throughout the projection span.
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