Nickel Hydroxide Market Size | Segments, Trends, Share, Growth, Demand, Industry Analysis, Key Player profile and Regional Outlook by 2030
Nickel hydroxide is used in numerous applications due to its ability to offer excellent thermal stability, durable nature, efficiency, and superior performance to the final product. Due to these factors, they are used in various applications such as electrical & electronics, food, agriculture, chemical, and others. The global nickel hydroxide market is spanned across five regions of the world namely Asia Pacific, Europe, North America, Latin America, and the Middle East & Africa. Among these, Asia Pacific holds a major share of the global market and is projected to continue leading, owing to growing consumption of nickel hydroxide in electrical & electronics, food, agriculture, chemical, and others. It is estimated that the electrical segment is set to observe the highest CAGR in the market due to the growing use of the product in cadmium batteries, hybrid vehicles, smart phone batteries, and others. Moreover, the increasing consumption of inorganic compound as an intermediate for the production of speciality nickel compounds in major industries has propelled the market to witness a rapid growth during the forecast period. These factors have led to China, India and Japan to be the major players of this region.
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The North America market is expected to grow at a higher CAGR due to extensive consumption of product in heavy end-use sectors. The U.S., Canada and Mexico have achieved a significant place in the market due to growing investments in end-use industries. The growing demand for nickel hydroxide in food, automotive, electrical & electronics sectors, and others is also estimated to drive the market during the forecast period.
A notable development is achieved in Europe due to the growing demand for nickel hydroxide as a mordant in the textile industry and its extensive use as a catalyst in hydrogenation process. The growing innovation and technological advancement have propelled the market to witness a higher growth. Owing to these factors, countries such as Germany, the U.K and Italy are the major contributors to this market.
A considerable development is predicted in the Latin American region such as in Brazil, Uruguay and Argentina due to the growing consumption of the product in end-use industries. Moreover, a rapid development is estimated in the Middle East & African region such as Qatar, the U.A.E, and others due to boundless use of lightweight product in electrical & electronics, and automotive industries.
Segmentation
The global nickel hydroxide market is classified into type and application segments. On the basis of type, the market is segregated into α Ni(OH)2, β Ni(OH)2, and γ Ni(OH)2 segments. On the basis of application, the market is bifurcated into aluminum metallurgy, production of welding agents, optical, glass manufacturing, and others.
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Competitive Analysis
Some of the well-known players operating in the global nickel hydroxide market are Norilsk Nickel (Russia), SUMITOMO METAL MINING CO., LTD (Japan), ERAMET (France), Tanaka Chemical Corporation (Japan), Jiangmen chancsun Umicore Industry Co., Ltd (China), KANSAI CATALYST Co., LTD (Japan), Super Conductor Materials, Inc (U.S.), ESPICorp Inc. (U.S.), Alufluor AB (Sweden), and Reade International Corp (U.S.) among others.