Drivers and Restraints
Due to the growing demands of nickel hydroxide as
electrodes in electrochemical batteries, the global nickel hydroxide market is
expected to experience a high demand growth. The long battery life, utmost
efficiency, and superior performance of the nickel hydroxide-based batteries
are expected to drive the growth of the global nickel hydroxide market as
opposed to other types of batteries.
Rising toxicity issues, however, hampers business
expansion. The carcinogenic effects of nickel hydroxide are associated with an
elevated chance of developing lung and nasal cancers. Exposure to this material
can cause serious allergies such as dermatitis, acne and asthma. This affects
the nervous system and the liver , kidneys, gastrointestinal tract. This emits
poisonous gases of metallic Nickel when heated until decomposition. Therefore
the Ni2 + ion-related toxicity issues are likely to impede the expansion of the
global demand for nickel hydroxide. Furthermore, rising raw material prices
could impede the growth of the global nickel hydroxide market over the forecast
period.
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Major Players
Some of the eminent players operating in the
global nickel hydroxide market are Umicore Industry Co., Ltd, Sigma-Aldrich,
Inc., Alt Cobalt and Nickel Products (dalian). Co. Ltd, Norilsk Nickel, Nippy
Chemicals., Jilin Jien Nickel Industry Co., Ltd., American elements,
Tinchem Enterprise, Kelong, Umicore, Triveni chemicals., Tanaka Chemical
Corporation, SUMITOMO METAL MINING CO.,LTD., ZincFive, Inc., Jiangmen chancsun
and Changsha Xinye Industrial Co. Ltd.
Market Segmentation
The global market for nickel hydroxide is
segmented into the product and end-use sectors.
The global demand for nickel hydroxide is
segmented into batteries, catalysts and others depending on the applications
(ceramics, glass, optics, some other electrochemical applications)
Centered on end-user sector, the global demand
for nickel hydroxide is segmented into the automobile, telecommunications,
pharmaceutical, and other industries.
Regional Overview
The nickel hydroxide market is segmented across
five regions, namely, Asia Pacific, North America, Europe, Latin America, and
the Middle East & Africa.
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Between these, Asia Pacific has a large market
share owing to the growing use of nickel hydroxide in the manufacture of
batteries. The growing demand for nickel hydroxide batteries in portable
devices, hybrid electric vehicles and several consumer products has propelled
the region to witness a higher growth over the evaluation period. Countries
like Japan and South Korea with a large base in the electronics industry fuel
demand for the hydroxide nickel market. Subsequently, China and India are
projected to raise demand for nickel batteries because of their use in hybrid
electric vehicles. China has the world 's biggest automotive industry, and is
implementing plans to ban fossil fuel cars from emission control and switching
to hybrid vehicles. Besides this, the electronics industry in India and China
is also rising at a faster pace to complement their increasing economy. In
addition, renowned electronics manufacturers are moving their manufacturing
plants to this area due to the simple investment requirements, free business
policy, speed up the process and other stimulus steps provided by those
countries. In addition, increasing urbanization, increased buying power and the
people's disposable income in this area encourage development of the market.
Europe is expected to experience massive demand
for nickel hydroxide due to its use in electric hybrid vehicles. In addition to
this, the use of nickel hydroxide in consumer electronics and other handheld
products is also expected to contribute to the growing market demand for nickel
hydroxide. The transport strategy of the Government of Norway sets a specific
goal that all new passenger cars and vans delivered in 2025 will be vehicles
with zero emissions. That tends to significantly increase the consumption of
nickel hydroxide batteries.
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