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Global Battery Grade Spherical Nickel Hydroxide Market Size By Type, By Application, By End-Use, By Geographic Scope And Forecast

Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format

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Battery Grade Spherical Nickel Hydroxide Market Size And Forecast

Battery Grade Spherical Nickel Hydroxide Market size was valued at USD 1.53 Million in 2023 and is projected to reach USD 4.94 Million by 2030, growing at a CAGR of 18.6% during the forecast period 2024-2030.

Global Battery Grade Spherical Nickel Hydroxide Market Drivers

The market drivers for the Battery Grade Spherical Nickel Hydroxide Market can be influenced by various factors. These may include

  • Expanding Market for Electric Vehicles (EVs) Environmental concerns and government measures supporting electric mobility are driving an increased demand for electric vehicles, which in turn is driving up demand for high-performance batteries, notably those using nickel hydroxide.
  • Increasing Rechargeable Battery Demand The market for battery-grade spherical nickel hydroxide may be driven by the general increase in demand for rechargeable batteries, which is shown in the demand for batteries in consumer electronics, renewable energy storage systems, and electric cars.
  • Developments in Battery Technologies The need for cutting-edge materials like battery-grade spherical nickel hydroxide may be fueled by ongoing research and development efforts to improve the performance and energy density of batteries.
  • Enhanced Attention to Renewable Energy Storage The need for effective energy storage systems is increasing as the globe places more emphasis on the switch to renewable energy sources. Batteries based on nickel, especially those that employ nickel hydroxide, are taken into consideration for grid energy storage applications.
  • Policies and Incentives of the Government The market for battery-grade materials can be positively impacted by government policies, incentives, and subsidies that support the electric vehicle industry and the larger clean energy sector.
  • Localization and Resilience in the Supply Chain Market dynamics may be impacted by worries about the robustness of the supply chain and initiatives to localize the manufacturing of essential battery components, such as nickel hydroxide.
  • Growing Projects for Energy Storage Demand for advanced battery materials may increase in response to an increase in energy storage projects, such as those that support intermittent renewable energy sources like solar and wind.
  • Technological Advancements in the Production of Nickel Hydroxide Growth in the market may be fueled by innovations in the battery-grade nickel hydroxide production process that result in increased quality and cost effectiveness.
  • Trends in Consumer Electronics The need for high-performance batteries in consumer devices, like laptops and smartphones, may have an effect on the spherical nickel hydroxide market for batteries.

Global Battery Grade Spherical Nickel Hydroxide Market Restraints

Several factors can act as restraints or challenges for the Battery Grade Spherical Nickel Hydroxide Market. These may include

  • Volatility of Raw Material Prices Price fluctuations for the raw elements nickel and cobalt, which are needed to produce battery-grade spherical nickel hydroxide, might affect manufacturing costs overall and jeopardize the stability of the market.
  • Reliance on the Supply of Nickel Because nickel is so essential to the battery industry, any hiccups or uncertainty in the global nickel supply chain might have an impact on the cost and availability of battery-grade spherical nickel hydroxide.
  • Concerns About the Environment and Ethics Concerns about the ethical and environmental implications of nickel mining and processing could result in stricter laws and regulations, which could have an impact on the supply chain and drive up production prices.
  • Alternative Battery Chemistry’s Competition The competitive threat faced by nickel-based batteries due to advancements in alternative battery technologies, like solid-state batteries or lithium iron phosphate (LFP), affects the market for nickel hydroxide.
  • Technology Difficulties Restrictions may come from technical issues with the manufacturing procedure or the reliability and quality of battery-grade spherical nickel hydroxide, particularly if production scaling up proves to be challenging.
  • Situation of the World Economy Economic downturns have the potential to directly affect the demand for battery-grade materials by affecting the total market for consumer electronics, renewable energy projects, and electric automobiles.
  • Regulatory Adjustments Regulations pertaining to battery safety, recycling, or environmental impact may change, requiring modifications to production methods that could result in higher prices and more difficult compliance issues.
  • Restricted Infrastructure for Recycling Concerns regarding the sustainability of battery technologies and the environment may arise from the absence of a well-established recycling system for batteries containing nickel.
  • Geographical Aspects The supply chain for essential materials can be disrupted by geopolitical tensions and trade disputes, which can have an impact on the production and availability of spherical nickel hydroxide suitable for batteries.
  • Limitations on Production Capacity Shortages of battery-grade spherical nickel hydroxide may result from limited production capacity, particularly if demand for energy storage systems and electric vehicles increases quickly.

Global Battery Grade Spherical Nickel Hydroxide Market Segmentation Analysis

The Global Battery Grade Spherical Nickel Hydroxide Market is Segmented on the basis of Type, Application, End-Use Industry, and Geography.

Battery Grade Spherical Nickel Hydroxide Market, By Type

  • Nickel Hydroxide with Cobalt Adding cobalt to some battery-grade spherical nickel hydroxide compositions can improve the battery’s specific characteristics. In some high-performance applications, this kind may be recommended.
  • Nickel Hydroxide without Cobalt Concerns regarding the moral and environmentally friendly sources of cobalt are drawing attention to formulations that are cobalt-free. These compositions could be applied to batteries that want to lower or completely remove cobalt.

Battery Grade Spherical Nickel Hydroxide Market, By Application

  • Electric Vehicles (EVs) The energy density and performance of lithium-ion batteries used in EVs are greatly influenced by the presence of battery-grade spherical nickel hydroxide in the cathodes of these batteries.
  • Consumer Electronics The substance is also utilized in the batteries that power devices like tablets, laptops, and cellphones.
  • Energy Storage Systems Nickel hydroxide batteries are used in energy storage systems to facilitate grid stability and the integration of renewable energy sources.
  • Others Battery-grade spherical nickel hydroxide is used in a variety of specialized applications and cutting-edge technology; these applications are included in this category.

Battery Grade Spherical Nickel Hydroxide Market, By End-User

  • Automotive Industry The manufacturing of electric and hybrid electric vehicles is one of the main topics of discussion in this section.
  • Electronics Industry This sector comprises businesses that create consumer electronics, such as computers, wearable gadgets, and smartphones.
  • Energy Storage Industry Businesses in the energy storage sector design and produce energy storage systems for grid applications, renewable energy storage, and other stationary uses.

Battery Grade Spherical Nickel Hydroxide Market, By Geography

  • North America Taking into account regional variations in the market, demand, and trends.
  •  Europe Emphasizing trends and market dynamics in the European market for battery-grade spherical nickel hydroxide.
  • Asia-Pacific Analyzing elements that affect the market in the Asia-Pacific area, such as consumption, production, and new trends.
  • Latin America Examining the state of the markets in the region’s nations.
  • Middle East and Africa Examining the variables that affect the Middle East and African markets for battery-grade spherical nickel hydroxide.

Key Players

The major players in the Battery Grade Spherical Nickel Hydroxide Market are

  • Norilsk Nickel Group
  • Umicore
  • Sumitomo Metal Mining Co., Ltd.
  • American Elements
  • Supraveni Chemicals
  • Tanaka Chemical Corporation
  • Henan Kelong New Energy Co. Ltd.
  • Jilin Jien Nickel Industry Co. LTD.
  • Ningbo Tianqi Technology Material Co., Ltd.
  • Huayou Cobalt Nickel Materials Co., Ltd.

Report Scope

REPORT ATTRIBUTESDETAILS
Study Period

2020-2030

Base Year

2023

Forecast Period

2024-2030

Historical Period

2020-2022

Unit

Value (USD Million)

Key Companies Profiled

Norilsk Nickel Group, Umicore, Sumitomo Metal Mining Co., Ltd., American Elements, Supraveni Chemicals, Tanaka Chemical Corporation, Henan Kelong New Energy Co. Ltd., Jilin Jien Nickel Industry Co. LTD.

Segments Covered

By Type, By Application, By End-Use, By Geography.

Customization scope

Free report customization (equivalent to up to 4 analyst working days) with purchase. Addition or alteration to country, regional & segment scope

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