Nickel Hydroxide Market Size

Nickel Hydroxide Market size is poised to reach USD 7 billion by the end of 2036, growing at a CAGR of 7% during the forecast period, i.e., 2024-2036. In the year 2023, the industry size of nickel hydroxide was USD 4 billion. The reason behind the growth is impelled by the growing manufacturing of automobiles across the globe. One of the largest sectors of the global economy is the automotive manufacturing sector led by the growing automation, digitization, and rising disposable income levels among global consumers.

For instance, more than 55 million cars are made annually, up around half of the world's oil usage. Particularly, in 2022 over 85 million motor vehicles were produced globally, a 5% increase from 2021.

The growing advancements in battery technology are believed to fuel the nickel hydroxide market growth. Increasing battery energy density and adding fast charging capabilities are top priorities for battery and electric vehicle manufacturers which has led to the development of new, advanced batteries to increase the amount of energy that can be stored in batteries.