Nickel Hydroxide Market Trends

Growth Drivers

• Rising agriculture industry - Promising catalysts for effective urea oxidation reactions (UOR) include nickel hydroxide (Ni(OH)2), which is essential for agricultural growth.
• Increase need for efficient energy storage systems - Ni-based hydroxides are frequently appropriate for electrochemical energy storage, and grid-scale energy storage, as they have strong faradic activity, and as it is an essential component of energy storage technologies such as nickel-metal hydride (NiMH) batteries.
• Growing usage in waste water treatment - Nickel hydroxide is an important industrial substance with economic value and has garnered a lot of attention as a catalyst in industrial water treatment processes.
• Surging need for flame retardant materials - Nickel Hydroxide Nanopowder can be used as a flame retardant in coatings since it can stimulate the combustion process that produces carbon nanotubes (CNTs).

Challenges

• Availability of alternative batteries - Emerging alternative technologies such as lithium-ion batteries, and solid-state batteries are predicted to negatively impact the expansion of nickel hydroxide market. Essentially, a solid-state battery is a battery technology which substitutes a solid electrolyte for a liquid electrolyte that is referred to as "next-generation batteries" because they possess a greater energy density and twice as much energy density as traditional lithium-ion batteries.
• Varying price of nickel - For instance, more than 55% of nickel is in nickel hydroxide. Since last year, nickel prices have fluctuated, and a rise is anticipated in 2024 and 2025 owing to the opening of the arbitrage between the Shanghai Futures Exchange (SHFE) and LME, the nickel market deficit, declining LME stockpiles, high market premiums on all forms and in different markets, and notable backwardation.
• Stringent environmental regulations associated with nickel mining may impact the overall production costs