Albany, NY -- (SBWIRE) -- 03/01/2017 -- Nickel hydroxide is an integral chemical compound which finds application primarily in the manufacture of nickel cadmium batteries and as a catalyst in certain chemical reactions. It is mostly used in rechargeable battery electrodes, by oxidation to nickel (III) oxide-hydroxide. Nickel hydroxide is an insoluble green, crystalline, inorganic chemical compound exhibiting strong redox properties. So far, it has found widespread application in the manufacture of mid-high rate batteries and pocket batteries. Some of its end use industries are agriculture, electrochemical, chemical, and food, among others.

The global market for nickel hydroxide has witnessed steady growth in the past few years and is expected to tread on a healthy growth trajectory in the near future too.

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A report by TMR Research offers key insights into the global nickel hydroxide market. To do so, it segments the market based on different parameters and studies each segment in details. It studies the different factors promoting or hindering the market, the prevalent competitive scenario, and the growth prospects in the near future. It also furnishes an extensive qualitative analysis of the factors driving and restraining the market. It also furnishes a market attractiveness analysis and profiles prominent companies operating in it.

Global Nickel Hydroxide Market: Drivers and Trends

The soaring demand for batteries worldwide is a major growth driver in the global market for nickel hydroxide. Nickel hydroxide are primarily used as electrodes in electrochemical batteries. Some of the unique perceived benefits of nickel hydroxide batteries are their longer life, better reliability, and superior performance, as compared to the other types of batteries. This has also led to their swift uptake.

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Countering the growth in the market, however, is the rising concerns over its toxicity concerns. Nickel hydroxide releases toxic gases when heated. Exposure to nickel hydroxide can result in acute dermatitis and skin and asthma-like allergies. It affects kidneys, lungs, gastrointestinal tract, and the neurological system. Additionally, nickel hydroxide is a carcinogen that can up the risk of lung and nasal cancers. Besides, the concerns about health, another major market deterrent is the rising raw material prices that might hamper production in the upcoming years.

A noticeable trend in the global market for nickel hydroxide is the strong emphasis on improving the product portfolio by top-tier companies to enhance their consumer base. Additionally, savvy companies are expending their energies to tap into the emerging economies in Asia Pacific, the Middle East and Africa, and Latin America, as they exhibit solid potential.

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Global Nickel Hydroxide Market: Regional Outlook

Based on geography, the key segments of the global market for nickel hydroxide are Europe, North America, Asia Pacific, and the Rest of the World. Asia Pacific, among them, is a lucrative market that is poised for robust growth in the near future. In fact, China in Asia Pacific is a top producer and consumer of nickel hydroxide due to the substantial usage of electrochemical batteries. The market in Latin America too is expected to grow at a rapid pace. At present, North America and Europe are dominating in terms of market share.

Companies Mentioned in Report

To present a detailed assessment of the competition prevailing in the global market for nickel hydroxide, the report profiles companies such as ALT Cobalt & Nickel, Sigma-Aldrich Co. LLC., Sumitomo Metal Mining Co., Ltd, , Norilsk Nickel, Nippy Chemicals, Jien Nickel, BHP Billiton, Vale, Glencore, ERAMET, Hard Creek, and Henan Kelong.

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