Nickel Hydroxide Market Valued at USD 1.95 Billion in 2024, Projected to Exceed USD 3 Billion by 2029
Global nickel hydroxide market size was valued at USD 1.8 billion in 2023. The market is projected to grow from USD 1.95 billion in 2024 to USD 3.2 billion by 2029, exhibiting a CAGR of 6.8% during the forecast period. The global Nickel Hydroxide market continues to demonstrate robust expansion, with increasing demand primarily driven by the rapid growth of the electric vehicle (EV) sector and renewable energy storage solutions. As a critical component in nickel-metal hydride (NiMH) batteries, nickel hydroxide plays a pivotal role in powering hybrid vehicles and consumer electronics. The material's electrochemical properties make it indispensable for applications requiring high energy density and rechargeability.
Nickel hydroxide is increasingly vital for battery manufacturers seeking sustainable alternatives to lithium-ion technologies in certain applications. Its use extends beyond energy storage to water treatment processes and as a catalyst in industrial chemical reactions, demonstrating remarkable versatility across sectors.
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