The scope of our recent study on the “Hydrogen Storage Alloys Market Forecast t2028 – COVID-19 Impact and Global Analysis – by Type (AB5 and AB2) and Application (Rechargeable Batteries, Cooling Devices, Fuel Cells and Others)” includes the factors fueling the market growth, revenue estimation and forecast, and market share analysis, along with the identification of significant market players and their key developments.
The hydrogen storage alloys market was valued at US$ 2,406.88 million in 2019 and is projected treach US$ 4,535.53 million by 2028; it is expected tgrow at a CAGR of 7.3% from 2020 t2028. Hydrogen storage alloys are classified intintermetallic compounds of several types such as AB5, AB2, AB, and A2B. Where group A elements basically consist of La, Ti, Zr, Mg, etc. and B consist of Ni, Co, Fe, Mn, etc. whose hydrides are thermodynamically stable and unstable, respectively. Among these AB5 and AB2 are the most promising and widely used hydrogen storage alloys. These alloys are metallic materials that have a unique ability treversibly absorb and release significant amounts of hydrogen from the gas phase or electrochemically.
Based on application, the hydrogen storage alloys market is segmented intrechargeable batteries, cooling devices, fuel cells and others. The rechargeable batteries segment held the largest share in the global hydrogen storage alloys market in 2019. Hydrogen storage alloys such as AB2 and AB5 are widely used in rechargeable batteries such as NiMH batteries, lithium-ion based batteries and metal-air batteries. Though the market for these batteries is currently at a mature stage and its technology offers limited scope for innovation they are vital component of the power source in consumer appliances and industrial applications. For instance, NiMH batteries installed in several gadgets such as toys, cameras electronics, other electronics and hybrid vehicles, and electric cars. Similarly, lithium-ion battery finds its major application in laptops, PDAs, cell phones, and iPods. Enhanced chemical and mechanical stability of hydrogen storage alloys make them a popular choice for these batteries. Thus, the rapid growth of the electrical and electronic sector acts as a major driver for the growth of the rechargeable batteries which eventually supports the growth of hydrogen storage alloys.
The global hydrogen storage alloys market is segmented intfive main regions—North America, Europe, Asia Pacific (APAC), Middle East & Africa (MEA), and South America (SAM). In 2019, APAC contributed tthe largest share in the global hydrogen storage alloys market. The growth of the hydrogen storage alloys market in this region is primarily attributed tthe development of new applications such as hydrogen powered fuel cells for transportation. Escalating demand for clean energy generation has increased use of fuel cell-based vehicles which is driving the market for hydrogen storage alloys in the region. In addition, hydrogen storage alloys find vast applications in electronics devices such as smartphones, laptops, PDAs and other consumer electronics. Surge in demand for consumer electronics in developing countries such as India and China is expected tsupport the growth of hydrogen storage alloys market. Hydrogen storage technology has its wide application in chemicals, metal working, general industrial, transportation, stationary power, portable power, and transportation. Hydrogen storage alloys are used in fuel cell, cooling devices, rechargeable batteries and other components such as sensors, activators, purification, heat pumps. They are alsused in devices used for isotope separation, thermal storage, and refrigeration. Thus, the growing demand of hydrogen storage alloys for non-electrchemical applications is projected tboost the demand for hydrogen storage alloys over the forecast period. Increasing focus on research & development (R&D) for the development of hydrogen storage technology and increasing adoption of technological advancements and growth in automotive and electronics industry in the APAC region offer lucrative business opportunities for hydrogen storage alloys.
Impact of COVID-19 Pandemic on Hydrogen Storage Alloys Market
The COVID-19 pandemic is adversely affecting economies and industries in various countries due tgovernment-imposed lockdowns, and travel bans, and business shutdowns. The chemical & materials is one of the major industries suffering serious disruptions such as supply chain breaks, technology events cancellations, and office shutdowns. The shutdown of various plants and factories in North America, Europe, Asia Pacific, South America, and the Middle East and Africa has restricted the global supply chain and negatively impacted the manufacturing activities, delivery schedules, and product sales. Furthermore, various companies have already predicted possible delays in product deliveries and slump in future sales of their products. The travel bans imposed by countries in Europe, Asia, and North America are hindering the business collaborations and partnerships opportunities. All these factors are hampering the activities in the chemical & materials industry, which are restraining the growth of various markets related tthis industry.
Hydrogen Storage Alloys Market, by Coverage Type
Hydrogen Storage Alloys Market, by Application
- Rechargeable Batteries
- Cooling Devices
- Fuel Cells
Hydrogen storage alloys Market, by Geography
- North America
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- South America
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