Dublin, Jan. 05, 2023 (GLOBE NEWSWIRE) -- The "Global Zinc-based Battery Market Research and Forecast, 2022-2028" report has been added to ResearchAndMarkets.com's offering.
The global zinc-based battery market is anticipated to grow at a significant CAGR of 5.8% during the forecast period. A zinc-based battery is a rechargeable battery using zinc as an anode. It powers various applications such as electric vehicles, toys, drones, cameras, flashlights, and so on.
The main element used in these batteries is zinc which is the fourth most abundant element and is much cheaper as compared to other materials used in lithium-ion or nickel-metal hydride batteries. The market for the zinc-based battery is expected to show significant growth due to increasing demand for consumer electronics such as cameras, laptops, game players, toys, and others. In addition, the increasing market of electric vehicles further augments the growth of the market in the future.
Another major factor driving the growth of the market includes the low cost of zinc-based batteries as compared to other batteries such as lithium-ion batteries and nickel-cadmium batteries. However, factors such as the presence of alternatives in the market and the low shelf life of zinc-based batteries hinder the growth of the market.
It is challenging to use lithium batteries for stationary applications. Zinc-based batteries are an alternative to lithium batteries which are rapidly gaining popularity. The zinc-ion batteries had been studied to be 50% economical than standard lithium-ion batteries by Salient Energy, Inc. Additionally, it is safer and lasts longer as compared to lithium batteries.
Impact of COVID-19 Pandemic on Global Zinc-based Battery Market
The COVID-19 pandemic has impacted all industries and the zinc-based battery market is also not left untouched. The supply chain disruption had created problems for the supply of raw materials as well as finalized products. According to the International Energy Agency, electric vehicle sales had fallen 15% throughout the globe which had certainly impacted the zinc-based battery market. However, increased demand of medical equipment had supported the market to stablise.
Segmental Outlook
The global zinc-based battery market is segmented based on type, usability, and end-users. Based on the type, the market is segmented into zinc-air battery, nickel-zinc battery, zinc-silver battery, carbon-zinc battery, zinc-chloride battery, and zinc-Mn battery. Based on the usability, the market is segmented into primary battery, and secondary battery. Based on the end-users, the market is segmented into automobile, consumer electronics, industrial, and others.
Zinc-Air Batteries Holds the Major Share in the Global Zinc-based Battery Market
The major market players are working hard to make rechargeable batteries, which will be a major turnaround for the whole battery industry. This rechargeability will be a major determining factor for stationary power and electric vehicles. Zinc-air batteries hold the major share in the market owing to their increasing usage in traffic signals including LED traffic lights, and traffic signals. Attributing to strong vibration resistance, zinc-air batteries are extensively used in railways.
In terms of application, the consumer electronics and automobile segment holds the major share in the market. With the increasing digitalization, the demand for consumer electronics is growing which will drive the zinc-based battery market growth. The increasing government efforts for electric vehicles to reduce carbon emissions will generate a huge growth opportunity for the zinc-based battery market.
Regional Outlooks
The global zinc-based battery market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others, and the Rest of the World (the Middle East and Africa, and Latin America). The technological advancement in North America will give considerable growth to the zinc-based battery market in the region.
The Asia Pacific will Exhibit Fastest Growth in the Market of Zinc-based Batteries
The Asia Pacific market of zinc-based batteries is expected to grow fastest during the forecast period owing to the supportive government initiatives, especially towards electric vehicles. India and China are the major contributing nations in this regional growth.
According to the National Investment Promotion & Facilitation Agency of India, the automobile sector contributes 7.1% to the national GDP.
As per the Paris agreement 2015, the nation is trying to reduce its carbon emission by 30-35% by 2030 and electric vehicles are the major part of this project. As the number of electric vehicles increases in the country the zinc-based battery market will grow significantly in the country.
The increasing number of hearing disorders in the US and Europe is giving growth to the zinc-based battery market as these batteries are used in hearing aids. In the Middle East and Africa, lithium-ion batteries dominate the battery market, thus the zinc-based battery market has slow growth in this region.
Market Players Outlook
The major companies serving the global zinc-based battery market include Duracell, Inc., Panasonic Corp., Electric Fuel, Inc., GPB International Ltd., RedFlow Ltd., EaglePicher Technologies LLC, and others.
The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market.
For instance, Energizer Holdings, Inc. had increased the prices of its battery portfolio in June 2021 to offset the cost inflation. This price increment is majorly done in the North American market which is phased for throughout the fiscal year 2022.
The Report Covers
- Market value data analysis of 2020 and forecast to 2027.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global zinc-based battery market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying 'who-stands-where' in the market.
Key Topics Covered:
1. Report Summary
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. Overview
3.1.2. Financial Analysis
3.1.3. SWOT Analysis
3.1.4. Recent Developments
3.2. Key Strategy Analysis
3.3. Impact of COVID-19 on Key Players
4. Market Determinants
4.1. Motivators
4.2. Restraints
4.3. Opportunities
5. Market Segmentation
5.1. Global Zinc-Based Battery Market by Type
5.1.1. Zinc-Air Battery
5.1.2. Nickel-Zinc Battery
5.1.3. Zinc-Silver Battery
5.1.4. Carbon-Zinc Battery
5.1.5. Zinc-Chloride Battery
5.1.6. Zinc-Mn Battery
5.2. Global Zinc-based Battery Market by Usability
5.2.1. Primary Battery
5.2.2. Secondary Battery
5.3. Global Zinc-Based Battery Market by End-User
5.3.1. Automobile
5.3.2. Consumer Electronics
5.3.3. Industrial
5.3.4. Others
6. Regional Analysis
7. Company Profiles
7.1. Duracell Inc.
7.2. EaglePicher Technologies LLC
7.3. Electric Fuel Ltd.
7.4. Energizer Holdings, Inc.
7.5. EnZinc
7.6. Eos Energy Enterprises, Inc.
7.7. GPB International Ltd.
7.8. Guangzhou Tianqiu Enterprise Co., Ltd.
7.9. Imprint Energy, Inc.
7.10. NantEnergy, Inc.
7.11. Panasonic Corp.
7.12. Redflow Ltd.
7.13. Revolt Technology AS
7.14. Shenzhen Tcbest Battery Industry Co., Ltd.
7.15. ViZn Energy Systems
7.16. ZAF Energy Systems, Inc.
7.17. ZeniPower (Zhuhai Zhi Li) Battery Co., Ltd.
7.18. Zinc8 Energy Solutions, Inc.
7.19. ZincFive, Inc.
7.20. ZPower, LLC
For more information about this report visit https://www.researchandmarkets.com/r/eqdzrq
