Pune India, Jan. 31, 2023 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the hydrogen storage alloy market is operating and is predicted to expand soon. The manufacturers and suppliers involved in the hydrogen storage alloys market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the type, application, and region. Apart from this, the key driving factors, restraints, potential growth opportunities, and market challenges are also discussed in the below paragraphs.
The significant players operating in the global hydrogen storage alloys market are AMG Titanium Alloys & Coatings LLC; Baotou Santoku Battery Materials Co., Ltd.; The Merck Group; Jiangmen Kanhoo Industry Co. Ltd; Japan Metals & Chemicals Co Ltd (JMC), Xiamen Tungsten Co. Ltd; Ajax Tocco Magnethermic Corporation; and American Elements among others. To achieve a substantial market share in the worldwide hydrogen storage alloys market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
The categories of intermetallic compounds under which hydrogen storage alloys fall include AB5, AB2, AB, and A2B. The hydrides of the majority of group A elements, such as La, Ti, Zr, and Mg, as well as group B elements, such as Ni, Co, Fe, and Mn, are, respectively, thermodynamically stable and unstable. Among these, AB5 and AB2 are the hydrogen storage alloys that are most efficient and often utilised. These metals have the unique ability to electrochemically or reversibly absorb and release huge amounts of hydrogen in the gas phase. Hydrogen is a plentiful and significant element in its gaseous state. The potential use of hydrogen as a vital source of energy in numerous applications has received a lot of attention in recent years. The Fuel Cell & Hydrogen Energy Association claims that as additional dispatchable energy sources progressively take the role of renewable energy sources, there is a major growth in the need for hydrogen generation and storage. According to the organisation, storing extra energy from renewable sources as hydrogen allows it to be used for a variety of purposes, such as fuel for gas turbines or piston engines. The International Energy Agency asserts that electrolysis-produced hydrogen has considerable potential for the future and exhibits great promise as a low-cost fuel source. Additionally, it predicts that by 2030, natural gas would be outperformed in terms of price and efficiency by hydrogen created from wind energy.
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Scope of Hydrogen Storage Alloys Market Report
| Report Metric | Information |
| Study Period | 2022-2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Market Share Unit | USD Million |
| Segments Covered | Type, Application, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | AMG Titanium Alloys & Coatings LLC; Baotou Santoku Battery Materials Co., Ltd.; The Merck Group; Jiangmen Kanhoo Industry Co. Ltd; Japan Metals & Chemicals Co Ltd (JMC), Xiamen Tungsten Co. Ltd; Ajax Tocco Magnethermic Corporation; and American Elements among others. |
Segmentation Analysis
The AB5 segment is expected to be the fastest-growing segment in 2022.
The type segment is AB2 and AB5. The AB5 segment is expected to witness the highest growth rate during the forecast period. The categories of intermetallic compounds under which hydrogen storage alloys fall include AB5, AB2, AB, and A2B. The hydrides of the majority of group A elements, such as La, Ti, Zr, and Mg, as well as group B elements, such as Ni, Co, Fe, and Mn, are, respectively, thermodynamically stable and unstable. Among these, AB5 and AB2 are the hydrogen storage alloys that are most efficient and often utilised. These metals have the unique ability to electrochemically or reversibly absorb and release huge amounts of hydrogen in the gas phase. Hydrogen is a plentiful and significant element in its gaseous state. The potential use of hydrogen as a vital source of energy in numerous applications has received a lot of attention in recent years.
The rechargeable batteries segment is expected to be the fastest-growing segment in 2022.
The application segment is fuel cells, rechargeable batteries, cooling devices, and others. The rechargeable batteries segment is expected to witness the highest growth rate during the forecast period. Hydrogen storage alloys like AB2 and AB5 are extensively used in rechargeable batteries, including NiMH batteries, lithium-ion batteries, and metal-air batteries. Despite the fact that the market for these batteries is currently mature and their technology offers little potential for innovation, these batteries are crucial components of the power supply in home appliances and industrial applications. For instance, NiMH batteries are utilised in a wide range of products, such as toys, cameras, electronics, hybrid cars, and electric vehicles. Lithium-ion batteries, which are primarily used in laptops, PDAs, cell phones, and iPods, are the same. Alloys for hydrogen storage are widely used in these batteries due to their enhanced chemical and mechanical stability.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for the hydrogen storage alloys include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The North America region witnessed a major share. The North American market for hydrogen storage alloys is being driven by the automobile industry's constantly expanding need for environmentally friendly technology, which opens up new potential for hydrogen, a new player in the mobility domain. One of the main factors propelling market expansion in North America is the fact that hydrogen storage alloys are specifically designed to fulfill customer needs. In addition, several US companies, including JMC, Inc. and Ajax Tocco Magnethermic Corporation, are actively designing and producing hydrogen storage vessels for both current and potential future applications, which will support an increase in demand for hydrogen storage alloys over the forecast period. A profitable market for hydrogen compounds has been created by the region's increasing need for electrical devices.
Country Analysis
- Germany
Germany's hydrogen storage alloy market size was valued at USD 0.75 million in 2022 and is expected to reach USD 1.19 million by 2030, at a CAGR of 6% from 2023 to 2030. The demand for hydrogen storage alloys in the area is anticipated to rise over the course of the forecast period as a result of technological advancement and growth in the electronic industry.
- China
China’s hydrogen storage alloy market size was valued at USD 0.78 million in 2022 and is expected to reach USD 1.26 million by 2030, at a CAGR of 6.2% from 2023 to 2030. The exponential growth in demand for environmentally friendly technology in the automotive industry is driving the market for hydrogen storage alloys in the area and opening up new chances for a new player.
- India
India's hydrogen storage alloy market size was valued at USD 0.60 million in 2022 and is expected to reach USD 0.96 million by 2030, at a CAGR of 6.1% from 2023 to 2030. The growing demand for electronic goods has created a profitable market for hydrogen compounds in the region.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of the hydrogen storage alloys market is mainly driven by the rise in hydrogen compounds.
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