Hydrogen Storage Alloys Market Forecasts to 2028 – Global Analysis By Type (AB2, AB5), Application (Cooling Devices, Rechargeable Batteries, Fuel Cells, Hydrogen Recovery Or Separation), and By Geography
According to Stratistics MRC, the Global Hydrogen Storage Alloys Market is accounted for $2,633.13 million in 2020 and is expected to reach $5,402.69 million by 2028 growing at a CAGR of 9.4% during the forecast period. Some of the key factors propelling the market growth include the surge in hydrogen generation and storage systems, increasing demand of environmentally friendly technologies for the automotive industry, and growing demand for hydrogen storage alloys for electrochemical applications. However, high cost and complex nature associated with hydrogen energy storage systems is likely to hamper the market.
Hydrogen storage alloys are metallic materials which is able to reversibly absorb and release significant amounts of hydrogen from the gas phase or electrochemically. It is the most vulnerable component of Ni- MH cell which renders susceptibility to corrosion in the strong alkaline environment. These alloys are pulverized during charge & discharge processes due to repeated lattice expansion and shrinkage results in hydrogen absorption and desorption. These alloys are acts as a good hydrogen storage material due to its properties such as low cost, high safety and non- greenhouse gas.
By alloy type, titanium hydrogen storage segment is anticipated to grow at a significant rate during the forecast period, because they have high affinity for hydrogen, light in weight and react reversibly with hydrogen.
On the basis of geography, North America region is expected to have considerable market growth during the forecast period, due to rising demand of environmentally friendly technologies for the automotive industry increases exponentially, and this opens new possibilities for a novel player in the mobility sector.
Some of the key players in Hydrogen Storage Alloys Market include Liaoning Kingpowers Group, China Northern Rare Earth (Group) High-Tech, Guangdong Rising Nonferrous Metals Group, Chuo Denki Kogyo, Merck KGaA, Japan Metals & Chemicals, Whole Win (Beijing) Materials Science and Technology Company, Ajax Tocco Magnethermic Corporation, Baotou Santoku Battery Materials Co., Ltd., Xiamen Tungsten Co. Ltd, H Bank Technology, Santoku Corporation, AMG Titanium Alloys & Coatings LLC, Jiangmen Kanhoo Industry Co. Ltd, Mitsui, Lab Tech, and American Elements.
Alloy Types Covered:
• Zirconium Hydrogen Storage
• Rare Earth Hydrogen Storage
• Titanium Hydrogen Storage
• Magnesium (Mg) Hydrogen Storage
• Iron (Fe) Hydrogen Storage
Sales Channels Covered:
• Direct Sales
• Cooling Devices
• Rechargeable Batteries
• Fuel Cells
• Hydrogen Recovery Or Separation
• Refrigeration and Heating Equipment
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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