Hydrogen Storage Alloys Market
Hydrogen Storage Alloys Market Forecasts to 2030 - Global Analysis By Type (Metal Hydrides, Complex Hydrides, Intermetallic Compounds, Chemical Hydrides and Other Types), Storage Capacity, Sales Channel, Technology, Application and By Geography
|
Years Covered |
2022-2030 |
|
Estimated Year Value (2024) |
US $3.54 BN |
|
Projected Year Value (2030) |
US $5.21 BN |
|
CAGR (2024 - 2030) |
7.8% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
Asia Pacific |
|
Highest Growing Market |
North America |
According to Stratistics MRC, the Global Hydrogen Storage Alloys Market is accounted for $3.54 billion in 2024 and is expected to reach $5.21 billion by 2030 growing at a CAGR of 7.8% during the forecast period. Hydrogen storage alloys are materials that can absorb and release hydrogen gas through reversible chemical reactions. These alloys, often composed of metals such as nickel, titanium, or rare earth elements, form metal hydrides when they absorb hydrogen. Their primary use is in hydrogen storage systems, providing a safe, efficient means to store hydrogen for various applications, including fuel cells and energy storage. These alloys are valued for their high storage capacity, stability, and ability to release hydrogen at controllable rates under specific conditions.
According to the International Energy Agency, hydrogen produced via an electrolysis mechanism offers enormous potential for the future and shows great promise as a cheap fuel option.
Market Dynamics:
Driver:
Growing demand for clean energy
Hydrogen storage alloys play a critical role in storing hydrogen, a clean energy carrier, for later use in fuel cells and other applications. As industries and governments shift towards renewable energy sources to reduce carbon emissions, the demand for hydrogen storage technologies rises. This drives advancements and investments in hydrogen storage alloys, enhancing their efficiency, capacity, and cost-effectiveness, thereby boosting market growth.
Restraint:
Infrastructure limitations
Infrastructure limitations such as the scarcity of hydrogen refuelling stations pose a significant challenge to the hydrogen storage alloys market. Limited infrastructure hampers the widespread adoption of hydrogen fuel cell vehicles, restricting the demand for these alloys. Additionally, the high cost associated with establishing hydrogen refuelling infrastructure deters investment and adoption, thereby slowing down market growth.
Opportunity:
Rising adoption in automotive sector
Hydrogen alloys are essential for efficiently storing and releasing hydrogen in fuel cells, which are crucial for vehicle operation. As the demand for eco-friendly transportation solutions increases, automakers are investing more in hydrogen fuel cell technology. This drives the need for advanced hydrogen storage solutions, thus boosting the market for hydrogen storage alloys. Enhanced focus on reducing carbon emissions further accelerates this growth trend.
Threat:
Competition from alternative technologies
Competition from alternative technologies like compressed hydrogen gas and carbon-based materials pose a challenge to the hydrogen storage alloys market. Compressed hydrogen offers a simpler infrastructure and lower costs, while carbon-based materials promise higher storage capacities. These alternatives hamper the alloys market by providing competitive storage solutions that may be perceived as more cost-effective or technologically advanced, potentially diverting investment and research away from hydrogen storage alloys.
Covid-19 Impact
The covid-19 pandemic disrupted the hydrogen storage alloys market due to supply chain interruptions, decreased demand from key industries, and delayed projects. Despite these setbacks, the market is poised for recovery with increasing investments in clean energy and hydrogen technologies, spurred by the global emphasis on sustainable development and reducing carbon emissions. The post-pandemic focus on green energy is expected to drive long-term growth in this sector.
The complex hydrides segment is expected to be the largest during the forecast period
The complex hydrides segment is estimated to have a lucrative growth. Complex hydrides are a type of hydrogen storage alloy characterized by intricate molecular structures that enable high hydrogen storage capacities. They include materials like alanates and borohydrides, known for their ability to store and release hydrogen at moderate temperatures and pressures. Complex hydrides are promising for applications requiring compact and efficient hydrogen storage solutions, such as fuel cell vehicles and portable electronics, aiming to advance sustainable energy technologies.
The chemical absorption technology segment is expected to have the highest CAGR during the forecast period
The chemical absorption technology segment is anticipated to witness the fastest CAGR growth during the forecast period. Chemical absorption technology in hydrogen storage alloys involves reversible chemical reactions where hydrogen is absorbed and released. This process typically utilizes materials like metal hydrides, which absorb hydrogen under certain conditions and release it when conditions change. It's an efficient method for storing hydrogen safely and densely, crucial for applications in fuel cells, portable electronics, and energy storage systems seeking reliable hydrogen supply and distribution.
Region with largest share:
The hydrogen storage alloys market in the Asia Pacific region is experiencing significant growth due to increasing investments in renewable energy and hydrogen fuel technologies. Countries like Japan, South Korea, and China are leading the charge with substantial government support and industrial initiatives aimed at developing hydrogen economies. Japan's ""Basic Hydrogen Strategy"" and South Korea's hydrogen roadmap exemplify this commitment. Additionally, the automotive sector's shift towards hydrogen fuel cell vehicles and advancements in energy storage technologies further propel market expansion in this region.
Region with highest CAGR:
The hydrogen storage alloys market in North America is witnessing robust growth driven by rising investments in clean energy solutions and the development of hydrogen infrastructure. The U.S. and Canada are at the forefront, with substantial governmental and private sector initiatives supporting hydrogen storage and fuel cell technologies. The U.S. Department of Energy’s focus on hydrogen as a key element in achieving energy independence and reducing carbon emissions underscores this trend. Moreover, collaborations between industry leaders and research institutions are fostering advancements in hydrogen storage materials, enhancing market prospects.
Key players in the market
Some of the key players profiled in the Hydrogen Storage Alloys Market include BASF SE, AMETEK Specialty Metal Products, Mitsui Kinzoku ACT Corporation, Linde PLC, ESG Edelmetall-Service GmbH & Co. KG, Hitachi Corporation, Hydrogenious LOHC Technologies GmbH, ICL - Industrial Commodity Holdings, INFINIUM Metals, Magnesium Elektron Limited, Materion Corporation, Air Liquide S.A, China Rare Metal Material Corporation, Neo Performance Materials Inc., Sandvik Materials Technology, ABSCO Limited, Hydrexia Energy Technology and LAVO System.
Key Developments:
In April 2023, Hydrexia Energy Technology (China) (Hydrexia), a leading integrated hydrogen technology solution provider, has announced the launch of its innovative Metal Hydride Trailer (MH-100T) for hydrogen storage and distribution.
In August 2022, LAVO unveils new metal hydride alloy energy storage technology. The LAVO-led collaborative initiative, which also includes UNSW, Design + Industry, Providence, GHD, Varley, and Greater Springfield, has received a $221,875 co-investment from AMGC.
Types Covered:
• Metal Hydrides
• Complex Hydrides
• Intermetallic Compounds
• Chemical Hydrides
• Other Types
Storage Capacities Covered:
• Low Capacity Alloys
• Medium Capacity Alloys
• High Capacity Alloys
Sales Channels Covered:
• Direct Sales
• Distributors/Wholesalers
• Online Retail
• Third-party Online Platforms
• Other Sales Channels
Technologies Covered:
• Hydride Technology
• Physical Adsorption Technology
• Chemical Absorption Technology
Applications Covered:
• Transportation
• Medical
• Electronics
• Industrial Applications
• Renewable Energy Storage
• Other Applications
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Hydrogen Storage Alloys Market, By Type
5.1 Introduction
5.2 Metal Hydrides
5.3 Complex Hydrides
5.4 Intermetallic Compounds
5.5 Chemical Hydrides
5.6 Other Types
6 Global Hydrogen Storage Alloys Market, By Storage Capacity
6.1 Introduction
6.2 Low Capacity Alloys
6.3 Medium Capacity Alloys
6.4 High Capacity Alloys
7 Global Hydrogen Storage Alloys Market, By Sales Channel
7.1 Introduction
7.2 Direct Sales
7.3 Distributors/Wholesalers
7.4 Online Retail
7.5 Third-party Online Platforms
7.6 Other Sales Channels
8 Global Hydrogen Storage Alloys Market, By Technology
8.1 Introduction
8.2 Hydride Technology
8.3 Physical Adsorption Technology
8.4 Chemical Absorption Technology
9 Global Hydrogen Storage Alloys Market, By Application
9.1 Introduction
9.2 Transportation
9.3 Medical
9.4 Electronics
9.5 Industrial Applications
9.6 Renewable Energy Storage
9.7 Other Applications
10 Global Hydrogen Storage Alloys Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa
11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies
12 Company Profiling
12.1 BASF SE
12.2 AMETEK Specialty Metal Products
12.3 Mitsui Kinzoku ACT Corporation
12.4 Linde PLC
12.5 ESG Edelmetall-Service GmbH & Co. KG
12.6 Hitachi Corporation
12.7 Hydrogenious LOHC Technologies GmbH
12.8 ICL - Industrial Commodity Holdings
12.9 INFINIUM Metals
12.10 Magnesium Elektron Limited
12.11 Materion Corporation
12.12 Air Liquide S.A
12.13 China Rare Metal Material Corporation
12.14 Neo Performance Materials Inc.
12.15 Sandvik Materials Technology
12.16 ABSCO Limited
12.17 Hydrexia Energy Technology
12.18 LAVO System
List of Tables
1 Global Hydrogen Storage Alloys Market Outlook, By Region (2022-2030) ($MN)
2 Global Hydrogen Storage Alloys Market Outlook, By Type (2022-2030) ($MN)
3 Global Hydrogen Storage Alloys Market Outlook, By Metal Hydrides (2022-2030) ($MN)
4 Global Hydrogen Storage Alloys Market Outlook, By Complex Hydrides (2022-2030) ($MN)
5 Global Hydrogen Storage Alloys Market Outlook, By Intermetallic Compounds (2022-2030) ($MN)
6 Global Hydrogen Storage Alloys Market Outlook, By Chemical Hydrides (2022-2030) ($MN)
7 Global Hydrogen Storage Alloys Market Outlook, By Other Types (2022-2030) ($MN)
8 Global Hydrogen Storage Alloys Market Outlook, By Storage Capacity (2022-2030) ($MN)
9 Global Hydrogen Storage Alloys Market Outlook, By Low Capacity Alloys (2022-2030) ($MN)
10 Global Hydrogen Storage Alloys Market Outlook, By Medium Capacity Alloys (2022-2030) ($MN)
11 Global Hydrogen Storage Alloys Market Outlook, By High Capacity Alloys (2022-2030) ($MN)
12 Global Hydrogen Storage Alloys Market Outlook, By Sales Channel (2022-2030) ($MN)
13 Global Hydrogen Storage Alloys Market Outlook, By Direct Sales (2022-2030) ($MN)
14 Global Hydrogen Storage Alloys Market Outlook, By Distributors/Wholesalers (2022-2030) ($MN)
15 Global Hydrogen Storage Alloys Market Outlook, By Online Retail (2022-2030) ($MN)
16 Global Hydrogen Storage Alloys Market Outlook, By Third-party Online Platforms (2022-2030) ($MN)
17 Global Hydrogen Storage Alloys Market Outlook, By Other Sales Channels (2022-2030) ($MN)
18 Global Hydrogen Storage Alloys Market Outlook, By Technology (2022-2030) ($MN)
19 Global Hydrogen Storage Alloys Market Outlook, By Hydride Technology (2022-2030) ($MN)
20 Global Hydrogen Storage Alloys Market Outlook, By Physical Adsorption Technology (2022-2030) ($MN)
21 Global Hydrogen Storage Alloys Market Outlook, By Chemical Absorption Technology (2022-2030) ($MN)
22 Global Hydrogen Storage Alloys Market Outlook, By Application (2022-2030) ($MN)
23 Global Hydrogen Storage Alloys Market Outlook, By Transportation (2022-2030) ($MN)
24 Global Hydrogen Storage Alloys Market Outlook, By Medical (2022-2030) ($MN)
25 Global Hydrogen Storage Alloys Market Outlook, By Electronics (2022-2030) ($MN)
26 Global Hydrogen Storage Alloys Market Outlook, By Industrial Applications (2022-2030) ($MN)
27 Global Hydrogen Storage Alloys Market Outlook, By Renewable Energy Storage (2022-2030) ($MN)
28 Global Hydrogen Storage Alloys Market Outlook, By Other Applications (2022-2030) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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