Surge in Hydrogen Generation and Storage Systems to Escalate Growth of Hydrogen Storage Alloys Market during 2020–2028
According to our latest market study on “Hydrogen Storage Alloys Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (AB5 and AB2) and Application (Rechargeable Batteries, Cooling Devices, Fuel Cells and Others),” the market was valued at US$ 2,406.88 million in 2019 and is projected to reach US$ 4,535.53 million by 2028; it is expected to grow at a CAGR of 7.3% from 2020 to 2028. The report highlights key factors driving the market growth and prominent players along with their developments in the market.
Hydrogen storage alloys are classified into intermetallic 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 to reversibly absorb and release significant amounts of hydrogen from the gas phase or electrochemically.
Hydrogen is considered as one of the significant elements and is abundantly available in gaseous state. The potential use of hydrogen as vital source of energy has drawn significant attention in recent years in various application According to Fuel Cell & Hydrogen Energy Association, the rising focus towards substituting renewables with different dispatchable energy sources has substantially driven the demand for hydrogen generation and storage. As per the association, hydrogen energy storage is technique of storing surplus energy, generated by renewables, so that it can be used for various purposes such as fuel for piston engines or gas turbines and others. As per International Energy Agency, hydrogen generated with the help of electrolysis mechanism holds great futuristic opportunities great promise as an economic fuel choice and predicts that such hydrogen created from wind sources would be comparatively be cost-efficient and cheaper than natural gas by 2030. Therefore, the demand for hydrogen generation and storage, potentially in underground caverns for large-scale energy storage or steel containers in smaller scale storage, is expected to rise. The growing focus over hydrogen as potential renewable energy source along with expanding demand for hydrogen energy storage is expected to stimulate the demand for hydrogen storage alloys in global market. Correspondingly, several techniques have been significantly used to store hydrogen, including hydrogen storage alloys, high-pressure hydrogen gas storage, liquid hydrogen storage, and others at hydrogen refueling stations.
Japan Metals & Chemicals Co., Ltd, Merck KGaA, Ajax Tocco Magnethermic Corporation, Baotou Santoku Battery Materials Co., Ltd., Santoku Corporation, American Elements, AMG Titanium Alloys & Coatings LLC, Jiangmen Kanhoo Industry Co., Ltd and Xiamen Tungsten Co., Ltd are among the well-established players operating in the global Hydrogen Storage Alloys market.
Impact of COVID-19 Pandemic on Hydrogen Storage Alloys Market
The COVID-19 pandemic is adversely affecting economies and industries in various countries due to government-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 to this industry.
Report : Hydrogen Storage Alloys Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Type (AB5, AB2); Application (Rechargeable Batteries, Cooling Devices, Fuel Cells, Others)
The report includes the segmentation of the global Hydrogen Storage Alloys market as follows:
Hydrogen Storage Alloys Market, by Coverage Type
Hydrogen Storage Alloys Market, by Application
Hydrogen Storage Alloys Market, by Geography