Publication Month: Apr 2021 | Report Code: TIPRE00020902 | No. of Pages: 93 | Category: Chemicals and Materials | Status: Published
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.
In 2019, North America was the largest market for hydrogen storage alloys. 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, the hydrogen that, is propelling the hydrogen storage alloys market of the North American region. One of the major growth factors of the hydrogen storage alloys market in North America is that they are custom designed to fulfill customer applications. Moreover, many companies in US like JMC, inc., FuelCell Energy, Inc. are actively involved in designing and manufacturing hydrogen storage vessels for future and existing applications, which further boost the demand for hydrogen storage alloys over the forecast period. Increasing demand for electronic products in the region has created an attractive market for hydrogen chemicals. Therefore, technological advancements and growth in the electronic industry is projected to boost the demand for hydrogen storage alloys over the forecast period.
The ongoing pandemic has drastically altered the status of the hydrogen generation industry and have negatively impacted the growth of the hydrogen storage alloys market. The COVID-19 outbreak has distorted operational efficiency and disrupted the value chains due to the sudden closure of national and international boundaries, creating revenue loss and damage. For instance, as per a report published by Energy Industry Review, the economic crisis accompanied by the pandemic may lead to a substantial delay in the adoption and commercialization of clean hydrogen energy. This may also impact the capacity of the hydrogen sector to function smoothly as the missing link in the energy transition. The disruptive value chain has had a negative impact on raw material supply, which, in turn, is impacting the growth of the hydrogen storage alloys market. However, as the economies are planning to revive their operations, the demand for hydrogen storage alloys is expected to rise globally. Although the focus over just in time production is another concerning factor hindering market growth. With the growing focus over hydrogen-based economy in post-pandemic times, the demand for hydrogen storage alloys is expected to take huge leaps due to expanding application bases. Further, positive measures undertaken by government along with distributed generations and incorporation of advanced technology is, yet, another factor expected to bolster market growth.
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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.
Based on type, the hydrogen storage alloys market is segmented into AB5 and AB2. The AB5 segment led the hydrogen storage alloys market with the highest market share in 2019. The AB5-type hydrogen storage alloy Mm (Ni, Mn, Co, Al)5 is one of an alloy series which are being extensively used now. The alloy of composition MmNi3.55Mn0.4Al0.3Co0.75 was shown to meet the minimum requirements for a practical battery with respect to cost, cycle life and storage capacity. AB5 alloys combine a hydride forming metal A, usually a rare earth metal (La, Ce, Nd, Pr, Y or their mixture known as Mischmetal), with a non-hydride forming element that is nickel. The latter can be doped with other metals, such as Co, Sn or Al, to improve materials stability or to adjust equilibrium hydrogen pressure and temperature required for its charging discharging with hydrogen. This, in turn, is anticipated to drive the growth of the market during the forecast period.
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Based on application, the hydrogen storage alloys market is segmented into rechargeable batteries, cooling devices, fuel cells, and others. Rechargeable batteries are one of the most important technologies for the new-energy vehicles. Among them, nickel metal hydride (Ni-MH) batteries have been early and widely used in the HEV owing to their high-power capability, tolerance to overcharge or discharge, environment compatibility and safety. The main advantage of the battery is that, it keeps both the alkaline electrolyte and the positive nickel hydroxide cathode developed for NiCad batteries, one produces a striking gain in volume energy (from 120 Wh.L-1 for Ni-Cad to 240 Wh.L-1 for Ni-MH). Moreover, the alternative to cadmium, toxic to the environment, was also a significant benefit. Finally, the charge-discharge electrochemical reactions of the Ni-MH battery do not involve water so that the water content remains constant in the cell over the whole cycle, unlike those 12 involved in Ni-Cad batteries. Moreover, the binary compound is not suitable as an anode in open batteries since its hydride (LaNi5H6) will decompose spontaneously under normal conditions of pressure and temperature.
|Market Size Value in||US$ 2,406.88 Million in 2019|
|Market Size Value by||US$ 4,535.53 Million by 2028|
|Growth rate||CAGR of 7.3% from 2020-2028|
|No. of Pages||93|
|No. of Tables||12|
|No. of Charts & Figures||44|
|Historical data available||Yes|
|Segments covered||Type ; Application|
|Regional scope||North America, Europe, Asia Pacific, Middle East & Africa, South & Central America|
|Country scope||US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
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Key market players include JMC, 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, Xiamen Tungsten Co., Ltd. Major players in the hydrogen storage alloys market are focused on strategies such as mergers and acquisitions and product launch to increase the geographical presence and consumer base globally.
The List of companies - Global Hydrogen Storage Alloys Market