Hydrogen Storage Alloys Market Size and Global Analysis - 2028

    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)

    Publication Month: Apr 2021 | Report Code: TIPRE00020902 | No. of Pages: 93 | Category: Chemicals and Materials | Status: Published

    The Hydrogen Storage Alloys 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.

    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.

    Global Hydrogen Storage Alloys Market

    Global Hydrogen Storage Alloys Market

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    Market Insights


    Growing Surge in Hydrogen Generation and Storage Systems

    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.

    Type Insights

    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.

    Global Hydrogen Storage Alloys Market, by Type– 2019 and 2028

    Global Hydrogen Storage Alloys Market, by Type– 2019 and 2028

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    Application Insights

    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.

    Strategic Insights

    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.

    Report Spotlights

    • Progressive industry trends in the global Hydrogen Storage Alloys market to help players develop effective long-term strategies
    • Business growth strategies adopted by developed and developing markets
    • Quantitative analysis of the global Hydrogen Storage Alloys market from 2017 to 2027
    • Estimation of the demand for Hydrogen Storage Alloys across various industries
    • PEST analysis to illustrate the efficacy of buyers and suppliers operating in the industry to predict market growth
    • Recent developments to understand the competitive market scenario and the demand for Hydrogen Storage Alloys
    • Market trends and outlook coupled with factors driving and restraining the growth of the Hydrogen Storage Alloys market
    • Decision-making process by understanding strategies that underpin commercial interest with regard to global Hydrogen Storage Alloys market growth
    • Hydrogen Storage Alloys market size at various nodes of market
    • Detailed overview and segmentation of the global Hydrogen Storage Alloys market as well as its dynamics in the industry.
    • Hydrogen Storage Alloys market size in various regions with promising growth opportunities

    Global Hydrogen Storage Alloys Market, by Type

    • AB5
    • AB2

    Global Hydrogen Storage Alloys Market, by Application

    • Rechargeable Batteries
    • Cooling Devices
    • Fuel Cells
    • Others

    Company Profiles

    • 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

    1. Introduction

    1.1 Study Scope

    1.2 The Insight Partners Research Report Guidance

    1.3 Market Segmentation

    1.3.1 Hydrogen Storage Alloys Market, by Type

    1.3.2 Hydrogen Storage Alloys Market, by Application

    1.3.3 Hydrogen Storage Alloys Market, by Geography

    2. Key Takeaways

    3. Research Methodology

    3.1 Scope of the Study

    3.2 Research Methodology

    3.2.1 Data Collection:

    3.2.2 Primary Interviews:

    3.2.3 Hypothesis Formulation:

    3.2.4 Macro-economic Factor Analysis:

    3.2.5 Developing Base Number:

    3.2.6 Data Triangulation:

    3.2.7 Region/Country Level Data:

    4. Hydrogen Storage Alloys Market Landscape

    4.1 Market Overview

    4.2 PEST Analysis

    4.2.1 North America

    4.2.2 Europe

    4.2.3 APAC

    4.2.4 MEA

    4.2.5 SAM

    4.3 Expert Opinion

    5. Hydrogen Storage Alloys Market – Key Market Dynamics

    5.1 Market Drivers

    5.1.1 Surge in Hydrogen Generation and Storage Systems

    5.1.2 Rising Demand for Hydrogen Storage Alloys for Electrochemical Applications

    5.2 Market Restraints

    5.2.1 High Cost and Complex Nature associated with Hydrogen Energy Storage Systems

    5.3 Market Opportunities

    5.3.1 Rapid Commercialization and Adoption of A2B7-type Alloy for Hydrogen Storage

    5.4 Future Trends

    5.4.1 Growing Demand of Hydrogen Storage Alloys In Non-Electrochemical Applications

    5.5 Impact Analysis of Drivers and Restraints

    6. Hydrogen Storage Alloys – Global Market Analysis

    6.1 Hydrogen Storage Alloys Market Overview

    6.2 Hydrogen Storage Alloys Market –Revenue and Forecast to 2028 (US$ Million)

    6.3 Market Positioning – Global Hydrogen Storage Alloys Market Players

    7. Hydrogen Storage Alloys Market Analysis – By Type

    7.1 Overview

    7.2 Hydrogen Storage Alloys Market, By Type (2019 and 2028)

    7.3 AB5

    7.3.1 Overview

    7.3.2 Type: Hydrogen Storage Alloys Market – Revenue, and Forecast to 2028 (US$ Million)

    7.4 AB2

    7.4.1 Overview

    7.4.2 AB2: Hydrogen Storage Alloys Market – Revenue, and Forecast to 2028 (US$ Million)

    8. Hydrogen Storage Alloys Market Analysis – By Application

    8.1 Overview

    8.2 Hydrogen Storage Alloys Market, By Application (2019 and 2028)

    8.3 Rechargeable Batteries

    8.3.1 Overview

    8.3.2 Rechargeable Batteries: Hydrogen Storage Alloys Market – Revenue, and Forecast to 2028 (US$ Million)

    8.4 Cooling Devices

    8.4.1 Overview

    8.4.2 Cooling Devices: Hydrogen Storage Alloys Market – Revenue, and Forecast to 2028 (US$ Million)

    8.5 Fuel Cells

    8.5.1 Overview

    8.5.2 Fuel Cells: Hydrogen Storage Alloys Market – Revenue, and Forecast to 2028 (US$ Million)

    8.6 Others

    8.6.1 Overview

    8.6.2 Others: Hydrogen Storage Alloys Market – Revenue, and Forecast to 2028 (US$ Million)

    9. Hydrogen Storage Alloys Market – Geographic Analysis

    9.1 Overview

    9.2 North America: Hydrogen Storage Alloys Market

    9.2.1 North America: Hydrogen Storage Alloys Market –Revenue and Forecast to 2028(US$ Million)

    9.2.2 North America: Hydrogen Storage Alloys Market, Type

    9.2.3 North America: Hydrogen Storage Alloys Market, Application

    9.3 Europe: Hydrogen Storage Alloys Market

    9.3.1 Europe: Hydrogen Storage Alloys Market –Revenue and Forecast to 2028(US$ Million)

    9.3.2 Europe: Hydrogen Storage Alloys Market, Type

    9.3.3 Europe: Hydrogen Storage Alloys Market, Application

    9.4 Asia Pacific: Hydrogen Storage Alloys Market

    9.4.1 Asia Pacific: Hydrogen Storage Alloys Market – Revenue and Forecast to 2028(US$ Million)

    9.4.2 Asia Pacific: Hydrogen Storage Alloys Market, Type

    9.4.3 Asia Pacific: Hydrogen Storage Alloys Market, Application

    9.5 MEA: Hydrogen Storage Alloys Market

    9.5.1 MEA: Hydrogen Storage Alloys Market – Revenue and Forecast to 2028(US$ Million)

    9.5.2 MEA: Hydrogen Storage Alloys Market, Type

    9.5.3 MEA: Hydrogen Storage Alloys Market, Application

    9.6 South America: Hydrogen Storage Alloys Market

    9.6.1 South: Hydrogen Storage Alloys Market –Revenue and Forecast to 2028(US$ Million)

    9.6.2 South America: Hydrogen Storage Alloys Market, by Type

    9.6.3 South America: Hydrogen Storage Alloys Market, by Application

    10. Impact COVID-19 Pandemic on Global Hydrogen Storage Alloys Market

    10.1 Impact of COVID-19 on Hydrogen Storage Alloys Market

    10.2 North America: Impact Assessment of COVID-19 Pandemic

    10.3 Europe: Impact Assessment of COVID-19 Pandemic

    10.4 Asia-Pacific: Impact Assessment of COVID-19 Pandemic

    10.5 Middle East & Africa: Impact Assessment of COVID-19 Pandemic

    10.6 South America: Impact Assessment of COVID-19 Pandemic

    11. Industry Landscape

    11.1 Mergers & acquisition

    11.2 Business Planning and Strategy

    11.3 Joint Venture and Partnership

    12. Company Profiles for Hydrogen Storage market

    12.1 Japan Metals & Chemicals Co., Ltd.)

    12.1.1 Key Facts

    12.1.2 Business Description

    12.1.3 Products and Services

    12.1.4 Financial Overview

    12.1.5 SWOT Analysis

    12.1.6 Key Developments

    12.2 Merck KGaA

    12.2.1 Key Facts

    12.2.2 Business Description

    12.2.3 Products and Services

    12.2.4 Financial Overview

    12.2.5 SWOT Analysis

    12.2.6 Key Developments

    12.3 Ajax Tocco Magnethermic Corporation

    12.3.1 Key Facts

    12.3.2 Business Description

    12.3.3 Products and Services

    12.3.4 Financial Overview

    12.3.5 SWOT Analysis

    12.3.6 Key Developments

    12.4 Baotou Santoku Battery Materials Co. Ltd.

    12.4.1 Key Facts

    12.4.2 Business Description

    12.4.3 Products and Services

    12.4.4 Financial Overview

    12.4.5 SWOT Analysis

    12.4.6 Key Developments

    12.5 Santoku Corporation

    12.5.1 Key Facts

    12.5.2 Business Description

    12.5.3 Products and Services

    12.5.4 Financial Overview

    12.5.5 SWOT Analysis

    12.5.6 Key Developments

    12.6 American Elements

    12.6.1 Key Facts

    12.6.2 Business Description

    12.6.3 Products and Services

    12.6.4 Financial Overview

    12.6.5 SWOT Analysis

    12.6.6 Key Developments

    12.7 AMG Titanium Alloys & Coatings LLC

    12.7.1 Key Facts

    12.7.2 Business Description

    12.7.3 Products and Services

    12.7.4 Financial Overview

    12.7.5 SWOT Analysis

    12.7.6 Key Developments

    12.8 Jiangmen Kanhoo Industry Co. Ltd

    12.8.1 Key Facts

    12.8.2 Business Description

    12.8.3 Products and Services

    12.8.4 Financial Overview

    12.8.5 SWOT Analysis

    12.8.6 Key Developments

    12.9 Xiamen Tungsten Co. Ltd

    12.9.1 Key Facts

    12.9.2 Business Description

    12.9.3 Products and Services

    12.9.4 Financial Overview

    12.9.5 SWOT Analysis

    12.9.6 Key Developments

    13. Appendix

    13.1 About The Insight Partners

    13.2 Glossary of Terms


    LIST OF TABLES

    Table 1. Hydrogen Storage Alloys Market –Revenue and Forecast to 2028 (US$ Million)

    Table 2. North America Hydrogen Storage Alloys Market, Type– Revenue and Forecast to 2027 (US$ Million)

    Table 3. North America Hydrogen Storage Alloys Market, Application– Revenue and Forecast to 2028 (US$ Million)

    Table 4. Europe Hydrogen Storage Alloys Market, Type – Revenue and Forecast to 2028 (US$ Million)

    Table 5. Europe Hydrogen Storage Alloys Market, Application – Revenue and Forecast to 2028 (US$ Million)

    Table 6. Asia Pacific Hydrogen Storage Alloys Market, Type – Revenue and Forecast to 2028 (US$ Million)

    Table 7. Asia Pacific Hydrogen Storage Alloys Market, Application – Revenue and Forecast to 2028 (US$ Million)

    Table 8. MEA Hydrogen Storage Alloys Market, Type – Revenue and Forecast to 2028 (US$ Million)

    Table 9. MEA Hydrogen Storage Alloys Market, Application – Revenue and Forecast to 2028 (US$ Million)

    Table 10. South America Hydrogen Storage Alloys Market, by Type– Revenue and Forecast to 2028 (US$ Million)

    Table 11. South America Hydrogen Storage Alloys Market, by Application– Revenue and Forecast to 2028 (US$ Million)

    Table 12. Glossary of Terms, Global Hydrogen Storage Alloys Market


    LIST OF FIGURES

    Figure 1. Hydrogen Storage Alloys Market Segmentation

    Figure 2. Hydrogen Storage Alloys Market Segmentation – By Geography

    Figure 3. Global Hydrogen Storage Alloys Market Overview

    Figure 4. Rechargeable Batteries Segment Held Largest Share of Global Hydrogen Storage Alloys Market

    Figure 5. APAC Region Held Largest Share of Global Hydrogen Storage Alloys Market

    Figure 7. North America: PEST Analysis

    Figure 8. Europe: PEST Analysis

    Figure 9. APAC: PEST Analysis

    Figure 10. MEA: PEST Analysis

    Figure 11. SAM: PEST Analysis

    Figure 12. Expert Opinion

    Figure 13. Hydrogen storage alloys Market Impact Analysis of Driver and Restraints

    Figure 14. Geographic Overview of Hydrogen Storage Alloys Market

    Figure 15. Hydrogen Storage Alloys Market – Revenue and Forecast to 2028 (US$ Million)

    Figure 16. Hydrogen Storage Alloys Market Revenue Share, by Type (2019 and 2028)

    Figure 17. Type: Hydrogen Storage Alloys Market – Revenue, and Forecast to 2028 (US$ Million)

    Figure 18. AB2: Hydrogen Storage Alloys Market – Revenue, and Forecast to 2028 (US$ Million)

    Figure 19. Hydrogen Storage Alloys Market Revenue Share, by Application (2019 and 2028)

    Figure 20. Rechargeable batteries: Hydrogen Storage Alloys Market – Revenue, and Forecast to 2028 (US$ Million)

    Figure 21. Cooling Devices: Hydrogen Storage Alloys Market – Revenue, and Forecast to 2028 (US$ Million)

    Figure 22. Fuel Cells: Hydrogen Storage Alloys Market – Revenue, and Forecast to 2028 (US$ Million)

    Figure 23. Others: Hydrogen Storage Alloys Market – Revenue, and Forecast to 2028 (US$ Million)

    Figure 24. Global Hydrogen Storage Alloys Market Revenue Share, by Region (2019 and 2028)

    Figure 25. North America: Hydrogen Storage Alloys Market – Revenue and Forecast to 2028 (US$ Million)

    Figure 26. North America: Hydrogen Storage Alloys Market Revenue Share, Type (2019 and 2028)

    Figure 27. North America: Hydrogen Storage Alloys Market Revenue Share, Application (2019 and 2028)

    Figure 28. Europe: Hydrogen Storage Alloys Market – Revenue and Forecast to 2028 (US$ Million)

    Figure 29. Europe: Hydrogen Storage Alloys Market Revenue Share, Type (2019 and 2028)

    Figure 30. Europe: Hydrogen Storage Alloys Market Revenue Share, Application (2019 and 2028)

    Figure 31. Asia Pacific: Hydrogen Storage Alloys Market – Revenue and Forecast to 2028 (US$ Million)

    Figure 32. Asia Pacific: Hydrogen Storage Alloys Market Revenue Share, Type (2019 and 2028)

    Figure 33. Asia Pacific: Hydrogen Storage Alloys Market Revenue Share, Application (2019 and 2028)

    Figure 34. MEA: Hydrogen Storage Alloys Market – Revenue and Forecast to 2028 (US$ Million)

    Figure 35. MEA: Hydrogen Storage Alloys Market Revenue Share, Type (2019 and 2028)

    Figure 36. MEA: Hydrogen Storage Alloys Market Revenue Share, Application (2019 and 2028)

    Figure 37. South America: Hydrogen Storage Alloys Market – Revenue and Forecast to 2028 (US$ Million)

    Figure 38. South America: Hydrogen Storage Alloys Market Revenue Share, by Type (2019 and 2028)

    Figure 39. South America: Hydrogen Storage Alloys Market Revenue Share, by Application (2019 and 2028)

    Figure 40. Impact of COVID-19 Pandemic in North American Country Markets

    Figure 41. Impact of COVID-19 Pandemic in Europe Country Markets

    Figure 42. Impact of COVID-19 Pandemic in Asia Pacific Country Markets

    Figure 43. Impact of COVID-19 Pandemic in Middle East & Africa Country Markets

    Figure 44. Impact of COVID-19 Pandemic in South America Country Markets

    The List of companies - Global Hydrogen Storage Alloys Market

    1. JMC (Japan Metals & Chemicals Co., Ltd.)
    2. Merck KGaA
    3. Ajax Tocco Magnethermic Corporation
    4. Baotou Santoku Battery Materials Co. Ltd.
    5. Santoku Corporation
    6. American Elements
    7. AMG Titanium Alloys & Coatings LLC
    8. Jiangmen Kanhoo Industry Co. Ltd
    9. Xiamen Tungsten Co. Ltd
    • Highlights key business priorities in order to assist companies to realign their business strategies.

    • The key findings and recommendations highlight crucial progressive industry trends in the global hydrogen storage alloys market, thereby allowing players to develop effective long-term strategies.

    • Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.

    • Scrutinize in-depth the market trends and outlook coupled with the factors driving the market, as well as those hindering it.

    • Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to products, segmentation and industry verticals.
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    Frequently Asked Questions

    The major players operating in the global hydrogen storage alloys market are JMC, Merck KGaA, Ajax Tocco Magnethermic Corporation, Baotou Santoku Battery Materials Co., Ltd., Santoku Corporation, American Elements, Hunan Corun New Energy Co., Ltd, Jiangmen Kanhoo Industry Co., Ltd, Xiamen Tungsten Co., Ltd. among many others.
    In 2019, APAC contributed to the largest share in the global hydrogen storage alloys market. The growth of the hydrogen storage alloys market in this region is primarily attributed to the development of new applications such as hydrogen powered fuel cells for transportation. Escalating demand for clean energy generation has increased use of fuel cell-based vehicles which is driving the market for hydrogen storage alloys in the region. In addition, hydrogen storage alloys find vast applications in electronics devices such as smartphones, laptops, PDAs and other consumer electronics. Surge in demand for consumer electronics in developing countries such as India and China is expected to support the growth of hydrogen storage alloys market. Hydrogen storage technology has its wide application in chemicals, metal working, general industrial, transportation, stationary power, portable power, and transportation. Hydrogen storage alloys are used in fuel cell, cooling devices, rechargeable batteries and other components such as sensors, activators, purification, heat pumps. They are also used in devices used for isotope separation, thermal storage, and refrigeration. Thus, the growing demand of hydrogen storage alloys for non-electro chemical applications is projected to boost the demand for hydrogen storage alloys over the forecast period. Increasing focus on research & development (R&D) for the development of hydrogen storage technology and increasing adoption of technological advancements and growth in automotive and electronics industry in the APAC region offer lucrative business opportunities for hydrogen storage alloys.
    The rechargeable batteries segment held the largest share in the global hydrogen storage alloys market in 2019. Hydrogen storage alloys such as AB2 and AB5 are widely used in rechargeable batteries such as NiMH batteries, lithium-ion based batteries and metal-air batteries. Though the market for these batteries is currently at a mature stage and its technology offers limited scope for innovation they are vital component of the power source in consumer appliances and industrial applications. For instance, NiMH batteries installed in several gadgets such as toys, cameras electronics, other electronics and hybrid vehicles, and electric cars. Similarly, lithium-ion battery finds its major application in laptops, PDAs, cell phones, and iPods. Enhanced chemical and mechanical stability of hydrogen storage alloys make them a popular choice for these batteries. Thus, the rapid growth of the electrical and electronic sector acts as a major driver for the growth of the rechargeable batteries which eventually supports the growth of hydrogen storage alloys

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