Hydrogen Storage Alloy Market Forecast 2024-2034: NiMH Alloys and Nickel Hydride Batteries Hold Significant Market Share

Dublin, May 08, 2024 (GLOBE NEWSWIRE) -- The "Hydrogen Storage Alloy Market - A Global and Regional Analysis: Focus on Application, Type, and Region - Analysis and Forecast, 2024-2034" report has been added to ResearchAndMarkets.com's offering.

The hydrogen storage alloy market is rapidly evolving, driven by the surge in demand for clean energy solutions where hydrogen plays a pivotal role. These alloys, crucial for safe and efficient hydrogen storage for fuel cells in electric vehicles and stationary power systems, are seeing increased adoption due to their superior performance in terms of energy density and reversibility. The market's growth is bolstered by global efforts to shift away from fossil fuels towards more sustainable energy sources, making hydrogen a key element in future energy strategies.

Regionally, the Asia-Pacific region dominates the hydrogen storage alloy market. This dominance is attributed to the robust industrial base in countries like China, Japan, and South Korea, coupled with significant investments in hydrogen infrastructure and technology. North America and Europe also show promising growth, driven by governmental initiatives and policies favoring hydrogen energy. The increasing establishment of hydrogen refueling stations and the rising adoption of fuel cell vehicles contribute to the market growth in these regions.

Segment-wise, the market is categorized based on type and application. The nickel-metal hydride (NiMH) alloys segment holds a significant share due to their widespread use in batteries for hybrid and electric vehicles, as well as in renewable energy storage systems. Application-wise, the Nickel Hydride Batteries consumes a large portion of hydrogen storage alloys, followed by Separation & Purification of Hydrogen, reflecting the critical role of hydrogen in decarbonizing these energy-intensive sectors.

The competitive landscape in the hydrogen storage alloy market is marked by the presence of both established players and innovative newcomers. Key players such as Panasonic, BASF, and Mitsubishi Material Corporation are investing heavily in research and development to improve the efficiency and capacity of storage alloys. For instance, a notable development in the market was the collaboration between Toyota and Panasonic to enhance their NiMH batteries, focusing on increasing their energy density and reducing costs. This synergy not only strengthens their market position but also drives technological advancements in hydrogen storage solutions. Such collaborations are indicative of the dynamic nature of the market, with competitors striving to leverage emerging opportunities and address the increasing demands of the hydrogen economy.

Market Segmentation

Segmentation 1: by Application

  • Separation & Purification of Hydrogen
  • Nickel Hydride Batteries
  • Refrigeration and Heating Equipment
  • Fuel Cell
  • Others

Segmentation 2: by Type

  • Titanium Hydrogen Storage Alloy
  • Zirconium Hydrogen Storage Alloy
  • Fe Hydrogen Storage Alloy
  • Mg Hydrogen Storage Alloy
  • Others

Segmentation 3: by Region

  • North America
  • Europe
  • Asia-Pacific
  • Rest-of-the-World

Key Topics Covered

i) Executive Summary
ii) Scope and Definition
iii) Market/Product Definition
iv) Key Questions Answered
v) Analysis and Forecast Note
1. Markets: Industry Outlook
2. Hydrogen Storage Alloy Market (by Application)
3. Hydrogen Storage Alloy (by Product)
4. Global Hydrogen Storage Alloy (by Region)
5. Companies Profiled
6. Research Methodology

Companies Featured

  • Mitsui Mining & Smelting Co. Ltd.
  • Santoku Corporation
  • Nippon Denko Co.
  • Japan Metals & Chemicals Co.
  • Eutectix
  • Whole Win (Beijing) Materials Science and Technology Company Limited
  • H Bank Technology
  • Less Common Metals Ltd.
  • Ajax TOCCO Magnethermic, Corp.
  • American Elements
  • AMG Titanium Alloys & Coatings LLC
  • Jiangsu JITRI Advanced Energy Materials Research Institute Co. Ltd.
  • Oceania International LLC
  • Xiamen Tungsten Co. Ltd.

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