Global Hydrogen Storage Alloys Market Forecast to 2027 - COVID-19 Impact and Analysis

Dublin, June 02, 2021 (GLOBE NEWSWIRE) -- The "Hydrogen Storage Alloys Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Type; Application" report has been added to ResearchAndMarkets.com's offering.

The global 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 2027; it is expected to grow at a CAGR of 8.24% from 2019 to 2027.

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.

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, which are anticipated to drive the market in the forecast period.

Geographically, the hydrogen storage alloys market is segmented into North America, Europe, AsiaPacific (APAC), South America, and Middle East & Africa (MEA). In 2019, North America held the largest share of the global hydrogen storage alloys market, followed by Europe and Asia Pacific. 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., Ajax Tocco Magnethermic Corporation. 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.

Key Topics Covered:

1. Introduction

2. Key Takeaways

3. Research Methodology

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

8. Hydrogen Storage Alloys Market Analysis - By Application

9. Hydrogen Storage Alloys Market - Geographic Analysis

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

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