Hydrogen storage alloys are metallic materials which is able to reversibly absorb and release significant amounts of hydrogen from the gas phase or electrochemically. The hydrogen storage allow is the most vulnerable component of Ni- MH cell which renders susceptibility to corrosion in the strong alkaline environment. Hydrogen storage alloys are pulverized during charge & discharge processes due to repeated lattice expansion and shrinkage results in hydrogen absorption and desorption. The hydrogen storage alloys are acts as a good hydrogen storage material due to its properties such as low cost, high safety and non- greenhouse gas.
The artificial tears market has been seeing tremendous growth from the past few decades. The primary growth factors behind the market growth are rising demand of environmentally friendly technologies for the automotive industry and increasing demand for electronic products. Likewise, technological advancements and growth in the electronic industry will leads the market growth in upcoming years. Nevertheless, high cost and complex nature associated with hydrogen energy storage systems is major restraining factor that could hamper the growth of the market.
The COVID 19 outbreak leads to ill effect in various market. For safety purpose government has announced lockdown which will affect the production and supply in many industries over the world. Due to this pandemic status of the hydrogen generation industry drastically changes. This creates economic crisis may lead to decrease in the adoption and commercialization of clean hydrogen energy. Due to this capacity of the hydrogen sector to function smoothly is disturbed. Hence due to this scenario COVID 19 negatively impact the growth of hydrogen storage alloys market.
The study analyses global Hydrogen Storage Alloys Market based on type, application, and geography.
The various types involved in hydrogen storage alloys market is segmented into Titanium Hydrogen Storage, Zirconium Hydrogen Storage, Fe Hydrogen Storage, Rare Earth Hydrogen Storage, Mg Hydrogen Storage. The titanium hydrogen storage segment dominated the market in 2020 and is expected to maintain its dominance during the forecast period 2021-2027. The titanium hydrogen storage segment leads the market because they have high affinity for hydrogen, light in weight and react reversibly with hydrogen.
The market finds its application in the hydrogen storage alloys market bifurcated into Hydrogen Recovery or Separation, Rechargeable Battery, Refrigeration and Heating Equipment. The hydrogen recovery or separation segment leads the market in 2020 and is witnessing fastest growth in upcoming years. As hydrogen storage alloys plays vital role in hydrogen purification hence demand for this alloys increases.
Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific, Latin America, Middle East & Africa and Rest of the World. North America held the largest market share of global hydrogen storage alloys market owing to, increased investment in research and development of fuel cell technologies. Nevertheless, better scope of exploring the possibilities of this materials will lead the market growth in upcoming years.
The major key players of market includes JMC, Merck KGaA, Ajax Tocco Magnethermic Corporation, Botou Santoku Battery Materials Co. Ltd, Santoku Corporation, American Elements, AMG Titanium Alloys & Coatings LLC, Jiangmen Kanhoo Industry Co. Ltd, Xiamen Tungsten Co. Ltd, CHOU DENKI KOGYO, Mitsui, H bank Technology, Magnethermic Corporation and Lab Tech.
May 2018: The Santoku Corporation has announced of became a wholly owned subsidiary of the Hitachi Metals,Ltd.
June 2018: The American Element company has announced that Essential Metal-Based Reactions Transforming Hydrogen, Carbon, Nitrogen, Sulfur and More.
The study analyses global hydrogen storage alloys market based on type, application, and geography. The various types of hydrogen storage alloys are Titanium Hydrogen Storage, Zirconium Hydrogen Storage, Fe Hydrogen Storage, Rare Earth Hydrogen Storage, Mg Hydrogen Storage. The factors that responsible for the market growth mounting demand for rechargeable batteries and cooling devices, growing environmentally friendly technologies for the automotive industry. Nevertheless, increasing demand for electronic products will lead the market growth in forecast period 2020-2027. Also, demand for renewable energy has been increasing will boost the market growth. The utilization of this energy has application in many sectors such as including production, application, storage and transportation, and its storage has become the main technical bottleneck restricting its wide application. Geographically, the study is comprised of the key countries of North America, Europe, Asia-Pacific, Latin America, Middle East & Africa and Rest of the World.
Why to buy this report: