The global market for Hydrogen Storage Alloys was valued at approximately US$ 2,406.88 million in 2019 and is anticipated to grow to US$ 4,535.53 million by 2028, reflecting a compound annual growth rate (CAGR) of 7.3% from 2020 to 2028.
Hydrogen storage alloys are categorized into various intermetallic compounds, including types such as AB5, AB2, AB, and A2B. The elements in group A typically include La, Ti, Zr, and Mg, while group B comprises elements like Ni, Co, and Fe. These alloys exhibit thermodynamic stability in their hydrides, with AB5 and AB2 being the most prominent and widely utilized hydrogen storage alloys. These metallic materials possess a remarkable capacity to reversibly absorb and release substantial amounts of hydrogen, either from the gas phase or through electrochemical processes.
The hydrogen storage alloys market is divided into segments based on type, specifically AB5 and AB2. In 2019, the AB5 segment dominated the market, holding the largest share. The AB5-type hydrogen storage alloy, represented by Mm (Ni, Co, Al)5, is among the most extensively used alloys today. An alloy with the composition M m i3.55 Co0.4Al0.3Co0.75 has demonstrated the ability to meet essential criteria for practical battery applications, including cost-effectiveness, cycle longevity, and storage capacity. AB5 alloys typically combine a hydride-forming metal A, often a rare earth metal such as La, Ce, Nd, Pr, Y, or their mixture known as Mischmetal, with a non-hydride forming element like nickel. This nickel can be enhanced with other metals such as Co, Sn, or Al to improve stability or to modify the equilibrium hydrogen pressure and temperature necessary for charging and discharging, which is expected to drive market growth during the forecast period.
Geographically, the hydrogen storage alloys market is segmented into North America, Europe, Asia-Pacific (APAC), South America, and Middle East & Africa (MEA). In 2019, North America accounted for the largest share of the global hydrogen storage alloys market, followed by Europe and the Asia-Pacific region. The increasing demand for environmentally friendly technologies in the automotive sector is rapidly growing, creating new opportunities for hydrogen as a mobility solution, which is significantly boosting the hydrogen storage alloys market in North America. A key factor contributing to the growth of this market in North America is the customization of hydrogen storage alloys to meet specific customer applications. Additionally, numerous companies in the U.S., such as JMC, Inc. and Ajax Tocco Magnethermic Corporation, are actively engaged in designing and manufacturing hydrogen storage vessels for both current and future applications, further enhancing the demand for hydrogen storage alloys in the coming years. The rising demand for electronic products in the region has also established a lucrative market for hydrogen-related chemicals, suggesting that advancements in technology and growth in the electronics sector will likely increase the demand for hydrogen storage alloys.
The ongoing pandemic has significantly impacted the hydrogen generation industry, adversely affecting the growth of the hydrogen storage alloys market. The COVID-19 crisis has disrupted operational efficiencies and value chains due to the abrupt closure of national and international borders, leading to revenue losses and operational challenges. According to a report by Energy Industry Review, the economic downturn caused by the pandemic may result in considerable delays in the adoption and commercialization of clean hydrogen energy, potentially hindering the hydrogen sector's ability to function effectively as a crucial component of the energy transition. The disruption in the value chain has negatively affected the supply of raw materials, which in turn impacts the growth of the hydrogen storage alloys market. However, as economies begin to recover and resume operations, the global demand for hydrogen storage alloys is expected to increase. Despite the challenges posed by a focus on just-in-time production, the post-pandemic emphasis on a hydrogen-based economy is likely to lead to significant growth in the demand for hydrogen storage alloys due to expanding applications. Furthermore, supportive government initiatives, along with advancements in distributed generation and technology, are anticipated to further stimulate market growth.
Key players in the global Hydrogen Storage Alloys market 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., and Xiamen Tungsten Co., Ltd..
The overall size of the global hydrogen storage alloys market has been determined through a combination of primary and secondary research methods. The research process began with extensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the market. Additionally, numerous primary interviews were conducted with industry participants and experts to validate the information and gain deeper analytical insights. Participants in this process included industry professionals such as VPs, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the hydrogen storage alloys market.