Global Hydrogen Storage Alloys Market- Market Overview:

The global hydrogen storage alloys market is expected to grow from USD 2,500 million in 2022 to USD 4,458 million by 2030, at a CAGR of 7.5% during the Projection period 2023-2030. The growth of the hydrogen storage alloys market is mainly driven by the rising benefits of hydrogen storage alloys.

Hydrogen Storage Alloys are categorized as intermetallic compounds of many sorts, including AB5, AB2, AB, and A2B. Whereas group A elements mostly include La, Ti, Zr, Mg, etc., and group B elements primarily include Ni, Co, Fe, Mn, etc., whose hydrides are, respectively, thermodynamically stable and unstable. The most effective and extensively used hydrogen storage alloys among these are AB5 and AB2. These alloys are metallic substances with a special capacity to electrochemically or gas phase reversibly absorb and release large amounts of hydrogen. In its gaseous state, hydrogen is a plentiful element that is regarded as important. In recent years, a lot of attention has been paid to the potential use of hydrogen as a crucial source of energy in a variety of applications. The need for hydrogen generation and storage has significantly increased, according to the Fuel Cell & Hydrogen Energy Association, as renewable energy sources are increasingly being replaced by other dispatchable energy sources. According to the organization, hydrogen energy storage is a method of storing excess energy produced by renewable sources so that it may be used for a variety of things, like as fuel for gas turbines or piston engines. According to the International Energy Agency, hydrogen produced via an electrolysis mechanism offers enormous potential for the future and shows great promise as a cheap fuel option. Additionally, it Projections that by 2030, hydrogen produced from wind energy will be more affordable and cost-effective than natural gas.

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Market Dynamics:

Drivers:                          

• Rise in Demand

Renewable energy sources, like wind and solar energy, have been developing quickly in recent years in an effort to address the environmental and energy crises brought on by excessive CO2 emissions and the depletion of fossil fuels. The development of practical, affordable, and environmentally acceptable energy storage and transportation is crucial because these renewable energies are location- and time-dependent. One of the best energy carriers is considered to be hydrogen because of its high energy density (147 MJ/kg), ecologically favorable air combustion product, and application flexibility.

Restraints:                                             

• Economic Crisis

The current pandemic has significantly changed the state of the hydrogen-producing sector and has had a detrimental effect on the market expansion for hydrogen storage alloys. Due to the abrupt closure of national and international borders, the COVID-19 epidemic has altered operational efficiency and interrupted value chains, resulting in revenue loss and harm. According to a report from Energy Industry Review, for instance, the adoption and commercialization of clean hydrogen energy may be significantly delayed as a result of the economic crisis brought on by the pandemic. This might also affect how well the hydrogen industry, which is the weak link in the energy transition, can operate.

Opportunities:

• Government Initiatives

The need for H2 storage alloys is anticipated to increase dramatically as the hydrogen-based economy becomes more of a priority in the post-pandemic era due to the broadening range of potential applications. Another element that is anticipated to support market expansion is the favorable actions done by the government, combined with distributed generations and the adoption of cutting-edge technologies.

Challenges:

• Disrupted Value Chain

The raw material supply has been adversely affected by the disrupted value chain, which is having an effect on the market expansion for hydrogen storage alloys. However, the need for hydrogen storage alloys is anticipated to increase internationally as economies aim to restart their operations. Although another worrying element impeding market growth is the emphasis on just-in-time production.

Segmentation Analysis:

The global hydrogen storage alloy market has been segmented based on type, application, and region.

By Type

The type segment is AB2 and AB5. The AB5 segment led the largest share of the hydrogen storage alloys market with a market share of around 55% in 2022. One of the widely utilised alloy series is Mm (Ni, Mn, Co, Al)5, an AB5-type hydrogen storage alloy. The hydride-forming metal A, typically a rare earth metal like La, Ce, Nd, Pr, or their mixture known as Mischmetal, is combined with nickel, a non-hydride-forming element, to make AB5 alloys. To increase the stability of the material or to modify the equilibrium hydrogen pressure and temperature necessary for its charging and discharging with hydrogen, the latter can be doped with other metals as Co, Sn, or Al. These storage alloys, such as those with the chemical formula MmNi3.55Mn0.4Al0.3Co0.75, can be used in batteries and other related applications since they satisfy the minimum standards for price, cycle life, and storage capacity.

By Application

The application segment is fuel cells, rechargeable batteries, cooling devices, and others. The rechargeable batteries segment led the largest share of the hydrogen storage alloys market with a market share of around 40.3% in 2022. Rechargeable batteries including NiMH batteries, lithium-ion batteries, and metal-air batteries frequently use hydrogen storage alloys like AB2 and AB5. These batteries are essential parts of the power supply in household appliances and industrial applications, despite the fact that the market for them is currently mature and its technology offers little room for innovation. NiMH batteries, for instance, are used in a variety of devices, including toys, cameras, electronics, hybrid cars, and electric cars. The same is true for lithium-ion batteries, which are mostly used in laptops, PDAs, cell phones, and iPods. These batteries frequently use hydrogen storage alloys because of their improved chemical and mechanical stability.

Global Hydrogen Storage Alloys Market - Sales Analysis.

The sale of the hydrogen storage alloys market expanded at a CAGR of 4.9% from 2016 to 2022.

One of the best energy carriers is considered to be hydrogen because of its high energy density (147 MJ/kg), ecologically favorable air combustion product, and application flexibility. Many nations have started national policies and plan to promote hydrogen energy in recent years, and many common application demos have taken place. However, there are still issues with the manufacturing, storage, transportation, and use of hydrogen. In particular, because pure hydrogen has a low gaseous density of 0.089 g/L and a low boiling point of 20.28 K, safe and affordable hydrogen storage with high gravimetric and volumetric densities remains a significant problem. In general, physical or material-based techniques can be used to achieve hydrogen storage (H-storage).

Physical techniques, such as gas and liquid H-storage, are relatively established and are used in practical applications. Four different types of pressure vessels have been created for gas H-storage, and commercial fuel cell vehicles have adopted a composite tank that can resist 70 MPa. Since it was first used in the industrial sector decades ago, liquid hydrogen storage has also found considerable use in civil applications like large liquid hydrogen tanks and ship transportation. It demonstrates that the physical methods' volumetric storage density is significantly lower than the material-based method's. H-storage in pressurized gaseous and liquid states always requires extremely high gas pressure and low temperature.

Thus, owing to the aforementioned factors, the global hydrogen storage alloy market is expected to grow at a CAGR of 7.5% during the Projection period from 2023 to 2030.

By Regional Analysis:

The regions analyzed for the hydrogen storage alloys market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America region dominated the hydrogen storage alloys market and held a 38.2% share of the market revenue in 2022.

• The North America region witnessed a major share. The automotive industry's rapidly growing need for environmentally friendly technologies creates new opportunities for a new player in the mobility space, hydrogen, which is driving the North American market for hydrogen storage alloys. The fact that hydrogen storage alloys are specifically created to meet customer needs is one of the key drivers driving market expansion in North America. Additionally, a number of US businesses, including JMC, Inc. and Ajax Tocco Magnethermic Corporation, are actively engaged in designing and producing hydrogen storage vessels for both existing and potential future applications, which will help to increase demand for hydrogen storage alloys over the Projection period. The region's rising electrical device demand has produced a lucrative market for hydrogen chemicals.
• Asia-Pacific is anticipated to experience significant growth during the Projection period. The development of novel uses, such as hydrogen-powered fuel cells for transportation, is primarily responsible for the growth of the hydrogen storage alloys market in this region. The market for hydrogen storage alloys in the region is being driven by the rising demand for clean energy generation, which has raised the use of fuel cell-based automobiles. Additionally, alloys for hydrogen storage have a wide range of uses in consumer electronics like cellphones, computers, PDAs, and other electronic devices. Increased consumer electronics demand in emerging nations like China and India is anticipated to fuel the market for hydrogen storage alloys.

Global Hydrogen Storage Alloys Market - Country Analysis:

• Germany

Germany's hydrogen storage alloy market size was valued at USD 0.75 million in 2022 and is expected to reach USD 1.19 million by 2030, at a CAGR of 6% from 2023 to 2030. Over the Projection period, technological development and expansion in the electronic sector are expected to increase demand for hydrogen storage alloys in the region.

• China

China’s hydrogen storage alloy market size was valued at USD 0.78 million in 2022 and is expected to reach USD 1.26 million by 2030, at a CAGR of 6.2% from 2023 to 2030. The market for hydrogen storage alloys in the region is being driven by the exponential development in demand for environmentally friendly technologies in the automobile industry, which creates new opportunities for a new player in the market.

• India

India's hydrogen storage alloy market size was valued at USD 0.60 million in 2022 and is expected to reach USD 0.96 million by 2030, at a CAGR of 6.1% from 2023 to 2030. A lucrative market for hydrogen compounds has been formed in the area as a result of the rising demand for electronic goods.

Key Industry Players Analysis:

To increase their market position in the global hydrogen storage alloys market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.   

• AMG Titanium Alloys & Coatings LLC
• Baotou Santoku Battery Materials Co., Ltd.
• The Merck Group
• Jiangmen Kanhoo Industry Co. Ltd
• Japan Metals & Chemicals Co Ltd (JMC)
• Xiamen Tungsten Co. Ltd
• Ajax Tocco Magnethermic Corporation
• American Elements

Latest Development:

• In July 2022, A collaborative development agreement was signed by Air Products and VPI (a power generation firm) to advance the "Humber Hydrogen Hub" or "H3," which aims to build an 800 MW low-carbon hydrogen production facility in Immingham, United Kingdom.

Report Metrics

Report Attribute	Details
Study Period	2022-2030
Base year	2022
CAGR (%)	7.5%
Market Size	2,500 million in 2022
Projection period	2023-2030
Projection unit	Value (USD)
Segments covered	By Type, By Application, and By Region.
Report Scope	Revenue Projection, competitive landscape, company ranking, growth factors, and trends
Companies covered	AMG Titanium Alloys & Coatings LLC, Baotou Santoku Battery Materials Co., Ltd., The Merck Group, Jiangmen Kanhoo Industry Co. Ltd, Japan Metals & Chemicals Co Ltd (JMC), Xiamen Tungsten Co. Ltd, Ajax Tocco Magnethermic Corporation, and American Elements.
By Type	AB2 AB5
By Application	Fuel Cells Rechargeable Batteries Cooling Devices Others
Regional scope	North America Europe Asia-Pacific South America Middle East and Africa

Scope of the Report

Global Hydrogen Storage Alloys Market By Type:

• AB2
• AB5

Global Hydrogen Storage Alloys Market By Application:

• Fuel Cells
• Rechargeable Batteries
• Cooling Devices
• Others

Global Hydrogen Storage Alloys Market By Region:

• North America
  • USA
  • Canada
  • Mexico
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Russia
• Asia-Pacific
  • Japan
  • China
  • India
  • Korea
  • Southeast Asia
• South America
  • Brazil
  • Peru
• Middle East and Africa
  • UAE
  • South Africa
  • Saudi Arabia

Political Factors- Because they are crucial to the development of laws, pressure groups, social and environmental campaigners, and labor unions should be closely studied by the hydrogen storage alloys market. Working together with these organizations may improve the market for hydrogen storage alloys' capacity to involve the public and meet long-term organizational objectives. The business environment for multinational corporations, such as those in the hydrogen storage alloys field, is also improved by a strong governance framework and a democratic political environment. Frequent changes in government policy cause the environment to become murkier, which is negative for corporate growth. The hydrogen storage alloys market must monitor political developments in the nation since they may affect the government's priorities for the growth of particular businesses.

Economic Factors- The hydrogen storage alloys market's plan for global development is impacted by the financial market's efficiency since operating in highly efficient financial markets improves a company's liquidity position and raises its capacity to enter new markets. The ability of the hydrogen storage alloys sector to raise financing at rates that are competitive will depend on how well-functioning and effective the financial markets are. The existing economic system has an effect on the market for hydrogen storage alloys and supports the market's commercial activity. An oligopolistic or monopolistic structure won't have the same economic or regulatory environment as one with perfect or monopolistic competition.

Social Factors- The power distance shows the acceptance of hierarchy and income disparity in a culture. When expanding into markets with high or low power distance, the hydrogen storage alloys market must modify its business management strategies. The power structure is changing as a result of the rising inequality in many nations, which has significant repercussions for multinational corporations like those in the hydrogen storage alloys business. The market for hydrogen storage alloys must do research on the accepted gender norms in order to change its marketing and communication strategies. Different marketing and human resource techniques will be used by societies with less gender stereotypes than by traditional, patriarchal societies with well defined gender roles.

Technological Factors- In order to understand how new technologies affect the firm's value chain and current cost structure, the hydrogen storage alloys market needs to take into account both the micro and macro expenditures made by competitors. When creative disruption occurs frequently, research and development initiatives are crucial. In order to maximise profits in this scenario, the hydrogen storage alloys  market should invest in disruptive technologies and then reinvest the earnings in the development of new disruptive technologies. The time needed to develop new goods has decreased because to the adoption of new technology.

Environmental Factors- Utilization of green or environmentally friendly products is increasing. The market for hydrogen storage alloys might seize the chance and employ green business methods to appeal to stakeholders. Priorities for product innovation are shifting as a result of regulatory organisations' emphasis on ensuring conformance with environmental regulations. The promotion of the environmental friendliness of its products must take precedence over conventional value propositions in the hydrogen storage alloys sector. The media, environmental organisations, customers, and the general public might criticize the hydrogen storage alloys market if it consistently depletes resources.

Legal Factors- Due to customers' concerns over their security and privacy, data protection has grown to be a serious issue. To safeguard customer data, the hydrogen storage alloys market must look into data protection laws. Additionally, laws are in place to control costs, guarantee a particular level of quality, and shield customers from deceptive advertising promises. In order to abide by consumer protection rules, the hydrogen storage alloys business must consider a few issues. The purpose of intellectual property laws is to safeguard the valuable ideas and patents that companies own. Losing competitive advantage as a result of failing to preserve intellectual property rights could compromise the market position of hydrogen storage alloys as compared to other market competitors.

1. Introduction
   • 1. Objectives of the Study
   • 2. Market Definition
   • 3. Research Scope
2. Research Methodology and Assumptions
3. Executive Summary
4. Premium Insights
   • 1. Porter’s Five Forces Analysis
   • 2. Value Chain Analysis
   • 3. Top Investment Pockets
     • 3.1. Market Attractiveness Analysis By Type
     • 3.2. Market Attractiveness Analysis By Application
     • 3.3. Market Attractiveness Analysis By Region
   • 4. Industry Trends
5. Market Dynamics
   • 1. Market Evaluation
   • 2. Drivers
     • 2.1. Rise in Demand
   • 3. Restraints
     • 3.1. Economic Crisis
   • 4. Opportunities
     • 4.1. Government Initiatives
   • 5. Challenges
     • 5.1. Disrupted Value Chain

6. Global Hydrogen Storage Alloys Market Analysis and Projection, By Type
   • 1. Segment Overview
   • 2. AB2
   • 3. AB5
7. Global Hydrogen Storage Alloys Market Analysis and Projection, By Application
   • 1. Segment Overview
   • 2. Fuel Cells
   • 3. Rechargeable Batteries
   • 4. Cooling Devices
   • 5. Others
8. Global Hydrogen Storage Alloys Market Analysis and Projection, By Regional Analysis
   • 1. Segment Overview
   • 2. North America
     • 2.1. U.S.
     • 2.2. Canada
     • 2.3. Mexico
   • 3. Europe
     • 3.1. Germany
     • 3.2. France
     • 3.3. U.K.
     • 3.4. Italy
     • 3.5. Spain
   • 4. Asia-Pacific
     • 4.1. Japan
     • 4.2. China
     • 4.3. India
   • 5. South America
     • 5.1. Brazil
   • 6. Middle East and Africa
     • 6.1. UAE
     • 6.2. South Africa

9. Global Hydrogen Storage Alloys Market-Competitive Landscape
   • 1. Overview
   • 2. Market Share of Key Players in the Hydrogen Storage Alloys Market
     • 2.1. Global Company Market Share
     • 2.2. North America Company Market Share
     • 2.3. Europe Company Market Share
     • 2.4. APAC Company Market Share
   • 3. Competitive Situations and Trends
     • 3.1. Technology Launches and Developments
     • 3.2. Partnerships, Collaborations, and Agreements
     • 3.3. Mergers & Acquisitions
     • 3.4. Expansions

10. Company Profiles
    • AMG Titanium Alloys & Coatings LLC
      • 1.1. Business Overview
      • 1.2. Company Snapshot
      • 1.3. Company Market Share Analysis
      • 1.4. Company Technology Portfolio
      • 1.5. Recent Developments
      • 1.6. SWOT Analysis
    • Baotou Santoku Battery Materials Co., Ltd.
      • 2.1. Business Overview
      • 2.2. Company Snapshot
      • 2.3. Company Market Share Analysis
      • 2.4. Company Technology Portfolio
      • 2.5. Recent Developments
      • 2.6. SWOT Analysis
    • The Merck Group
      • 3.1. Business Overview
      • 3.2. Company Snapshot
      • 3.3. Company Market Share Analysis
      • 3.4. Company Technology Portfolio
      • 3.5. Recent Developments
      • 3.6. SWOT Analysis
    • Jiangmen Kanhoo Industry Co. Ltd
      • 4.1. Business Overview
      • 4.2. Company Snapshot
      • 4.3. Company Market Share Analysis
      • 4.4. Company Technology Portfolio
      • 4.5. Recent Developments
      • 4.6. SWOT Analysis
    • Japan Metals & Chemicals Co Ltd (JMC)
      • 5.1. Business Overview
      • 5.2. Company Snapshot
      • 5.3. Company Market Share Analysis
      • 5.4. Company Technology Portfolio
      • 5.5. Recent Developments
      • 5.6. SWOT Analysis
    • Xiamen Tungsten Co. Ltd
      • 6.1. Business Overview
      • 6.2. Company Snapshot
      • 6.3. Company Market Share Analysis
      • 6.4. Company Technology Portfolio
      • 6.5. Recent Developments
      • 6.6. SWOT Analysis
    • Ajax Tocco Magnethermic Corporation
      • 7.1. Business Overview
      • 7.2. Company Snapshot
      • 7.3. Company Market Share Analysis
      • 7.4. Company Technology Portfolio
      • 7.5. Recent Developments
      • 7.6. SWOT Analysis
    • American Elements
      • 8.1. Business Overview
      • 8.2. Company Snapshot
      • 8.3. Company Market Share Analysis
      • 8.4. Company Technology Portfolio
      • 8.5. Recent Developments
      • 8.6. SWOT Analysis

List of Table

1. Global Hydrogen Storage Alloys Market, By Type, 2023–2030 (USD Million)
2. Global AB2, Hydrogen Storage Alloys Market, By Region, 2023–2030 (USD Million)
3. Global AB5, Hydrogen Storage Alloys Market, By Region, 2023–2030 (USD Million)
4. Global Hydrogen Storage Alloys Market, By Application, 2023–2030 (USD Million)
5. Global Fuel Cells, Hydrogen Storage Alloys Market, By Region, 2023–2030 (USD Million)
6. Global Rechargeable Batteries, Hydrogen Storage Alloys Market, By Region, 2023–2030 (USD Million)
7. Global Cooling Devices, Hydrogen Storage Alloys Market, By Region, 2023–2030 (USD Million)
8. Global Others, Hydrogen Storage Alloys Market, By Region, 2023–2030 (USD Million)
9. Global Hydrogen Storage Alloys Market, By Region, 2023–2030 (USD Million)
10. North America Hydrogen Storage Alloys Market, By Type, 2023–2030 (USD Million)
11. North America Hydrogen Storage Alloys Market, By Application, 2023–2030 (USD Million)
12. USA Hydrogen Storage Alloys Market, By Type, 2023–2030 (USD Million)
13. USA Hydrogen Storage Alloys Market, By Application, 2023–2030 (USD Million)
14. Canada Hydrogen Storage Alloys Market, By Type, 2023–2030 (USD Million)
15. Canada Hydrogen Storage Alloys Market, By Application, 2023–2030 (USD Million)
16. Mexico Hydrogen Storage Alloys Market, By Type, 2023–2030 (USD Million)
17. Mexico Hydrogen Storage Alloys Market, By Application, 2023–2030 (USD Million)
18. Europe Hydrogen Storage Alloys Market, By Type, 2023–2030 (USD Million)
19. Europe Hydrogen Storage Alloys Market, By Application, 2023–2030 (USD Million)
20. Germany Hydrogen Storage Alloys Market, By Type, 2023–2030 (USD Million)
21. Germany Hydrogen Storage Alloys Market, By Application, 2023–2030 (USD Million)
22. France Hydrogen Storage Alloys Market, By Type, 2023–2030 (USD Million)
23. France Hydrogen Storage Alloys Market, By Application, 2023–2030 (USD Million)
24. UK Hydrogen Storage Alloys Market, By Type, 2023–2030 (USD Million)
25. UK Hydrogen Storage Alloys Market, By Application, 2023–2030 (USD Million)
26. Italy Hydrogen Storage Alloys Market, By Type, 2023–2030 (USD Million)
27. Italy Hydrogen Storage Alloys Market, By Application, 2023–2030 (USD Million)
28. Spain Hydrogen Storage Alloys Market, By Type, 2023–2030 (USD Million)
29. Spain Hydrogen Storage Alloys Market, By Application, 2023–2030 (USD Million)
30. Asia Pacific Hydrogen Storage Alloys Market, By Type, 2023–2030 (USD Million)
31. Asia Pacific Hydrogen Storage Alloys Market, By Application, 2023–2030 (USD Million)
32. Japan Hydrogen Storage Alloys Market, By Type, 2023–2030 (USD Million)
33. Japan Hydrogen Storage Alloys Market, By Application, 2023–2030 (USD Million)
34. China Hydrogen Storage Alloys Market, By Type, 2023–2030 (USD Million)
35. China Hydrogen Storage Alloys Market, By Application, 2023–2030 (USD Million)
36. India Hydrogen Storage Alloys Market, By Type, 2023–2030 (USD Million)
37. India Hydrogen Storage Alloys Market, By Application, 2023–2030 (USD Million)
38. South America Hydrogen Storage Alloys Market, By Type, 2023–2030 (USD Million)
39. South America Hydrogen Storage Alloys Market, By Application, 2023–2030 (USD Million)
40. Brazil Hydrogen Storage Alloys Market, By Type, 2023–2030 (USD Million)
41. Brazil Hydrogen Storage Alloys Market, By Application, 2023–2030 (USD Million)
42. Middle East and Africa Hydrogen Storage Alloys Market, By Type, 2023–2030 (USD Million)
43. Middle East and Africa Hydrogen Storage Alloys Market, By Application, 2023–2030 (USD Million)
44. UAE Hydrogen Storage Alloys Market, By Type, 2023–2030 (USD Million)
45. UAE Hydrogen Storage Alloys Market, By Application, 2023–2030 (USD Million)
46. South Africa Hydrogen Storage Alloys Market, By Type, 2023–2030 (USD Million)
47. South Africa Hydrogen Storage Alloys Market, By Application, 2023–2030 (USD Million)

List of Figures 

1. Global Hydrogen Storage Alloys Market Segmentation
2. Hydrogen Storage Alloys Market: Research Methodology
3. Market Size Estimation Methodology: Bottom-Up Approach
4. Market Size Estimation Methodology: Top-Down Approach
5. Data Triangulation
6. Porter’s Five Forces Analysis
7. Value Chain Analysis
8. Global Hydrogen Storage Alloys Market Attractiveness Analysis By Type
9. Global Hydrogen Storage Alloys Market Attractiveness Analysis By Application
10. Global Hydrogen Storage Alloys Market Attractiveness Analysis By Region
11. Global Hydrogen Storage Alloys Market: Dynamics
12. Global Hydrogen Storage Alloys Market Share By Type (2023 & 2030)
13. Global Hydrogen Storage Alloys Market Share By Application (2023 & 2030)
14. Global Hydrogen Storage Alloys Market Share by Regions (2023 & 2030)
15. Global Hydrogen Storage Alloys Market Share by Company (2021)