Hydrogen Storage Alloy Market Size, Share, Growth, and Industry Growth by Type (Titanium Hydrogen Storage Alloy, Zirconium Hydrogen Storage Alloy, Fe Hydrogen Storage Alloy, Rare Earth Hydrogen Storage Alloy, Mg Hydrogen Storage Alloy, and Others), By Application (Hydrogen Recovery Or Separation, Rechargeable Battery, Refrigeration and Heating Equipment), Regional Insights, and Forecast To 2031

Updated On: 01 April 2024

GLOBAL HYDROGEN STORAGE ALLOY MARKET REPORT OVERVIEW

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The global hydrogen storage alloy market size was USD 3178.7 million in 2022 and market is projected to touch USD 6472 million by 2031 at CAGR 8.2% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with hydrogen storage alloy experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels.

In its gaseous state, hydrogen is a plentiful element that is regarded as important. A lot of attention has been paid to hydrogen recently because of its enormous potential as a crucial source of energy. As time goes on, hydrogen-powered fuel cells are taking a closer look at a varied consumer base. Hydrogen has also been utilized in obtaining of clean energy for a sustainable generation.

This has led to the need for hydrogen storage alloys. These storage spaces ensure there is no leak of the gas and keeps it protected from external harmful substance. It also optimizes the usage of the hydrogen gases for several purposes. Hydrogen storage alloys are being increasingly used in the underground caverns for large-scale storage. Steel containers are also being user for small-scale storage.

COVID-19 IMPACT: Imposed Lockdown Reduced Product Demand Significantly

The outbreak of the COVID-19 led to a huge blow to the manufacturing sector. As the work mode shifted to home due to frequent lockdowns, it led to the shutdown of the industrial sector. The shutting down of industrial activity and shortage of employees affected the market. Despite having the potential to grow during the pandemic times the market went down because of a lack of implementation at the right time. The market is expected to grow at a rapid rate as the technology becomes more commonplace in the auto-making business and brings a massive transformation.  

The global hydrogen storage alloy market was severely affected adversely as the industries shut down. The COVID-19 pandemic's expanding patient population was the cause of this. The market was severely affected by the total lockdown and closure of industrial operations. Only a small number of businesses were deemed vital by the government, and because of the service categories they offered, they did not suffer as much. But the limitations on the number of individuals who could congregate further slowed industrial production.

However, companies that catered to the research and health sectors saw a major surge in demand for hydrogen storage alloy. This was driven by growing investments by governments and corporations to develop new health tech to combat the global COVID-19 pandemic. This was also contributed with the growing need for storage tanks for gasses as there were a growing cases of gas leaks. These leaks led to fatalities; hence grew the need for hydrogen storage alloys.

LATEST TRENDS

"Technological Developments for Efficient Storage to Augment Growth "

Nature.com has stated a storage method that would further enhance the properties of the gas. For the need to store vast volumes of hydrogen in a future hydrogen-based energy system, metal hydrides were considered. The alloy's lattice strain, which makes it advantageous to absorb hydrogen at both tetrahedral and octahedral interstitial sites, is what gives it its high hydrogen storage capacity. This finding shows that high entropy alloys may someday serve as materials for hydrogen storage.

According to ResearchGate, many researchers concentrated on how they may create new methods to store hydrogen because of its outstanding and lightweight characteristics. A study suggests techniques for reversible hydrogen storage with a high volumetric density and gravimetric density. The periodic table has about 50 metallic elements that may absorb large amounts of hydrogen gas. The features of several alloy types utilized as a chemical hydrogen storage will be covered in this study.

GLOBAL HYDROGEN STORAGE ALLOY MARKET SEGMENTATION

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• By Type

Based on type, the market is divided into Titanium Hydrogen Storage Alloy, Zirconium Hydrogen Storage Alloy, Fe Hydrogen Storage Alloy, Rare Earth Hydrogen Storage Alloy, Mg Hydrogen Storage Alloy, and Others.

Titanium Hydrogen Storage Alloy holds a major share of the global market.

• By Application

Based on application, the market is bifurcated Hydrogen Recovery or Separation, Rechargeable Battery, Refrigeration and Heating Equipment.

Hydrogen Recovery as application holds a major share of the global market.

DRIVING FACTORS

"Versatile Applications of Hydrogen to Boost Market Size"

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 association, 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. This is expected to boost the global hydrogen storage alloy market size.

"Futuristic Feasibility to Boost Market Share"

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 forecasts that by 2030, hydrogen produced from wind energy will be more affordable and cost-effective than natural gas. This is estimated to boost the global hydrogen storage alloy market share.

RESTRAINING FACTORS

"High Investment Costs to Hamper Market Growth"

The high cost of hydrogen storage alloy and the high investments of hydrogen storage alloy would impede the market's expansion. Additionally, the market expansion for hydrogen storage alloy is hampered by the variable cost of hydrogen in the market. The existence of substitutes and stringent governmental regulations will serve as significant inhibitors and further slow the market growth rate for hydrogen storage alloy.

GLOBAL HYDROGEN STORAGE ALLOY MARKET REGIONAL INSIGHTS

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"Asia Pacific Dominates the Market as Major Manufacturer"

APAC countries are the largest market shareholder for hydrogen storage alloy. This is supported by elements like significant government investments in developing nations. Large-scale infrastructure projects are intended to benefit from these expenditures. The increasing purchasing power of individuals, fast urbanization, and expanding population in this region all serve to reinforce this.. North America is the second major shareholder of the global hydrogen storage alloy market.

KEY INDUSTRY PLAYERS

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market.

List of Market Players Profiled

• Japan Metals & Chemicals [Japan]
• Chuo Denki Kogyo [Japan]
• Santoku Chemical Industry [Japan]
• Mitsui [Japan]
• H Bank Technology [Taiwan]

REPORT COVERAGE

This research profiles a report with extensive studies that take into description of the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by inspecting the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, etc. This analysis is subject to alteration if the key players and probable analysis of market dynamics changes.