Government policies and increased research and development activities will drive demand for aluminum-air batteries.
Wilmington, Delaware, United States, Feb. 07, 2024 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The aluminum-air battery industry was valued at US$ 4.8 million in 2021. The market is expected to increase at 8.4% CAGR from 2022 to 2031, reaching US$ 10.4 million by 2031. Aluminum-air batteries are lightweight and can be used in portable electronics like smartphones, laptops, and wearables. Consumer electronics applications could benefit from the high energy density, resulting in long-lasting batteries.
Continued research and development will likely result in advances in aluminum-air battery technology. Improving materials, design, and manufacturing processes may enhance energy density, durability, and performance. Aluminum-air batteries are lightweight and have a high energy density, making them ideal for electric vehicles (EVs). Battery technology could enable electric vehicles to run longer and more efficiently if challenges related to cost and practicality are overcome.
Grid energy storage may benefit from aluminum-air batteries, which help to maintain a balance between supply and demand for electricity. They can support renewable energy sources and stabilize power grids due to their scalability and long-duration storage capabilities.
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Energy storage technologies like aluminum-air batteries may be adopted due to an increasing focus on environmental sustainability and stringent regulations. Aluminum-air batteries are suitable for off-grid and remote applications due to their long-duration storage capabilities. Battery-powered infrastructure and communications towers are common in areas without reliable power grid access.
Key Findings of the Market Report
- Secondary aluminum-air batteries will dominate the market in the next few years.
- As the forecast period continues, Europe will remain the industry’s dominant region.
- A growing demand for renewable energy storage will lead to an expansion of these systems in the near future.
- As electric vehicles (EVs) become more widely adopted, the size of the aluminum-air battery market is expected to grow.
Global Aluminum-air Battery Market: Key Players
A few large-scale vendors control most of the global market share, which is moderately consolidated. There is a significant investment in research and development by most businesses. Prominent players in this landscape are as follows:
- Phinergy
- Fuji Pigment Co. Ltd.
- Alcoa Corporation
- Aluminum Corporation of China Limited
- Xinjiang Joinworld Co. Ltd.
Key Developments
- In February 2022, Indian Oil Corporation acquired a minority stake in Phinergy, a startup specializing in aluminum-air and zinc-air batteries.
- In July 2022, Hindalco Industries, Aditya Birla Group’s metals flagship, signed a Memorandum of Understanding with Phinergy, an Israeli company that specializes in metal-air batteries, and IOC Phinergy (IOP), the joint venture between Phinergy and India’s largest energy company, Indian Oil Corp. This agreement involves research and development, pilot production, and recycling of aluminum plates used for aluminum-air batteries with Hindalco.
Global Aluminum-air Battery Market: Growth Drivers
- Environmental sustainability is becoming increasingly popular and important. The demand for cleaner and eco-friendlier alternatives to traditional energy sources is increasing as climate change and carbon emissions are of growing concern. In light of these concerns, aluminum air batteries have gained traction as a potential solution due to their high energy density and minimal environmental impact.
- Technological and material advancements are also driving the aluminum-air battery market. Researchers are exploring and developing aluminum-air batteries to increase their efficiency, performance, and longevity.
- Advanced cathodes and electrolytes have contributed to the improvement of these batteries. Increasing breakthroughs in aluminum-air batteries are expected to result in increased adoption across a variety of applications, from electric vehicles to portable electronics to grid energy storage.
- As the automotive industry shifts toward electric vehicles (EVs), aluminum-air batteries have become increasingly popular. In automotive applications, aluminum is attractive due to its lightweight nature, which aids in reducing vehicle weight and improving fuel economy and range.
- As governments worldwide promote electric mobility and impose stringent emissions regulations, aluminum-air batteries are expected to be in high demand, driving the automotive industry.
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Global Aluminum-air Battery Market: Regional Landscape
- The aluminum-air battery is gaining traction in Europe for its potential as a sustainable and clean energy storage method. Europe has actively promoted clean and sustainable energy solutions to combat climate change. The region’s sustainability goals are aligned with aluminum-air batteries, potentially greener than traditional batteries.
- Many European countries have adopted electric vehicles (EVs) to reduce air pollution and greenhouse gas emissions. To promote more environmentally friendly transportation in the region, aluminum-air batteries are being investigated for use in electric vehicles due to their lightweight design and high energy density.
- In Europe, many companies are researching and developing battery technologies. As part of these efforts, aluminum-air batteries have been enhanced in terms of their reliability, effectiveness, and commercial viability. New technologies are adopted as a result of government policies and incentives. Developing and deploying aluminum-air batteries is likely to be positively impacted by EU grants, policies, and funding for clean energy projects.
Global Aluminum-air Battery Market: Segmentation
By Type
- Primary Aluminum-air Battery
- Secondary Aluminum-air Battery
By Electrolyte Solution
- Potassium Hydroxide (KOH)
- Sodium Hydroxide (NaOH)
By Application
- Telecom Towers
- Hospitals
- Automotive
- Military
- Consumer Electronics
- Aerospace
- Others
By End User
- Residential
- Industrial
- Commercial
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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