Battery Alloys Market Analysis
Battery Alloys Market - Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027
There are different metals and alloys used in the manufacturing of batteries. However, alloys are preferred more as they sustain the battery functionality. There are also different types of batteries, which means they require a different type of alloys to fulfill respective requirements. They are classified as primary batteries and secondary batteries. Lead, antimony, selenium, calcium, aluminum, zinc, vanadium, and tin are some of the most common metals used in battery alloys. They are primarily used in battery nodes.
The global battery alloys market size is expected to increase, owing to new applications of batteries developed across the world. Moreover, technological advancement and reach of batteries among common masses have increased the market share for the global battery alloys market. For instance, battery alloys find applications in the automotive industry. Increasing demand for electric vehicles is a major driving factor growth of the market. Electric cars have helped to reduce CO2 emission, which is a major factor in global warming. Moreover, electric cars are cleaner, cheaper, and more efficient than conventional fuel cars. This has increased the demand for batteries, subsequently supporting growth of the global battery alloys market. Developed economies such as North America and Europe pose a huge opportunity for the global battery alloys market. Moreover, Asia Pacific region has also started promoting hybrid cars, boosting the demand for batteries and subsequently driving the market growth. Moreover, Asia Pacific is expected to be a major supplier of batteries in the near future. South Korea and Japan are deemed as the major manufacturer of batteries. Furthermore, there is a major demand for batteries in Europe and North America imported from Asia, offering a major opportunity for the global battery alloy marker growth.
Market Regional Analysis
North America and Asia Pacific are expected to have significant growth in the market. This is owing to people opting for electric and hybrid vehicles over conventional gasoline cars. Furthermore, the industrial usage of batteries is expected to hold the second largest market share during the forecast period. The batteries are used for power backup and storage, ultimately increasing the demand for batteries. Alloys such as lead selenium and lead calcium are used in these high-power batteries to make grids. This is subsequently increasing the demand for battery alloys. Lead has arguably the best characteristics among other alloys
Some of the major companies operating in the global battery alloys market include Furukawa Co. Ltd, Mitsubishi Corporation, etc.