Battery Alloys Market to Observe Strong Development | 2023
The
global battery market worth is worth USD 100 billion and is growing
at a rapid pace owing to increasing application of batteries in
various industries. Alloy used in batteries are one of the most
important components, which sustain the battery functionality.
Different kinds of battery require different varieties of battery
alloy as per the requirement of the respective applications.
Batteries can be broadly classified into primary batteries and
secondary batteries. The most common types of battery alloys contain
metals such as lead, selenium, calcium, antimony and tin. Alloys are
generally used in the battery anodes.
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The
battery alloys market has been propelled by the growth of battery
market across the world. New applications of battery are developed
every other day and the technological advancement and reach among the
masses have augured well for the battery market and subsequently the
battery alloy market. Battery alloys find most of its demand from the
automotive industry. The growth of automotive market in Asia Pacific
and the reviving market in North America has fuelled the growth of
battery alloy market. Moreover the gradual transformation of
petroleum driven car into battery operated vehicles and hybrid
vehicles have boosted the battery alloy market. Industrial usage of
batteries is the second largest market for battery alloys.
Manufacturing industries require extensive battery service for power
backup and storage. The grids in these high power batteries are made
of alloys such as lead antimony, lead calcium and lead selenium. The
high growth of manufacturing sector and the growth of transportation
infrastructure are the leading causes for the growth of battery alloy
market.
There
is very little threat to the battery alloy market since it is
indispensible to the batteries. However some alloys are preferred
over the others owing to environmental concerns as well as
functionality. Although lead alloys display extremely good
characteristics, the use of lead in battery alloys are increasingly
discouraged. Lead calcium battery alloy is again preferred over lead
antimony due to its higher longevity and performance dynamics.
The
major opportunity of the battery alloy market lies in the electric
vehicles application. Matured economies of North America and Europe
have shifted focus towards electric vehicles in a bid to achieve a
sustainable future free of petroleum requirements. According to
research about 40% of all cars on road in 2035 will be electrically
powered in North America which is one of the largest market for
automotives. Asia Pacific region has also initiated the process of
promoting hybrid vehicles which is expected to provide tremendous
stimulus to the battery alloy market.
The
battery alloy market is dominated by Asia Pacific region. More than
90 % of the market for battery alloys is derived from this region as
Asia Pacific acts as the battery supplier to the world. Japan and
South Korea used to be the main countries manufacturing batteries.
However China has surged ahead in recent times and is the highest
growing country in the world in terms of demand and production of
battery alloys. North America and Europe account for high demand of
batteries which are mostly imported from Asia. The battery alloy
market is expected to be dominated by Asia Pacific in the near future
as well.
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of the major companies operating in this market are Mitsubishi
Corporation and Furukawa Co.Ltd among many others.
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