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Battery Alloys Market to Partake Significant Development by 2023
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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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Som of the major companies operating in this market are Mitsubishi Corporation and Furukawa Co.Ltd among many others.
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