Aluminum-ion Battery Market to reach US$ 8 Bn by 2031, TMR Study
The immense potential for Aluminum-ion batteries in the transportation and automotive industries is projected to stimulate expansion of the global aluminum-ion market
Wilmington, Delaware, United States, Sept. 27, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - In 2021, the value of global aluminum-ion battery market was worth US$ 4.2 Bn. The global market is projected to expand at 6.6% CAGR during the forecast period, from 2022 to 2031. The global aluminum-ion battery market is anticipated to touch value of US$ 8 Bn by 2031. Due to the absence of dense lithium cobalt oxide, the new aluminum-ion battery is capable of charging 60 times faster than a traditional lithium-ion battery pack. Since the battery swaps three electrons per ion during recharging and then returns to the negative electrode in the battery, which is expected to drive future of aluminum-ion battery market throughout the projected timeframe.
The durability of aluminum-ion batteries is improved further compared to lithium-ion cells by the fact that aluminum is also among the most recyclable elements on the planet. This factor is expected to fuel market demand for aluminum-ion battery in the near future. The rising demand for portable electronics has caused manufacturers to concentrate increasingly on industries including transportation, automobile, and defense. As such, it is anticipated that key vendors in aluminum-ion battery market involved in the production of aluminum-ion batteries will concentrate more on the production of a graphene-based battery that is more effective and long-lasting. Graphene-based battery is one of the important trends in aluminum-ion battery market.
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In 2021, Asia Pacific maintained a commanding share of 76.2% of the global market for aluminum-ion battery, based on an assessment of the regional industry trends. The growing modernization of the region and rising demand for aluminum-ion batteries in the transportation and automotive industries are likely to keep the region's economic prospects bright during the forecast timeline.
Key Findings of Market Report
The metal that is found in the world's crust most frequently is aluminium. In light of this, the Aluminum-ion battery is expected to play a significant role in the global energy transformation that has already begun. The expansion of the global market for Aluminum-ion battery is anticipated to be fueled by Aluminum’s relatively low cost over the forecast timeline.
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Global Aluminum-ion Battery Market: Key Players
Some of the key market players are
Albufera Energy Storage S.L.
Graphene Manufacturing Group Ltd.
Robert Bosch GmbH
Phinergy Ltd
Ionix Technology, Inc.
TasmanIon
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Global Aluminum-ion Battery Market: Segmentation
Capacity
0-200 mAh
200-600 mAh
600-1000 mAh
1000 mAh and Above
Application
Electric Vehicle
Portable Devices
Grid Storage
Medical Equipment
Others
End Use
Automotive and Transportation
Consumer Electronics
Energy Storage System
Healthcare
Industrial
Others
Regions Covered
North America
Europe
Asia Pacific
Middle East & Africa
Latin America
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