Aluminum-air Battery Market Size & Share by Voltage (Under 0.7 V, 0.7 - 1.2 V); Application (Marine Devices, Military Applications, Electric Vehicle); Electrolyte (Water-Based, Potassium Hydroxide) - Global Supply & Demand Analysis, Growth Forecasts, Statistics Report 2024-2036

  • Report ID: 3341
  • Published Date: Jan 05, 2024
  • Report Format: PDF, PPT

Global Market Size, Forecast, and Trend Highlights Over 2024-2036

Aluminum-air Battery Market size is estimated to surpass USD 15 Billion by the end of 2036, growing at a CAGR of 9% during the forecast period i.e., 2024-2036. In the year 2023, the industry size of aluminum-air battery was over USD 5.7 Billion. The market's expansion can be ascribed to the quick improvements in battery technology as well as the expanding uses of these batteries in military electronics, which are supported by their high energy density. For instance; with USD 877 billion allocated to the military in 2022, the United States topped the list of nations with the largest military spending. With an estimated 292 billion dollars spent on the military, China ranked second in the world, after Russia in third place. This increasing spending on the military will also support increased demand for these batteries from military & defense sector. Aluminum-air batteries employ an aluminum anode and the oxygen in the air to generate power. In the upcoming years, it's also anticipated that the adoption of these batteries will increase due to increased research and development into making them rechargeable by recycling the hydrated aluminum oxide that serves as a power source.

In an electrolyte solution, aluminum serves as the anode while airborne oxygen serves as the cathode in the aluminum-air battery. Power is produced by the reaction of aluminum with ambient oxygen in aluminum-air batteries, also known as Al-air batteries. Out of all the batteries, they possess one of the greatest energy density. But an electric vehicle powered by aluminum batteries could be able to go up to eight times farther between charges than one that uses lithium-ion batteries, all while weighing a lot less overall. Both this and the ecosystem will benefit from this. These are anticipated to play a significant role in driving the growth of the aluminum-air battery market over the projected timeframe.


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Aluminum-air Battery Market: Growth Drivers and Challenges

Growth Drivers

  • Rising Sales of Electric Vehicles - The International Energy Agency reports that the global demand for electric cars is growing exponentially, with sales expected to reach 10 million by 2022. In just three years, the percentage of electric vehicles in overall sales has more than tripled, rising from 4% in 2020 to 14% in 2022. For electric vehicles, aluminum-air batteries can offer a durable and lightweight energy storage option. This may contribute to extending the driving range and lowering the overall cost of electric cars. Aluminum-air batteries have an energy density that can be up to eight times greater than lithium-ion batteries', which makes them a viable alternative for electric vehicles. As a result of this, aluminum-air battery market is anticipated to grow significantly with rising sale of electric vehicles.
  • Growing Interest in Renewable Energy Storage Systems - Aluminum-air batteries have the potential to enhance power system stability and dependability. The integration of renewable energy sources like solar and wind power can also be supported by these batteries. Thus, it is anticipated that the market for aluminum-air batteries will develop over the next several years due to the rise in demand for reliable energy storage solutions across a range of industries. Compared to other battery types, aluminum-air batteries are considered more environmentally benign. Lead, cadmium, or lithium are among the harmful or dangerous substances absent from these batteries. Aluminum-air batteries also have a lower environmental impact because they don't use rare earth metals or other limited resources. Because of its extreme versatility, aluminum-air batteries can be utilized to regulate frequency and capacity in wholesale energy industry. Owing to this, the aluminum-air battery market will encounter growth during the projection period.
  • Increasing research & development - Continuous research & development are ongoing with aim to enhance the performance of aluminum-air batteries, including power output, and efficiency. With the advancing technology and production scale up, cost of aluminum-air batteries is predicted to decline, making them more affordable. All this is anticipated to support the growth of overall market.

Challenges

  • Easy Availability of Alternate Products - The market offers a range of substitute metal air batteries, such as lithium, zinc, and iron. Batteries composed of lithium-air have the highest specific energy. The maximum energy density of lithium-air batteries may reach theoretical values of approximately 3,458 watt-hours per kilogram, which is a substantial increase above that of Li-ion batteries. Global demand for lithium-ion batteries and other substitute products could provide the major obstacle to the expansion of the aluminum-air battery market.
  • Large investment needed in research & investment is Expected to Pose Limitation on the Market Growth in the Projected Period
  • Low shelf life of aluminum-air batteries is Predicted to Hamper the Market Expansion in the Upcoming Period.

Aluminum-air Battery Market: Key Insights

Base Year

2023

Forecast Year

2024-2036

CAGR

~9%

Base Year Market Size

~USD 5.7 billion

Forecast Year Market Size

`USD 15 billion

Regional Scope

  • North America (U.S., and Canada)
  • Latin America (Mexico, Argentina, Rest of Latin America)
  • Asia-Pacific (Japan, China, India, Indonesia, Malaysia, Australia, Rest of Asia-Pacific)
  • Europe (U.K., Germany, France, Italy, Spain, Russia, NORDIC, Rest of Europe)
  • Middle East and Africa (Israel, GCC North Africa, South Africa, Rest of the Middle East and Africa)
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Aluminum-air Battery Segmentation

Application (Marine Devices, Military Applications, Electric Vehicle)

Based on type, the military applications segment is estimated to hold 45% share of the global aluminum-air battery market by 2036. The observed segmental expansion during the evaluation timeframe may be attributed to a surge in the demand for lightweight batteries and an increase in the use of aluminum-air batteries in both hybrid and electric vehicles. Longer operating lives can be achieved with aluminum-air batteries, which makes them useful for devices like surveillance equipment, remote sensors, and unmanned aerial vehicles (UAVs). Aluminum-air batteries can power distant sensors and monitoring equipment in isolated or difficult-to-reach places where a reliable power supply is essential for military surveillance and reconnaissance missions. Owing to all this, the market in this segment is estimated to encounter significant growth.  

Voltage (Under 0.7V, 0.7 – 1.2V, Others)

The fastest growing segment in the material segmentation of aluminum-air battery market is the under 0.7V. This subsegment's expansion can be ascribed to the employment of aluminum-air batteries in the production of electronics. For example, the aluminum-air battery is widely utilized in many different types of electronics goods, such as cardiac monitoring systems, hearing aids, pacemakers, watches, and lighting systems. Such aluminum-air battery applications in the electronics industry will undoubtedly open up growth opportunities for the subsegment over the course of the projection period. Furthermore, this type of aluminum-air batteries are cost effective for various applications because of lower manufacturing cost. All these elements collectively are anticipated to support the growth of market in this segment.

Our in-depth analysis of the global aluminum-air battery market includes the following segments:

          Voltage

  • Under 0.7 V
  • 0.7 – 1.2 V
  • Others

          Application

  • Marine Devices
  • Military Applications
  • Electric Vehicles

          Electrolyte

  • Water Based
  • Potassium Hydroxide  
  • Others

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Aluminum-air Battery Industry - Regional Synopsis

North America Market Forecasts

The North America aluminum-air battery market is estimated to hold the highest CAGR of 35% by the end of 2036. One possible explanation for the expansion of the regional market is the widespread presence of major product manufacturers in nations like the United States. Furthermore, it is anticipated that the North American marketplace for electric vehicles will bring in around US$78 billion by 2023. It is anticipated that North America's market for electric vehicles would reach 2.73 million units sold by 2028. Electric vehicle usage is rising steadily in the US as buyers value environmental sustainability and take advantage of government incentives. The growth of the regional market will be driven by an increase in the use of products in electric vehicles and an increase in environmental awareness.

Asia Pacific Market Statistics

The aluminum-air battery market in the Asia Pacific is anticipated to grow significantly by the end of forecast period. The increase in demand for clean energy in nations like Taiwan, China, South Korea, Japan, and China is the cause of the growth. In the coming years, China and India are expected to be the main sources of revenue for the region. India's and China's electronics industries are expanding at a rapid rate due to rapid infrastructure development and industrialization. As a result, it is anticipated that the region's need for metal-air batteries would rise. The market for aluminum-air batteries is dominated by portable electronics and renewable energy storage systems, both of which are seeing rapid growth in India. The Asia Pacific aluminum-air battery market is anticipated to increase as a result of technological advancements and positive industry initiatives.

Research Nester
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Companies Dominating the Aluminum-air Battery Market

top-features-companies
    • Industrie De Nora S.p.A.
      • Company Overview
      • Business Strategy
      • Key Product Offerings
      • Financial Performance
      • Key Performance Indicators
      • Risk Analysis
      • Recent Development
      • Regional Presence
      • SWOT Analysis
    • China Dynamics (Holdings) Limited
    • RiAlAiR Limited
    • Xinjiang Joinworld Co., Ltd.
    • Aqua Power Systems, Inc.
    • Arotech Corporation
    • Zhongke Metal
    • ANYUAN SOLUTIONS CO., LIMITED
    • Zinc Energy Solutions Inc.
    • Toyota Motor Corporation
    • Maruti Suzuki

In-the-news

In The News

  • The Chinese Academy of Sciences researchers have developed an aluminum-air battery that uses a novel class of oxygen-evolving catalysts to achieve a high energy density and long cycle life.
  • A Memorandum of Understanding has been signed by Phinergy and Aditya Birla Group Hindalco to explore and test the manufacturing of aluminum plates for aluminum-air batteries in India.

Author Credits:  Payel Roy, Dhruv Bhatia


  • Report ID: 3341
  • Published Date: Jan 05, 2024
  • Report Format: PDF, PPT

Frequently Asked Questions (FAQ)

The rise in sale of electric vehicles, and growing interest in renewable energy storage system are some of the major factors anticipated to drive the growth of the aluminium air battery market.

The market is anticipated to attain a CAGR of ~9% over the forecast period, i.e., 2024 – 2036.

The major players in the market are of RiAlAiR Limited, Xinjiang Joinworld Co., Ltd., Aqua Power Systems, Inc., Arotech Corporation, Zhongke Metal, Zinc Energy Solutions Inc., Toyota Motor Corporation, Fuji Pigment Co., Ltd., SuperPower Inc., Phinergy Limited, Alcoa

The military applications segment is anticipated to garner the largest market size by the end of 2036 and display significant growth opportunities.

The market in North America is projected to hold the largest market share by the end of 2036 and provide more business opportunities in the future.
Aluminum Air Battery Market Report Scope
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