Zinc Battery Market Size, Share, Growth & Forecast 2030

Report Description

Zinc Battery Market Outlook 

The global Zinc Battery market size was valued at USD 8,926.0 Million in 2019 and is projected to reach USD 11,439.5 Million by 2027, expanding at a CAGR of 3.2% during the forecast period. A battery is a power source, which consists of one or more electrochemical cells that directly converts chemical energy into electrical energy. Batteries are made up of three basic components namely, an anode (the '-' side), a cathode (the '+' side), and an electrolyte (a substance that chemically reacts with the cathode and the anode).

Non-rechargeable batteries (also known as primary batteries) and rechargeable batteries (also known as secondary batteries) are the two main types of batteries. Various types of chemical elements are used as ions in batteries such as lithium, zinc, sodium, and aluminum.

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The zinc ion battery (ZIB) uses zinc ions (Zn2+) as charge carriers. ZIB utilizes Zn as an anode, Zn-intercalating materials as the cathode, and a Zn-containing electrolyte.

The zinc-ion batteries are used for various applications such as battery-operated consumer electronics, electric vehicles, and battery-operated power tools. Various types of zinc ion batteries available in the market include Zinc-Carbon battery, Silver/Zinc (Zn/Ag2O) battery, Nickel-zinc Battery, Zinc-Mn battery, and Zinc-Chloride battery. These batteries have varying characteristics that cater to specific applications.

Zinc Battery Market Dynamics

Major factor enabling the global Zinc Battery market increasing demand for consumer electronics such as cameras, watches, game players, and toys, growing demand for electric vehicle, and rising applications of zinc batteries, and increasing prevalence of age-related hearing loss. Conversely, availability of several alternative and substitutes for zinc battery, and limitations of zinc battery is expected to hinder the market. Moreover, government initiatives and policies to replace mercury-based cells with zinc-air batteries is expected to create opportunities in the market.

Drivers

Rising adoption of Zinc Batteries

Advantages, features, and benefits of different types of zinc batteries such as high discharge voltage, high energy density, safety, environmental benefits, good shelf life, lightweight, high performance at low temperature, and low cost make zinc batteries suitable for numerous applications in consumer goods, electric vehicle, battery-powered tools, medical aids, and military & aerospace. This boosts the adoption of zinc batteries over lithium and nickel-cadmium batteries, propelling the market.

Restraints

Presence of Various Alternatives

Various types of batteries (with different chemical elements) in the market are used as substitutes and alternatives to each other. These batteries are used in a wide range of products used for different applications.

Nowadays, the usage of zinc batteries in various applications has increased due to its advantages and benefits, but several alternatives are available for zinc batteries such as lithium-ion batteries, sodium ion batteries, and other alkaline batteries. These batteries are easily available in the market as well as used in numerous applications. Thus, easy availability of alternative and substitute products in the market is expected to hamper the growth of the market.

Zinc Battery Market Segmental Insights

Types Segment

Based on types, the global zinc battery market is divided into zinc-air battery, nickel-zinc battery, zinc-silver battery, carbon-zinc battery, zinc-chloride battery, and zinc-Mn battery.

The zinc-air battery segment accounts for a key share of the market and is anticipated to expand at a considerable CAGR during the forecast period, owing to increase in usage of zinc-air batteries in LED traffic lights, traffic signs, and consumer electronics products.

The zinc-silver battery segment is projected to expand at a substantial CAGR during the forecast period, owing to its increasing application in the military and space sector. Increase in usage of carbon zinc batteries in various devices is expected to boost the demand carbon zinc batteries market during the forecast period.

Zinc–air batteries are used to power a large number of electronic gadgets and appliances used in day-to-day life, such as watches, hearing aids, and radios.

These batteries have high energy density and are cheaper alternatives to lithium-based batteries. They are also lighter in weight, which increases their application in small devices. Nickel-zinc (NiZn) batteries offer various benefits such as high energy density, superior power density, low cost, better life cycle, longer shelf life, and high discharge rates (these batteries excel at high discharge rates, while retaining thermal stability), and are capable of fast charging. Nickel-zinc (NiZn) batteries offer safety, as they are non-flammable and cause no threat to the environment.

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Application Segment

Based on applications, the global zinc battery market is segmented as electric vehicle, consumer electronics, power tools, and others. The consumer electronics segment accounts for a key share of the market and is anticipated to expand at a considerable CAGR during the forecast period, owing to the increasing popularity and usage of consumer electronics by people in day-to-day life.

Rising adoption of zinc-ion batteries over lithium-ion batteries due to their advantages and benefits is expected to boost the demand for zinc batteries in various applications. Growing technological advancements in battery technologies has boosted the usage of various battery-operated equipment worldwide. Moreover, electric vehicles are equipped with numerous features that consume a significant amount of battery power, which in turn, is expected to boost the demand for zinc batteries.

Nickel-zinc battery offers high power, high shelf life, high energy density, and cost-effective performance levels. Nickel-zinc batteries are used at high and low temperatures, and are safe, environmentally clean, recyclable, and do not require any special handling.

Zinc-air battery is one of the widely used types of batteries in portable consumer electronics products such as watches, hearing aids, and pagers. Moreover, silver-zinc batteries are preferred for small consumer electronics products and devices, as they provide higher energy density values and longer run time than compared others batteries.

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Regional Analysis

Based on regions, the global zinc battery market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific accounts for a major share of the market, followed by Europe. The market in Asia Pacific is projected to expand at a significant CAGR during the forecast period.

Asia Pacific is expected to lead the global zinc battery market during the forecast period due to factors such as an increase in adoption of consumer electronics and technologically advanced products.

The zinc battery market in Europe is projected to hold a key share of the market due to increasing demand for electric passenger cars and light commercial vehicles by people in the region.

The market in North America is expected to expand at a significant CAGR during the forecast period due to various factors such as growing adoption of advanced technology products, rising populations, and growing demand for consumer electronics, thus propelling the demand for zinc batteries.

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Key Benefits for Industry Participants & Stakeholders

• In-Depth Analysis of The Global Zinc Battery Market.
• Historical, Current and Projected Market Size in Terms of Value.
• Potential & Niche Segments and Regions Exhibiting Promising Growth Covered
• Industry Drivers, Restraints and Opportunities Covered in The Study
• Recent Industry Trends and Developments
• Competitive Landscape & Strategies of Key Players
• Neutral Perspective on From Global Zinc Battery Market Performance