Metal Air Battery Market Size, Share & Industry Analysis, By Metal (Zinc-Air, Lithium-Air, Aluminum-Air, Iron-Air, Others), By Type (Primary, Secondary/Rechargeable), By Application (Electric Vehicle (EV), Stationary Power, Military Devices, Electronic Devices) and Regional Forecast, 2024-2032

The global metal air battery market size was valued at USD 494.02 million in 2023 and is projected to be worth USD 526.09 million in 2024 and reach USD 1,270.21 million by 2032, exhibiting a CAGR of 11.65% during the forecast period.

Metal air batteries are considered the most preferred replacement for lithium-ion and lithium air batteries, which are currently used across most of the application sectors. The ability of the battery to use metals, such as iron, zinc, and aluminum, which are available in abundance, results in lower manufacturing costs. The specific density and energy capacity of these batteries are also better compared to the lithium-ion and lithium air batteries. Sometimes the battery is also referred to as a special type of fuel cell, which uses metal as an anode and air as an oxidant. These are used for hearing aid devices, railway signaling, navigation systems, watches, and others.

The global health emergency caused by the sudden spread of the novel coronavirus or COVID-19 pandemic has had a negative impact on almost every industry. Businesses have had to suffer a significant loss in operational time owing to the imposition of strict policies, such as nation-wide lockdowns, to curb the reach of the virus. Accordingly, the outbreak of the disease has altered the demand for metal air batteries as the demand from the end-use sectors has gone down.

As these batteries are still in nascent stages of development and various companies and research institutions are working on parameters that will help in the commercialization of these batteries, the estimated delivery timeline of projects has lengthened. This will substantially impact investments in the market in the coming years.

Metal Air Battery Market Trends

Increasing Adoption of Renewable Resources for Power Generation to Favor Growth

The increasing adoption of renewable energy resources, such as wind and solar, is one of the leading factors driving the demand for battery energy storage systems, which will benefit the market. With the increasing energy demand along with the need to reduce greenhouse gas (GHG) emissions, the installation of renewable energy is set to grow at the highest and tremendously over the coming years, which in turn will lead to the expansion of battery storage systems. For instance, in 2019, The German government announced its ambitious goal of producing 20GW energy by using offshore wind power by the end of 2030.

Increased Scope of Deployment with Expanding Marketplaces is a Prominent Trend

In the current scenario, metal air batteries are majorly used in electronic applications, such as remotely controlled toys, buttons cells, hearing equipment, and others. With the expanding market for consumer electronics with new devices, the scope for these batteries also increases. Also, these can be used in electric vehicles which are expected to gain pace in the global market over the next decade. This will certainly act as a boost to the innovation process carried out to have an optimal battery solution.  High voltage metal air batteries are expected to be delivered in the market in coming years.  

Metal Air Battery Market Growth Factors

Ongoing Research and Development Activities in the Metal Air Battery to Drive Market Growth

Researchers are actively working on developing novel electrode materials to improve the performance and efficiency of metal-air batteries. This includes exploring new types of metals for the anode (zinc, aluminum, and lithium) and catalysts for the cathode to enhance oxygen reduction reactions. By optimizing electrode materials, R&D efforts aim to increase energy density, cycle life, and overall battery performance. Electrolytes play a crucial role in the performance and safety of metal-air batteries. Ongoing R&D activities focus on designing electrolytes with improved stability, conductivity, and compatibility with electrode materials. Researchers are exploring different electrolyte formulations, including aqueous and non-aqueous electrolytes, as well as solid-state electrolytes, to address challenges, such as electrolyte degradation, dendrite formation, and side reactions.

In February 2024, Indian state-owned multinational energy company Indian Oil Corporation Ltd (IOC) completed a second round of investment in Israel's Phinergy, raising its stake in the developer of metal-to-air technology to 17 percent. In the second round. Indian Oil invested USD 12.5 million, which Phinergy will use to expand its operations in India and increase production of systems used to generate backup power for the telecommunications sector.

Economical Advantage and Higher Capacity Will Attract Investments from Leading Players

The low manufacturing cost of metal air batteries compared to the other available counterparts backed by the use of abundantly available metals as anode and air as oxidant attracts investors to manufacture these batteries on a larger scale. The higher energy density is another factor that makes these batteries a lucrative opportunity for the manufacturers to gain huge profits. Various companies are working along with other research and development institutions to improve the current performance characteristics of the battery and bring the optimum product to the market on a large scale.     

RESTRAINING FACTORS

Rising Adoption of Lithium-Ion Batteries Poses Threat to Growth of the Market

One of the key market restraints for the market is the increasing deployment of lithium air and lithium ion batteries across all the application sectors. Lithium-ion batteries being more stable and commercialized, are growing at a tremendous rate and will have a strong foothold in the market in the following years. This will harden the task for metal air batteries to penetrate the energy storage market. Currently, lithium-ion batteries account for more than 3/4th of the energy storage systems market. Also, the lack of rechargeability with the use of some metals poses a threat to their adoption.

Metal Air Battery Market Segmentation Analysis

By Metal Analysis

Zinc-air Batteries Segment Holds a Significant Share Backed by Commercialization

Based on the metal, the global market is broadly categorized into zinc-air, lithium-air, aluminum-air, iron-air, and others. The zinc-air batteries are the only type of metal air battery that have been commercialized and therefore hold significant share and growth opportunities. These are currently used for stationary power and electronic devices. Aluminum air batteries expected are expected to have healthy growth in the coming years as it is being tested for electronic vehicles and also for large storage systems in the renewable sector.  

By Type Analysis

Secondary Batteries Segment to Dominate Owing to Their Ability to Recharge Rapidly

Based on type, the global industry can be primarily bifurcated into primary and secondary/rechargeable. Currently, most of the metal air batteries being manufactured are primary which has led primary segment to hold a significant market share in the global market. Also, market players are working toward making the metal air batteries rechargeable, which will be a major turnaround in the whole energy storage systems market. Rechargeability is the major determining factor for the adoption of these batteries in stationary power and EV on a larger scale. Therefore, trial and error methods are being carried out to end up on a feasible solution of a metal air battery. Zinc and aluminum are the metals found to have rechargeable characteristics when used in battery manufacturing.

By Application Analysis

Introduction of EV Holds Immense Growth Opportunities in Market

Based on application, the global market is divided into electric vehicles (EV), stationary power, military devices, and electronic devices. The electronics devices segment is currently dominating the market share as commercial metal air batteries are mostly found in small electronics only. Further, the research and plans by leading EV players such as TESLA to introduce metal air batteries using aluminum will drive the growth of EVs at exponential levels. The global need to reduce carbon emissions, coupled with a high rate of emissions from the transportation sector, is the major factor that will indirectly boost the investments for electric vehicle application and therefore drive the growth of the EV segment.    

REGIONAL INSIGHTS

The market has been analyzed across major regions, which include North America, Asia Pacific, Europe, and the rest of the world.  

Asia Pacific is projected to dominate the global metal air battery market in the coming years owing to the region being the manufacturing hub for a major portion of global electronics. The region also has countries, such as China and Japan, which account for over 50% of the total EVs running around the globe. Other factors that drive the region's growth include huge investments by countries in renewable energy and research & development to find solutions to existing battery problems.

After Asia Pacific, North America is the other dominant region in the market. A huge presence of market players aiming toward the development of optimum metal air batteries has led to investment flow and the running of multiple pilot projects to assess the effectiveness of the manufactured commodities.

Europe is also looking for safer and higher performing batteries at minimum costs. Certain projects, such as NECOBAUT, are being carried out in the region to develop a new generation of batteries for the automotive sector. The NECOBAUT project aims toward the development of new batteries for the automotive sector based on new metal air technology that will overcome the energy density limitation of the Li-ion battery currently used in electric vehicles.

List of Key Companies in Metal Air Battery Market

NantEnergy Inc., Log 9 Materials, and Phinergy to Lead with Diversified Product Portfolios and Customer Reach 

The global metal air market has different key players aiming toward optimal metal air battery manufacture with rigorous research and developments to enhance the performance characteristics.  These key players are indulging in various collaborative efforts along with a dedicated focus on efficient operations with minimum energy loss. As the market is still at a nascent stage and is concentrated in particular parts, companies are aiming to reach customers around the globe, which will bolster the opportunities in the metal air battery market growth. 

LIST OF KEY COMPANIES PROFILED:

• Phinergy (Israel)


• NantEnergy (United States)


• Log 9 Materials (India)


• Arotech Corporation (United States)


• PolyPlus (United States)


• Fuji Pigment Co. Ltd. (Japan)


• Zinc8 Energy Solutions (Canada)


• GP Batteries (Hong Kong)


• ZAF Energy Systems Inc. (ZAFSYS) (United States)


• Thunderzee (United States)


• Duracell Inc. (United States)


• Energizer Holdings (United States)


• Panasonic (Japan)


• Epsilor Electric Fuel (Israel)


• Renata S.A. (Switzerland)


• ZeniPower (Zhuhai Zhi Li) Battery Co., Ltd. (China)


• Guangdong Tianqju Electronics Technology Co., Ltd (China)

KEY INDUSTRY DEVELOPMENTS:

• February 2024- Panasonic Group Company Panasonic Energy Co., Ltd. announced that it has signed a long-term contract for the supply of lithium components with HandT Recharge ("HandT"; Marsberg, Germany), a leading manufacturer of battery components in North America with the aim of expanding its production of safe electric car batteries.


• October 2023- High-tech battery startup Log9 Materials announced that it has partnered with Gamma Technologies to help heat treat its battery cells. The company chose the GT-SUITE software from Gamma Technologies (GT), a global player and innovator in many technologies.


• January 2021- Thunderzee invented a revolutionary zinc-air battery that not only eliminates the fire common with lithium-ion batteries but also provides more energy, weighs less, costs less, and is environmentally friendly. With three pending patents, zinc-air batteries are the ideal choice for many consumer applications.


• September 2020 - Ashok Leyland and Hindustan Zinc have individually collaborated with IIT-Madras in the technology institute’s endeavor to develop a Zinc-air battery. The team for zinc-air battery development is being led by Dr. Aravind Kumar Chandiran of the Department of Chemical Engineering, IIT Madras. The battery development is aimed at developing a battery whose cost per kWhr is at least half of the conventional Lithium-ion batteries and one that recharges fast.


•  April 2020 - Scientists at the Institute of Nano Science and Technology (INST), Mohali, developed an efficient, low-cost electro-catalyst using fish gills. This catalyst can help in developing environmentally friendly energy conversion devices/ rechargeable batteries. This catalyst can help overcome the bottleneck in the realization of several renewable energy conversion and storage technologies such as fuel cells, biofuel cells, and metal−air batteries.

REPORT COVERAGE

The global metal air battery market report highlights leading regions across the world to offer a better understanding of the user. Furthermore, the market research report provides insights into the latest metal air battery industry trends and analyzes technologies that are being deployed at a rapid pace at a global level. It further highlights some of the growth-stimulating factors and restraints, helping the reader to gain in-depth knowledge about the industry.

Report Scope & Segmentation