by The zinc-air battery market has been gaining significant traction over the past decade, primarily owing to increasing application of zinc-air batteries in hearing devices, electric vehicles, and other medical devices. Zinc-air batteries provide advantages such as long shelf life, high energy density, non-toxic materials, and environment-friendly properties over other primary batteries. With growing consumer awareness regarding environmental protection, the adoption of zinc-air batteries is rising rapidly.
The global zinc-air battery market size is estimated to be valued at US$ 2.22 Bn in 2024 and is expected to exhibit a CAGR of 5.8% over the forecast period 2024 to 2031. Zinc-air batteries have higher energy densities than lithium-ion or lead-acid batteries and are commercially being used in applications where intermittent power is required for extended durations. The battery consists of a zinc anode, an air cathode, and an alkaline electrolyte with a rating of 1.4 volts. Key advantages include recyclability, non-toxic materials, and environmental sustainability.
Key Takeaways
Key players operating in the zinc-air battery market are Phinergy, Arotech Corporation, Energizer Holdings, GP Batteries International, Zinc8 Energy Solutions, Panasonic Batteries, Duracell, Renata SA, EverZinc, Ravoyac, Nantenergy, Electric Fuel Battery Corporation, ZAF Energy System, Varta AG, Thunderzee, and AZA Battery.
The global zinc-air battery market share is witnessing significant growth due to rising demand for sustainable energy storage solutions across various industries. Factors such as growing demand for compact and high-energy density batteries in medical devices, electric vehicles, and renewable energy storage are propelling the market forward.
Geographically, Asia Pacific dominated the global zinc-air battery market in 2024 with India and China being the major markets. However, North America is expected to witness the highest CAGR during the forecast period owing to rising electric vehicle sales and government initiatives to promote sustainable transportation.
Market Key Trends
One of the major trends gaining traction in the zinc-air battery market is the increasing adoption for electric vehicles. Zinc-air batteries provide high energy density and are environment-friendly, making them ideal for electric vehicle applications. Several auto manufacturers are investing in developing zinc-air battery packs and electric vehicles that use zinc-air technology. This is expected to significantly drive the market growth over the forecast period from 2024 to 2031.
Porter’s Analysis
Threat of new entrants: Low barrier of entry in the industry. Requires relatively moderate capital to setup a manufacturing plant and offer products. Battery chemistry knowledge is available freely in public domain.
Bargaining power of buyers: Buyers have moderate bargaining power. They can negotiate on pricing but alternatives are limited. Demand for green energy storage solutions is increasing customer dependency.
Bargaining power of suppliers: Suppliers have moderate bargaining power as raw materials like zinc, electrolytes, casings are common and easily available from multiple sources. Suppliers are fragmented without dominance of few big players.
Threat of new substitutes: Moderate threat from lithium batteries for some applications due to their high energy density. Fuel cells also pose competition but have limitations of hydrogen storage, distribution and handling challenges.
Competitive rivalry: Numerous players offer zinc-air battery technology. Competition is based on performance improvements, cost reductions through economies of scale and innovations. Market share is fragmented without clear leader.
Geographical Regions
North America dominated the global zinc-air battery market accounting for over 30% of global value in 2024. Presence of key players, higher acceptance of renewable energy and grid-scale storage projects drove the regional market. Asia Pacific emerged as the fastest growing region during forecast period on back of increasing electric vehicle adoption in China coupled with government initiatives for energy independence through local battery technology developments in countries like India and Japan.
The zinc-air battery market in United States is projected to witness highest compound annual growth of over 7% during forecast period on back of increasing penetration of electric vehicles for last mile mobility and agriculture/construction equipment applications. Aggressive renewable energy integration targets of the country also necessitate cost-effective energy storage solutions like zinc-air batteries for grid stabilization role.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
