The global aluminum-based battery market is anticipated to grow at a CAGR of 2.7% during the forecast period (2021-2027). Major companies across the globe are focused on the adoption of different growth strategies including capacity expansion, partnerships, mergers and acquisitions, geographical expansion, new product launch, and product innovation to remain competitive in the marketplace. For instance, in February 2020, the Indian Oil Corporation (IOC) announced its partnership with Phinergy to develop and produce innovative metal-air batteries to provide a feasible solution for electric vehicle travel for a long distance. IOC is the largest commercial oil company in India whereas Phinergy is an energy start-up with specialized operation in aluminum air AI-air and zinc-air technologies. The collaboration between the two will allow R&D, customization, manufacturing, assembly, and sale of energy systems.
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Indian Oil Corporation (IOC) is planning to launch its first aluminum-air batteries for use in electric vehicles owing to their lightweight and no negative consumption of energy. The batteries are one-fourth the weight of lithium-ion batteries and run more than double the lithium-ion batteries on a single charge. The aluminum-air batteries will be more cost-effective than lithium-ion batteries. The prototype has been developed with 25 AI-air cells and the testing is done in electric cars with Maruti Suzuki, in electric trucks, and buses at Ashok Leyland, and in electric three-wheelers with Mahindra & Mahindra. Additionally, according to the IOC, the AI-air batteries can also be used in stationary applications such as powering mobile phone towers that are currently running on diesel sets.
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Apart from this, in January 2019, Energizer Holdings purchased the global battery and portable lighting business from Spectrum Brands adding Rayovac and VARTA to the growing portfolio of Energizer Holdings. The strategy will support to enhance the international market presence, increase in capacity for R&D, and opportunity to widen the product portfolio with manufacturing facilities. The VARTA and Rayovac brands have a global footprint and diversified products including batteries, battery chargers, and portable lightning products.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Aluminum-based battery Market Report Segment
By Application
- Industrial
- Automotive
- Others
By Type
- Aluminum-Ion Battery
- Aluminum- Air Battery
(This release has been published on Global Market Post. Global Market Post is not responsible for any content included in this release.)
