Magnesium Batteries Market - By Type (Primary Batteries, Rechargeable Batteries), By Battery Type (Magnesium-Ion Batteries, Magnesium-Sulfur Batteries, Magnesium-Air Batteries, Others), By Distribution Channel (OEMs [Original Equipment Manufacturers], Aftermarket), By End Use Industry (Automotive, Consumer Electronics, Industrial & Manufacturing, Energy Storage, Telecommunications, Others), By Geography - Global Opportunity Analysis & Industry Forecast, 2024-2030

Magnesium Batteries Market size is estimated to reach $600 Million by 2030, growing at a CAGR of 12% during the forecast period 2024-2030. The escalating demand for high-energy-density batteries and the surging adoption of consumer electronics are propelling the Magnesium Batteries Market growth.

Additionally, the ascent of electric vehicles (EVs) presents significant opportunities for the Magnesium Batteries Market. In 2023, as per the Smartcar API Report, there's a projected investment of over $1 trillion by global automakers in electric vehicles (EVs) and batteries by 2030. This substantial investment emphasizes the commitment of automotive industries towards the electrification of vehicles and the advancement of battery technologies. This significant financial commitment underscores the potential growth and development opportunities for technologies like magnesium batteries which play a crucial role in powering the future generation of electric vehicles. These factors positively influence the Magnesium Batteries industry outlook during the forecast period.

The “Magnesium Batteries Market Report - Forecast (2024-2030)” by IndustryARC, covers an in-depth analysis of the following segments in the Magnesium Batteries Market.

 

 

• The COVID-19 pandemic significantly impacted the magnesium batteries market. Supply chain disruptions, arising from global lockdowns led to notable delays in manufacturing and research. Commercialization efforts faced setbacks due to logistical challenges. Despite these initial obstacles, the crisis underscored the importance of sustainable energy solutions. Magnesium batteries with their potential for higher energy density has gained prominence in the context of a post-pandemic world emphasizing resilience. The heightened awareness of environmental concerns and a renewed focus on innovation propelled increased interest and investment in magnesium battery setting the stage for recovery and growth in the market.

• The Ukraine crisis had implications for the magnesium batteries market. Geopolitical tensions disrupted supply chains and raised uncertainties in raw material access, impacting production and pricing. Concerns over magnesium availability and fluctuating costs presented challenges for battery manufacturers. Despite these hurdles, the crisis spurred a drive for diversified sourcing strategies and resilience planning. Companies navigated through uncertainties, intensifying efforts in R&D to ensure stability and mitigate geopolitical risks. This crisis highlighted the importance of securing supply chains and encouraged industry players to explore alternative resources aiming to safeguard the magnesium batteries market against geopolitical instabilities.

Geographically, in the global Magnesium Batteries Market share, North America is analyzed to grow with the highest CAGR of 14.7% during the forecast period 2024-2030. The region's robust focus on technological advancements, coupled with substantial investments in clean energy solutions, positions it for rapid market expansion. Government support and initiatives promoting sustainable energy sources including electric vehicles, further drive the adoption of magnesium-based batteries. In April 2022, Honda Motors revealed plans for a $39.84 billion software technologies and investment in electrification. Additionally, it committed approximately USD $342.65 million to establish a demonstration production line for all-solid-state batteries in North America. As part of this initiative, the corporation intends to introduce two mid-to-large-scale electric vehicle (EV) models by 2024, collaborating with General Motors as part of their partnership.

In the Magnesium Batteries Market analysis, the rechargeable magnesium batteries segment is estimated to grow with the highest CAGR during the forecast period 2024-2030 owing to their potential for higher energy density, improved safety and cost-effectiveness drives their accelerated adoption across various industries. With ongoing advancements in rechargeable magnesium battery technology including enhanced lifespan and charging capabilities they stand out as a promising solution for energy storage needs. This market segment's robust growth is propelled by the rising demand for reliable, sustainable and high-performance battery solutions positioning rechargeable magnesium batteries as frontrunners in the evolving landscape of energy storage technologies. For Instance, as per Aqueous Magnesium Ion batteries article, In 2022, the developed aqueous rechargeable Mg-ion battery (δ-MnO2@MWCNTs/CC activated carbon) demonstrates exceptional reversible capacity with 92.6 mAh g−1 and enduring cyclic stability. Among diverse aqueous-based batteries, aqueous rechargeable magnesium ion batteries stand out due to their abundant reserves and high theoretical specific capacity with 3833 mAh cm−3.

According to the Magnesium Batteries Market forecast, Automotive segment held the largest market share in 2023 owing to increasing shift towards electric vehicles (EVs) and the need for advanced, lightweight and high-performance batteries, magnesium batteries are gaining prominence. Automakers are actively integrating magnesium-based energy storage solutions to enhance the efficiency and range of electric vehicles. This strategic adoption within the automotive industry positions magnesium batteries as key components propelling the market's growth. As per a McKinsey Report, Automotive and battery manufacturers encounter challenges in the battery supply chain prompting endeavours like constructing dedicated battery giga factories or forging partnerships to tackle supply constraints. Forecasts anticipate a surge in demand, approximately 30%, totalling nearly 4,500 gigawatt-hours (GWh) annually globally by 2030.

This increasing demand is spurred by their unique advantages, including higher energy storage capacity and efficiency. Industries seeking compact and sustainable power solutions are gravitating toward magnesium batteries. This escalating demand is reshaping the market landscape, fostering innovation and driving investments in research and development. It underscores magnesium batteries' pivotal role in transforming energy storage technologies for various sectors like electric vehicles, consumer electronics and renewable energy systems driving the expansion and evolution of the Magnesium Batteries Market. In 2022, according to John Wiley & Sons report, a high-energy-density magnesium battery achieved significant performance metrics. This included an average specific capacity of 2190 mAh g−1, based on the entire Mg anode (with a 99.3% utilization rate of the Mg anode), and an energy density of 2282 Wh kg−1, calculated from the total anode and air electrode. These metrics represent the highest values reported among magnesium batteries. This achievement highlights the significant strides in magnesium battery technology showcasing superior performance metrics and underlining its potential as an advanced and high-energy-density solution in the realm of energy storage.

With the rising demand for smartphones, laptops, wearables and other portable devices, there is an increased need for efficient and long-lasting battery solutions. Magnesium batteries offering a compelling combination of high energy density and reduced environmental impact are gaining prominence in the consumer electronics sector. This surge in consumer electronics drives the exploration and integration of magnesium battery aligning with the market's quest for reliable and sustainable energy storage solutions to power the expanding array of consumer devices. In 2022, according to the Shopify Consumer Electronics Report, there is a projected global consumer expenditure of $505 billion on technology. This represents a nearly 20% rise compared to the spending levels observed in 2020. This trend suggests a substantial and growing demand for various technological products highlighting an opportunity for magnesium batteries to cater to the evolving needs of the consumer electronics market.

The high cost of materials presents a significant hurdle impeding the growth of the Magnesium Batteries Market. Securing a consistent and cost-effective supply of high-quality magnesium a key component in battery production poses challenges. Fluctuations in material costs and limited accessibility to raw materials impacts the scalability and commercial viability of magnesium battery technology. Addressing these cost constraints through sustainable sourcing strategies, technological advancements and efficient production processes is essential to mitigate this barrier and foster the widespread adoption and expansion of magnesium batteries in various industries.

   

Product/Service launches, approvals, patents and events, acquisitions, partnerships and collaborations are key strategies adopted by players in the Magnesium Batteries Market. The top 10 companies in this industry are listed below:

1. Eco Marine Power 

2. Exena Energy

3. Tycorun Energy

4. The Furukawa Battery co., ltd.

5. MagPower Systems Inc.

6. FUJIFILM Wako Pure Chemical Corporation

7. NIPPON KINZOKU CO., LTD

8. Pellion Technologies

9. Samsung 

10. AQUMO HOLDINGS Inc.