Zinc Battery Market Opportunities and Strategies to 2033

This report describes and explains the zinc battery market and covers 2018-2023, termed the historic period, and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.

The global zinc battery market reached a value of nearly $920.0 million in 2023, having grown at a compound annual growth rate (CAGR) of 11.96% since 2018. The market is expected to grow from $920.0 million in 2023 to $2.02 billion in 2028 at a rate of 17.10%. The market is then expected to grow at a CAGR of 18.10% from 2028 and reach $4.65 billion in 2033.

Growth in the historic period resulted from the rising demand for consumer electronics, surge in energy demand and consumption, rapid industrialization and increasing use of solar energy. Factors that negatively affected growth in the historic period include stringent government regulations.

Going forward, strong economic growth in emerging markets, increasing urbanization, rising government support and renewable energy expansion will drive the market. Factors that could hinder the growth of the zinc battery market in the future include shortage of raw materials.

The zinc battery market is segmented by type into zinc-air battery, nickel-zinc battery, zinc-silver battery, carbon-zinc battery, zinc-manganese battery and other types. The zinc-air battery market was the largest segment of the zinc battery market segmented by type, accounting for 32.41% or $298.19 million of the total in 2023. Going forward, the other types segment is expected to be the fastest growing segment in the zinc battery market segmented by type, at a CAGR of 17.41% during 2023-2028.

The zinc battery market is segmented by rechargeability into primary and secondary. The secondary market was the largest segment of the zinc battery market segmented by rechargeability, accounting for 62.60% or $575.88 million of the total in 2023. Going forward, the secondary segment is expected to be the fastest growing segment in the zinc battery market segmented by rechargeability, at a CAGR of 18.39% during 2023-2028.

The zinc battery market is segmented by application into utilities, industrial, consumer devices and other applications. The consumer devices market was the largest segment of the zinc battery market segmented by application, accounting for 38.70% or $356.04 million of the total in 2023. Going forward, the utilities segment is expected to be the fastest growing segment in the zinc battery market segmented by application, at a CAGR of 18.50% during 2023-2028.

Asia-Pacific was the largest region in the zinc battery market, accounting for 33.85% or $311.41 million of the total in 2023. It was followed by North America, Western Europe and then the other regions. Going forward, the fastest-growing regions in the zinc battery market will be Asia-Pacific and Africa, where growth will be at CAGRs of 18.45% and 18.14% respectively. These will be followed by the Middle East and South America, where the markets are expected to grow at CAGRs of 17.65% and 17.05% respectively.

The global zinc battery market is fairly concentrated, with large players operating in the market. The top ten competitors in the market made up to 24.90% of the total market in 2023. Linyi Huatai Battery Co. Ltd. (Shandong Huatai New Energy Battery) was the largest competitor with a 3.81% share of the market, followed by ZincFive Inc. with 3.62%, Redflow Limited with 3.36%, GP Industries Limited with 2.73%, Energizer Holdings Inc. with 2.55%, Panasonic Energy Co. Ltd. with 2.15%, Eastman Kodak Company with 2.08%, Renata SA with 1.71%, Eos Energy Enterprises Inc. with 1.51% and Urban Electric Power Inc. with 1.38%.

The top opportunities in the zinc battery market segmented by type will arise in the zinc-air battery segment, which will gain $443.26 million of global annual sales by 2028. The top opportunities in the zinc battery market segmented by rechargeability will arise in the secondary segment, which will gain $763.33 million of global annual sales by 2028. The top opportunities in the zinc battery market segmented by application will arise in the consumer devices segment, which will gain $391.72 million of global annual sales by 2028. The zinc battery market size will gain the most in the USA at $242.03 million.

Market-trend-based strategies for the zinc battery market include focus on developing advanced nickel-zinc (NiZn) batteries with improved safety and efficiency for data center applications, forming strategic partnerships to enhance product offerings, advanced manufacturing techniques such as roll-to-roll processing to gain a competitive advantage, battery recycling technologies such as closed-loop recycling systems, reducing waste and promoting sustainability and launching large-scale production facilities to gain competitive advantage.

Player-adopted strategies in the zinc battery market include focus on enhancing operational capabilities by developing new products and focus on strengthening business expertise through strategic partnerships.

To take advantage of the opportunities, the analyst recommends the zinc battery companies to focus on advancing nickel-zinc battery solutions, focus on advanced manufacturing techniques, focus on battery recycling technologies, focus on fast-growing market segments, focus on secondary battery segment, expand in emerging markets, focus on strategic partnerships for innovation, provide competitively priced offerings, focus on targeted marketing campaigns, continue to use B2B promotions and focus on consumer devices and utilities segments.