In a ground breaking development, Inlyte Energy, a leading energy storage company announced a breakthrough in its iron-sodium battery technology on December 2024. This innovation will lead to as substantial enhancement of its energy storage units. This positions the company to address the most critical challenges in electricity that are facing in today’s world.
The advancement in the Inlyte Energy iron-sodium battery technology is a major achievement in the company’s mission to provide sustainable, cost effective, and efficient energy storage solutions. Improvement in energy storage unit will aid in providing increased efficiency, durability, and scalability. These features makes it an ideal solution in a variety of applications.
The high used of sodium and iron, abundant and inexpensive material will reduce the impact of batteries. This makes it a viable option for widespread adoption. With this ground breaking innovation Inlyte Energy is projected to play a significant role in the transition to the sustainable energy in future.
The development of cost-effective solution is becoming more challenging now a days as the world grapples with climate change, energy security, and sustainability. This advancement in iron-sodium battery technology is considered as a significant step for future growth.
As per Coherent Market Insights report, the global sodium metal market is poised to increase at a CAGR of 6.7% from 2024 to 2031. In 2031, revenue is predicted to reach at US$ 503.3 million. It is projected to increase at US$ 320.3 million by 2024. Growing demand from various end use industries will aid in driving growth in the global sodium metal market.
Increasing demand for sodium-sulfur batteries from electric vehicle market will drive demand of sodium metal market forward. Key companies in the global sodium metal market are working on research and development activities to develop innovative products that improves performance. These companies includes LANXESS, Dow Chemical, BASF, and DuPont that are investing in research and development to develop new product and improve existing products.
Growing demand from chemical industry that is a major user of sodium metal is expected to witness steady growth. Sodium is widely used in the production of sodium hydroxide and other organic chemicals. These are widely used in other applications such as soap, detergents, textile, and pulp & paper. It is also used in making sodium compounds and alloys that will also lead to fuel market growth.
Asia Pacific is considered as the dominant region in the global market. It is projected to driven by shift in industrialization and economic development is the countries such as China, India, Malaysia, and Indonesia. North America is also considered as the second largest region during the forecast period.
“Glass manufacturing industry is considered as a major consumer of sodium metal in the production process,” says lead specialty and Fine chemical analyst Vidyesh Swar. Sodium metal is considered as an essential metal in the production of glass. It will also help in lowering the melting point of silica which is considered as a vital component of the glass. Nearly 65% of sodium metal is consumed by the glass makers.
