In 2023, the battery electrolytes market will probably be worth US$ 4 billion. The market is expanding due to rising demand for lithium-ion batteries and growing public awareness of renewable energy sources. 2033 the market is anticipated to generate US$ 8.4 billion, with a 7.7% CAGR between 2023 and 2033.
Factors contributing to the growth of the battery electrolytes market are the recent developments in electrolytes technology and increasing application in electric vehicles. The increasing use of portable electronic devices, such as smartphones, tablets, and laptops, has led to a higher demand for high-performance batteries, which is expected to drive the battery electrolytes market.
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Increasing awareness of cleaner energy transportation systems & increased use of electric vehicles is expected to boost the growth of the battery electrolytes market. The increasing adoption of lead acid batteries by automotive manufacturers offers numerous growth opportunities for the market players. The growing adoption of EVs worldwide has fueled the demand for lithium-ion batteries, leading to the growth of the battery electrolytes market.
The increasing demand for lithium-ion battery electrolytes and the rapid increase in research & development activity led to the development of new and advanced electrolytes with improved properties, such as higher energy density, better thermal stability, and enhanced safety; this is anticipated to drive demand for battery electrolytes during the forecast period.
Increasing demand for battery electrolytes from various industries, such as automotive & consumer electronics in the Asia Pacific, is expected to drive the battery electrolytes market in the region. Increasing production of lithium-ion batteries in North America drives the market growth in the region.
Key Takeaways:
- From 2018 to 2022, the market demand expanded at a CAGR of 8.8%.
- Based on type, the lead acid segment accounts for a CAGR of 7.4%.
- By end-use, the automotive segment is expected to expand at a CAGR of 7.1% during the forecast period.
- North America to emerge as a promising market, capturing a CAGR of 7.6%.
- Asia Pacific is an opportunistic market, expected to capture a CAGR of 7.6% during the forecast period.
“Growing technological innovation and increased demand for batteries in key industries are expected to drive the market in the forecast period. The increasing research & development activities to develop new electrolytes globally are projected to play a vital role in strengthening the market,” – says says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).
Competitive landscape:
Prominent players in the battery electrolytes market are BASF SE; 3M Company; Mitsui Chemicals, Inc.; LG Chem; Asahi Kasei Corporation.
- Mitsubishi Chemical Corporation has been engaged in the development of advanced battery electrolytes. They have introduced innovative electrolyte additives, including lithium bis (fluorosulfonyl)imide (LiFSI), which enhance the performance and stability of lithium-ion batteries. Mitsubishi Chemical Corporation is also exploring solid-state electrolytes for next-generation batteries.
- Solvay, a Belgian chemical company, has been working on electrolyte technologies for lithium-ion batteries. They have developed advanced electrolyte additives, such as fluorinated solvents and lithium salts, to improve the safety and performance of batteries. Solvay’s electrolyte solutions aim to increase energy density, reduce flammability, and enhance battery life.
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Top Key Players in the Market
- BASF SE
- 3M Company
- Mitsui Chemicals Inc.
- LG Chem
- Asahi Kasei Corporation
- Mitsui & Co Ltd.
- Daikin Industries Ltd.
- GS Yuasa International Ltd.
- Central Glass Co. Ltd.
- American Elements
Key Segmentation
By Type:
- Lead-Acid
- Lithium-Ion
- Others
By End Use:
- Automotive
- Consumer Electronics
- Others
By Region:
- North American
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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Originally Published by: https://www.chronicles24.com/index.php/2023/10/05/battery-electrolytes-market-poised-for-strong-growth-expected-to-reach-us-8-4-billion-by-2033-with-a-cagr-of-7-7/
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