The global battery electrolyte market will be driven by the growing demand for electrolyte-based lithium-ion batteries during the forecast period 2022-2027
Expert Market Research’s new report titled ‘Global Battery Electrolyte Market Report and Forecast 2022-2027’, gives an in-depth analysis of the global battery electrolyte market, assessing the market based on its segments such as battery type, end use, and major regions. The report tracks the latest industry trends and studies their impact on the overall market. It also assesses market dynamics, covering key demand and price indicators, as well as market analysis based on SWOT and Porter’s Five Forces models.
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Key highlights of the report include:
Market Overview (2017-2027)
- Expected CAGR (2022-2027): 8.2%
One of the main causes for the global demand for electrolyte-based lithium-ion batteries is the upward trend of high-end consumer devices such as mobile phones, laptops, digital cameras, consoles toys and flashlights. Rising demand for electric cars (EVs) is propelling the growth of the market, owing to increasing attention to sustainability and awareness of the negative effects of using petroleum-based automobiles. Additionally, governments in a number of countries are providing subsidies and implementing favorable policies to encourage the adoption of electric vehicles, which is helping the market grow. Rising sales of automated devices are driving global battery electrolyte sales, driven by sedentary lifestyles, busy work schedules, rising income levels and rapid urbanization. It can also be attributed to the growing popularity of smart homes and the increased desire for automated devices that can perform household tasks quickly. The use of battery electrolytes in the production of alkaline zinc manganese oxide batteries is also increasing. The market is expected to be driven by growing demand for these batteries in digital cameras, portable liquid crystal televisions (TVs), shavers, and desktop gadgets.
Industry definition and major segments
The three basic components of a cell or battery are the anode, the cathode and the electrolyte. The electrolyte acts as a catalyst, facilitating the movement of ions between cathode and anode, and therefore makes a battery conductive. Electrolytes are liquids, such as water or other solvents, that include salts, acids, or alkalis that facilitate ionic conduction. Electrolytes should have high ionic conductivity, be inert to electrode materials, be safe to handle, and be temperature stable. Electrolytes are classified as strong or weak electrolytes based on their ability to conduct electricity.
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By Battery Type, the market is split into:
- lead acid battery
- Liquid electrolyte
- electrolyte gel
- Lithium ion battery
- Liquid electrolyte
- Solid electrolyte
- Flow battery
By End Use, the market is split into:
- Electric vehicle
- Energy Storage
- Consumer electronics
By region, the industry is classified into:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The electric car market has grown in popularity over the past few years. Governments and companies have implemented a series of measures to promote the manufacture and sale of electric vehicles in their various countries. The growing popularity of electric vehicles is likely to drive a large market for batteries, presenting significant growth opportunities for battery electrolyte manufacturers. In addition, the cost of lithium-ion batteries has decreased by more than 95% since their appearance. Due to the increasing use of lithium-ion batteries in consumer electronic devices such as laptops and smartphones, the global battery electrolyte market is expected to grow in the coming years. With significant opportunities for development and manufacturing of more advanced electrolytes and growing demand for energy storage systems and hybrid electric vehicles, the market for electrolytes used in lithium-ion batteries is expected to grow rapidly. Supportive global efforts to reduce carbon emissions and promote renewable energy, along with technological advancements in the battery electrolyte industry are expected to significantly boost the global battery electrolyte market during the forecast period.
Asia-Pacific has dominated the global battery electrolyte market over the historical period, and this trend is expected to continue in the coming years. End-use sectors such as electric vehicles, energy storage and portable consumer electronics are the major demand drivers in the regional market. Additionally, North America and Europe are expected to witness growing market demand owing to the growth of the high energy density battery market in the region combined with the growing penetration of automated consumer products. The global consumer electronics demand was supported by the continued growth of the e-commerce industry, complementing the growth of the regional lithium-ion battery unit market. These factors are expected to positively influence the market over the forecast period.
Main market players
Major market players are BASF SE, Guangzhou Tinci Materials Technology Co., Ltd, Mitsubishi Chemical Corporation, 3M Co., Ube Industries Ltd, among others. The report covers market shares, capacities, expansions, investments, and mergers and acquisitions, among other latest developments of these market players.
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