A new research by Future Market Insights on the lithium and lithium ion battery electrolytes market includes global industry analysis for 2014-2021 and opportunity assessment for 2022-2029.
The report explores the lithium and lithium ion battery electrolytes market and provides the reader analytical insights for the forecast period of 2022-2029. As per the findings of the report, the global lithium and lithium ion battery electrolytes market is projected to experience steady growth over the forecast period, due to multiple driving factors, such as increasing battery applications in automotive and consumer electronic manufacturing activities across geographies.
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The global lithium and lithium ion battery electrolytes market value in 2022 is estimated at ~US$ 4,215.2 Mn, and is expected to increase at a CAGR of ~13.2% over the forecast period of 2022-2029. This progress in the market is majorly propelled by the growing consumption of lithium and lithium ion battery electrolytes as battery material for electric vehicles and electronics such as laptops, cameras, and personal digital assistants, among others.
The power and energy industry has started using electrolytes for energy storage plants in multiple areas, increasing the usage of electrolytes for powering general industrials such as forklift, cement mixers, and air filters, among others.
What are the Sales Prospects of Liquid Form Lithium and Lithium Ion Battery Electrolytes in forecast period?
Liquid form segment is projected to create an absolute dollar opportunity of more than US$ 5,563.5 Mn from 2022 to 2029. Lithium and lithium ion battery electrolyte consumption patterns vary from region to region of the world. China consumes the majority of lithium and lithium ion battery electrolytes.In terms of form, liquid form is the most widely consumed product form. Because of its superior performance and wide application over battery equivalents, Liquid Li & LiB Electrolyte is expected to see significant growth. Predominantly, liquid electrolyte is used extensively in all types of lithium batteries. Manufacturers prefer liquid electrolyte due to the ease of availability of raw materials as well as of production.
China’s Market Attractiveness Rising
Although regions such Europe and North America are anticipated to hold significant market shares in the future, currently, the lithium and lithium ion battery electrolytes market growth is expected to be spearheaded by China, Japan, and South Korea.
Moreover, macroeconomic factors such as increment in GDP, consumer electronics, and automotive fleet as well as new production, increasing specialty chemical industry, and overall growth in the manufacturing sector are expected to reflect significant increase in opportunities in Asia Pacific. As a consequence, the growing automotive and consumer electronics industry is expected to increase the usage of lithium and lithium ion battery electrolytes significantly.
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Extensive Usage in Consumer Electronics and Automotive Industries
The lithium and lithium ion battery electrolytes market is segmented in four different segments, which are product, form, end use, and region.
- By form, the liquid electrolytes are expected to hold a prominent share over the forecast period of 2022-2029.
- By product, lithium-based electrolytes are consumed on a greater scale as compared to their counterparts including sulfide-, polymer-, and oxide-based electrolytes.
- In terms of end-use, consumption of lithium and lithium ion battery electrolytes by the automotive industry is expected to account for relatively high sales, due to its growing application in batteries for electric vehicles. Increasing preference for greener modes of transportation, i.e., electric vehicles, has led to increasing production of electrolyte-powered batteries for these electric vehicle, thereby fueling the growth of the lithium and lithium ion battery electrolytes market.
Lithium and Lithium Ion Battery Electrolytes Market: Key Players’ Insights
This lithium and lithium ion battery electrolytes report focuses on few key market players, some of these have come out as market leaders. Few examples of such manufacturers in the lithium and lithium ion battery electrolytes market are as follows:
- Mitsubishi Chemical Corp.
- Shenzhen Capchem Technology Co Ltd
- Shanshan Technology
- Soulbrain MI
- Guangzhou Tinci Materials Technolgy Co.
- TOMIYAMA PURE CHEMICAL INDUSTRIES,LTD.
- GuangDong JinGuang High-Tech Co., Ltd
- PANAX-ETEC
- UBE Industries
- Zhangjiagang Guotai-Huarong New Chemical Materials Co., Ltd.
- NEI Corporation
- Mitsui Chemical Inc.
The global lithium and lithium ion battery electrolytes market is highly consolidated with few players being prominent in the lithium and lithium ion battery electrolytes market under their trademarked names such as Sol-Rite™, POWERLYTE®, NANOMYTE® Series, and LMP® battery, among others.
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