According to Future Market Insights (FMI), the lithium and lithium ion battery electrolytes market is projected to experience robust growth in 2022, with a year-on-year increase of 11.7%, reaching a total value of approximately US$ 4,215.2 Million by the end of 2029. Furthermore, the global industry is expected to maintain a significant Compound Annual Growth Rate (CAGR) of 13.2% throughout the period from 2022 to 2029, indicating promising prospects for the market’s expansion.
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 industries such as forklifts, cement mixers, and air filters, among others.
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China’s Market Attractiveness Rising
Although regions such as 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 a 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.
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, 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 this electric vehicle, thereby fueling the growth of the lithium and lithium ion battery electrolytes market.
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Lithium and Lithium Ion Battery Electrolytes Market: Key Players Insights
This lithium and lithium ion battery electrolytes report focuses on a few key market players, some of which have come out as market leaders.
The top 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 Technology 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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Key Segmentation of the Market
Form
- Liquid
- Solid
- Gel
Product
- Lithium-Based
- Sulfide-Based
- Polymer-Based
- Oxide-Based
- Others
End Use
- Automotive
- Consumer Electronics
- Power & Energy
- General Industrial
By Region:
- China
- Japan
- South Korea
- USA
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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