The market for battery electrolytes is expected to be valued at USD 4 billion in 2023. Growing public awareness of renewable energy sources and the increasing demand for lithium-ion batteries are driving the market’s expansion. The market is expected to generate USD 8.4 billion by 2033, growing at a 7.7% CAGR from 2023 to 2033.
The primary drivers of the market expansion for battery electrolytes are the growing use of electric vehicles and the latest advancements in electrolyte technology. The market for battery electrolytes is anticipated to be driven by the growing demand for high-performance batteries brought on by the growing use of portable electronic devices like laptops, tablets, and smartphones.
The use of electric vehicles and growing awareness of cleaner energy transportation systems are predicted to fuel the market’s expansion for battery electrolytes. There are a lot of growth prospects for market participants due to the growing use of lead acid batteries by automakers. The demand for lithium-ion batteries has increased due to the increasing adoption of EVs worldwide, which has also fueled the growth of the battery electrolytes market.
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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 an Analyst at Future Market Insights (FMI).
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Competitive landscape:
Prominent players in the battery electrolytes market are BASF SE; 3M Company; Mitsui Chemicals, Inc.; LG Chem; Asahi Kasei Corporation among others.
- 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.
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
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 ~400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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