The surging adoption of electric vehicles (EVs) and the swift transition of consumers towards EV technology are expected to be primary drivers propelling the demand for Lithium and Lithium Ion Battery Electrolytes in the forecast period. As the automotive industry pivots towards sustainable energy solutions, the need for efficient and high-performance batteries has intensified, resulting in a growing reliance on lithium-based technologies. This shift signifies a transformative trend in transportation and energy storage sectors, underscoring the critical role that lithium and battery electrolytes will play in meeting the demands of this evolving landscape.
The global lithium and lithium ion battery electrolytes market value in 2022 is estimated at US$ 4,215.2 Million, 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.
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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.
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.
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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.
Top Manufacturers in the lithium and lithium ion battery electrolytes market
- 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.
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Key Segment
Form
- Liquid
- Solid
- Gel
Product
- Lithium-Based
- Sulfide-Based
- Polymer-Based
- Oxide-Based
- Others
End Use
- Automotive
- Consumer Electronics
- Power & Energy
- General Industrial
Region
- China
- Japan
- South Korea
- U.S.
- Rest of the World
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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