Fairfield Market Research
Battery Electrolyte Market

Battery Electrolyte Market

Global Industry Analysis (2018 - 2021), Growth Trends, and Market Forecast (2022 - 2029)

Published Date: Upcoming | Format:

Industry: Chemicals & Materials | Author Name: Harshad

Preliminary research of Fairfield Market Research indicates a promising growth outlook for global battery electrolyte market during the course of next few years.

Growth in the Consumer Electronics Sector to Bode Well for Battery Electrolyte Market

Consumer electronics have gained space in daily life as a crucial part of the usual routine. For common individuals, it has become nearly impossible to do daily activities without the use of electronic appliances and gadgets. This has resulted in a momentous increase in sales of electronic appliances, in turn fuelling growth of the consumer electronics market. In addition, availability of new consumer electronic devices such as digital cameras, advanced laptops and gaming controls, flashlights and smartphones have influenced the growth of the consumer electronics industry. This factor is directly proportional to the demand for battery electrolyte as it is the main technology used in different batteries that supply power to electronic devices. In this backdrop, rising consumer electronics industry continues to influence the growth of the battery electrolyte market on the global front.

Renewable Energy Business Expansion to Create Significant Opportunities in Battery Electrolyte Market

Growing demand for renewable energy has prevailed as a primary factor driving the need for batteries. The energy requirement worldwide has increased considerably owing to increasing urbanization, industrial growth, and rising population with improved living standards. This has paved avenues for sustainable and alternative energy sources, which has fuelled the need and use of renewable energy. This has led to the development of renewable energy projects such as solar farms and wind farms to harness natural energy source. That said, growth in the renewable energy business has resulted in an increase in the adoption of batteries, consequently aiding the battery electrolyte market growth.

Solid Electrolyte Demand to Witness Rapid Increase Across Various Applications in Battery Electrolyte Market

Demand for solid electrolyte is expected to spur significantly in the years to follow. This is backed by different functional advantages of solid electrolyte in batteries. By using solid electrolyte, the battery has high energy density than the battery with liquid electrolyte. In addition, solid electrolyte is non-volatile, has low flammable quotient, zero possibilities of leakages of organic solvents, is safe, has high thermal and mechanical stability, has low self discharge and easy processability. Moreover, it also has higher service life as compared to its liquid counterpart. These aspects have fuelled its use in batteries for various industrial applications such as electric vehicles and electronic gadgets. This also has pushed the use of solid electrolyte in the microbattery technology. That said, the rising demand for solid electrolyte is expected to bode well for the battery electrolyte market from a volume and value standpoint.

Asia Pacific Poised to Lead the Battery Electrolyte Market

The growth of battery electrolyte market across emerging economies in Asia Pacific is likely to spearhead in the forthcoming years. This can be attributed towards increasing use of batteries in different industrial applications such as solar PV, data centres and other consumer electronic appliances. In addition, as electrification of vehicles is gaining traction across the globe, Asian countries have also shifted towards use of electric vehicles. Government authorities are intensely focusing on promoting the adoption of electric vehicles on the back of growing concerns apropos to environment health coupled with increasing fuel prices. They are providing subsidies for electric vehicle purchase, in turn complementing the production of electric vehicles. For instance, the Government of India provides a subsidy of INR 5,000/kWh of the total battery capacity amounting to around INR 30,000 for two and four wheelers.

Furthermore, among emerging economies, China is expected to remain at the forefront apropos to use of batteries, thus influencing the demand and supply of battery electrolytes. This is mainly owing to rising sales of consumer electronic appliances along with growing inclination towards using solar PV which is triggering the rise in solar PV projects. Also, rising incidences of cardiovascular diseases and their rising burden on Asian economies has pushed the use of pacemakers. For instance, as per the National Centre for Biotechnology Information, this is a part of NIH (National Institute of Health), the rate of cardiovascular diseases in India is increasing rapidly. Also, according to the Global Burden of Disease, about 25% deaths in the country occur owing to CVD. This factor has influenced the use of pacemakers, thus indirectly pushing the adoption of batteries. These aspects have significantly fuelled the sales of different batteries across Asian economies, thus presenting a favourable scenario for the growth of the battery electrolyte market in the region.

Battery Electrolyte Market: Competitive Scenario

New product introductions, joint ventures, strategic alliances, and collaborations have been witnessed in the battery electrolyte market. Major players in the market are focusing on such strategies to strengthen their position to achieve competitive edge. For instance, in 2021, a new organic solid electrolyte was developed by Hitachi Ltd. This solid battery electrolyte features chemical durability and less volatility leveraging the materials informatics technology. Same year in November, GS Yuasa Corporation developed a product that enhances the technology used in electrolytes. By developing the solid electrolyte with nitrogen-containing sulfide, the iconic conductivity and water resistance both could be enhanced significantly. In April 2020, a joint venture between UBE Industries Ltd and Mitsubishi Chemical Holdings Corporation was announced in order to focus on the electrolyte business especially for lithium ion battery.

A few of the major players in global battery electrolyte market include Mitsubishi Chemical Holdings Corporation, Targray Industries Inc., UBE Industries Ltd., 3M Company, Mitsui Chemicals Inc., BASF SE, GS Yuasa International Ltd., Stella Chemifa Corporation, Guangzhou Tinci Materials Technology Co. Ltd., Ohara Corporation, Tokyo Chemical Industry Ltd., American Elements, and Shenzhen Capchem Technology Co. Ltd.

The Global Battery Electrolyte Market Is Segmented As Below:

By Electrolyte Type

  • Solid Electrolyte
  • Liquid Electrolyte
  • Gel Electrolyte
  • Vanadium
  • Zinc Bromide

By Type of Battery

  • Lead Acid Battery
  • Lithium Ion Battery

By End User 

  • Electric Vehicles
  • Consumer Electronics
  • Energy Storage
  • Others

By Region

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • France
    • Germany
    • Russia
    • Rest of Europe
  • Asia Pacific
    • Japan
    • South Korea
    • India
    • China
    • Rest of Asia-Pacific
  • LAMEA
    • Latin America
    • Middle East
    • Africa

Key Elements Included In The Study: Global Battery Electrolyte Market

  • Battery Electrolyte Market by Product/Technology/Grade, Application/End-user, and Region
  • Executive Summary (Opportunity Analysis and Key Trends)
  • Historical Market Size and Estimates, Value, 2018 - 2021
  • Market Value at Regional and Country Level, 2022 - 2029
  • Market Dynamics and Economic Overview
  • Market Size in Value, Growth Rates, and Forecast Figures, 2022 - 2029
  • Competitive Intelligence with Financials, Key Developments, and Portfolio of Leading Companies 
  • Regional and Product/Grade/Application/End-user Price Trends Analysis
  • Value Chain and Five Force’s Analysis
  • Regional/Sub-region/Country Market Size and Trend Analysis
  • Company Market Share Analysis and Key Player Profiles

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Disclaimer:

  • The segmentation/company profiles/countries depicted above may vary in the actual report.

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