Solid-state and Polymer Batteries Market

Solid-state and polymer batteries are advanced energy storage technologies that differ from traditional lithium-ion batteries primarily in their electrolyte composition. While lithium-ion batteries use liquid electrolytes, solid-state batteries use solid electrolytes. Polymer batteries are a subset of solid-state batteries where the solid electrolyte is a polymer material. These technologies offer advantages like higher energy density, improved safety, and longer lifespan compared to traditional lithium-ion batteries.

The market is rapidly evolving due to technological advancements, increasing investments, and growing demand for EVs, and portable electronic devices. The report has projected 35% growth in market revenue between 2023 and 2030, with market reaching an estimated value of US$1.5 billion by 2030-end.

The demand for solid-state and polymer batteries is primarily driven by EV industry as these batteries offer higher energy density and safety, making them suitable for EVs. Additionally, they find applications in consumer electronics, renewable energy storage, aerospace, and medical devices due to their improved performance and safety features.

Based on the type of battery, the demand for single-cell batteries remains higher. By rechargeability, the primary battery category held the largest revenue share in 2022. Analysis based on the battery capacity, the segment ‘between 20 mAh and 500 mAh’ will be dominant. On the other hand, application-wise, the electric vehicles category accounts for the largest share of the solid-state and polymer batteries market revenue.

Besides SES, and Toyota, this market is steered by the other prominent names such as Ionic Materials, Blue Solutions, Solid Power, QuantumScape, Hitachi Zosen, and Thinfilm.