Battery Electrolyte Market

Battery Electrolyte Market Size (2023-2028):

The Battery Electrolyte Market is supposed to grow at a CAGR of 11.1% during the forecast period of 2023-2028

The increasing use of battery electrolytes in electronics and automotive industry applications is driving the growth of the battery electrolyte business across the world.

Drivers, Restraints & Challenges of Battery Electrolyte Market:

Huge investments, especially in lithium-ion batteries, are pulling down costs, also, project developers are continuously improving their designing and building of customized storage systems, which is expected to supplement the growth in the global battery electrolyte market. The rising use of electronic devices or gadgets such as laptops, smartphones, and other portable equipment is estimated to drive the demand for lithium-ion batteries. Therefore, it is foreseen to propel the demand for battery electrolytes in the following years. The electrolytes used in the lithium-ion battery market are expected to witness considerable growth, with rising opportunities from the formulation and production of advanced electrolytes and growing demand for energy storage systems and hybrid electric vehicles in both developed and developing nations of the world.

The battery electrolyte technique is extremely useful and is growing at a high rate but at the same time, it is costly. In addition to this, the volatility in prices also impedes growth. The industry also is expected to record some prominent investments into research and development to keep enhancing the overall quality of the products to meet the standard demands which are in sync with worldwide environmental regulations. The availability of raw materials due to several macroeconomic factors is also acting as a challenge to this industry's growth.

BATTERY ELECTROLYTE MARKET REPORT COVERAGE:

Market Segmentation:

Battery Electrolyte Market - On the basis of Type;

• Lead Acid Battery
• Liquid Electrolyte
• Gel Electrolyte
• Lithium-Ion Battery

Battery Electrolyte Market - On the basis of End-user:

• Automotive
• Consumer Electronics
• Others

Battery Electrolyte Market - By Region:

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

Based on battery type, the lithium-ion battery electrolyte segment of the worldwide market is projected to grow at a higher CAGR during the period of 2021 to 2026. Increased production of lithium-ion batteries for Electronic Vehicles is the main reason for the growth of this segment. The Electric Vehicles Initiative (EVI) is a multi-government policy to accelerate the adoption of electric vehicles worldwide. The current members of the EVI include Canada, China, Finland, France, Germany, India, Japan, Mexico, the Netherlands, Norway, Sweden, the UK, and the US. These countries have set an ambitious target to transform 30% of their total vehicle fleet into electric vehicles. Investments are increasingly made in the lithium-ion battery electrolytes business, which is credited to the increasing production of these batteries according to worldwide requirements.

Globally, the Asia Pacific region (APAC) is expected to dominate the battery electrolyte market in terms of value during the forecast period of 2020 to 2025. The ever-growing population of Asian countries has sparked a demand for battery electrolytes in several industries. The market in these end-use segments is mainly led by the nations of Japan, China, India, Australia, and other countries. Amidst the changing trends around the world, the demand for high-performing battery electrolytes is increasing. This has led to developments in the APAC Battery Electrolyte market.

North America is the largest producer of Battery electrolytes. The North American market is supposed to grow at an estimated CAGR of 5.8% from 2020 to 2025. The low cost of natural products will play a significant role in shaping their demand in the North American market. Although the Chinese market is growing rapidly, the North American region is estimated to remain at the top in terms of market size.

Impact of COVID-19 on the Global Battery Electrolyte Market:

The coronavirus pandemic has caused severe challenges for the battery electrolyte market by impacting end-user sectors like automotive, consumer electronics, etc. Major economies of the world are affected due to pandemics as they were the initial hotspots for the virus. The strict lockdown conditions have resulted in the temporary closure of manufacturing units and sales channels, affecting the sales and revenue in the battery electrolyte business. Recently, the lockdown conditions have lifted in all the nations, which is likely to support sales in the battery electrolyte business in the coming years. The market players are planning to implement new marketing strategies to improve the sales of their products in industries like the automobile, consumer electronics, and others.

Key Market Players:

1. INEOS AG
2. Arkema Group
3. Henkel AG & Co.
4. Imperial Chemical Corporations
5. Asahi Corporations