The new report by Expert Market Research titled, ‘Global Battery Electrolyte Market Analysis, Share, Size, Growth, Scope, Report and Forecast 2023-2028’, gives an in-depth analysis of the global battery electrolyte market, assessing the market based on its segments like battery type, end-use, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analyzing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
Forecast CAGR (2023-2028): 8.2 %
One of the key causes driving demand for electrolyte-based lithium-ion batteries globally is the rising trend of high-end consumer devices such as cellphones, laptops, digital cameras, gaming consoles, and flashlights.
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The growing demand for electric cars (EVs) is propelling the market growth, owing to the growing focus on sustainable development and awareness of the negative effects of utilising petroleum-based automobiles.
Furthermore, governments in a number of countries are providing subsidies and implementing favourable policies to encourage the adoption of electric vehicles, which is adding to market growth. Rising automated device sales are driving global sales of battery electrolytes, owing to sedentary lifestyles, hectic work schedules, rising income levels, and fast urbanisation. This can also be attributed to the growing popularity of smart homes and the increased desire for automated devices that can execute domestic tasks quickly.
The use of battery electrolytes in the production of alkaline zinc–manganese oxide batteries are also growing. The market is expected to be driven by rising demand for these batteries in still digital cameras, portable liquid crystal televisions (TVs), shavers, and office-use gadgets.
Battery Electrolyte Industry Definition and Major Segments
The three basic components of a cell or battery are the anode, cathode, and electrolyte. Electrolyte acts as a catalyst, facilitating the movement of ions between the cathode and anode, and therefore makes a battery conductive. Electrolytes are liquids, such as water or other solvents, that include salts, acids, or alkalis that facilitate ionic conduction.
Electrolytes must have high ionic conductivity, be inert to electrode materials, be safe to handle and be temperature stable. Electrolytes are categorised as strong or weak electrolytes based on their ability to conduct electricity.
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By battery type, the market is divided into:
- Lead-Acid Battery
- Liquid Electrolyte
- Gel Electrolyte
- Lithium-Ion Battery
- Liquid Electrolyte
- Solid Electrolyte
- Flow Battery
- Zinc Bromide
By end use, the market is divided into:
- Electric Vehicle
- Energy Storage
- Consumer Electronics
By region, the industry is categorized into:
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
Battery Electrolyte Market Trends
The electric car market has risen in popularity during the last few years. Governments and corporations have implemented a range of measures to promote the manufacturing and sale of electric vehicles in their various countries.
The increasing popularity of electric vehicles is likely to induce a significant market for batteries, presenting significant growth opportunities for battery electrolyte manufacturers.
Additionally, the cost of lithium-ion batteries has reduced by more than 95% since their emergence. As a result of the rising use of lithium-ion batteries in consumer electronics such as laptops and smartphones, the global battery electrolyte market is anticipated to grow in the coming years.
With significant opportunities for developing and manufacturing more advanced electrolytes and growing demand for energy storage systems and hybrid electric vehicles, the market for electrolytes used in lithium-ion batteries is expected to grow rapidly.
Supportive global efforts to reduce carbon emissions and promote renewable energy, as well as technological advancements in the battery electrolyte industry are expected to significantly boost the global battery electrolyte market over the forecast period.
The Asia Pacific dominated the global market for battery electrolytes during the historical period, and this trend is expected to continue in the coming years. End-use sectors such as electric vehicles, energy storage, and portable consumer electronics are the primary demand drivers in the regional market.
Additionally, North America and Europe are expected to witness rising market demand owing to the increasing market for high-energy-density batterie in the region, combined with the increasing penetration of automated consumer products.
Global demand for consumer electronics has been supported by the continued rise of the e-commerce industry, complementing the regional regional market growth of lithium-ion battery units. These factors are expected to have a positive influence on the market during the forecast period.
Key Market Players
The major players in the market are BASF SE, Guangzhou Tinci Materials Technology Co., Ltd, Mitsubishi Chemical Corporation, 3M Co., Ube Industries Ltd, among Others. The report covers the market shares, capacities, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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