Battery Electrolyte Market Will Reach USD 5327.9 Million By 2028 With A CAGR of 4.6% | Valuates Reports
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BANGALORE, India, Sept. 16, 2022
BANGALORE, India, Sept. 16, 2022 The Battery Electrolyte market is segmented By Type - Liquid Electrolyte, Gel Electrolyte, By Application - Lead-acid Battery, Lithium-ion Battery. Global Opportunity Analysis and Industry Forecast, 2021-2028. It is published in Valuates Reports under the Chemicals Industry Category.
The Battery Electrolyte market size is estimated to be worth USD 4067.9 million in 2022 and is forecast to be a readjusted size of USD 5327.9 million by 2028 with a CAGR of 4.6% during the forecast period 2022-2028.
Major Factors Driving The Growth Of The Battery Electrolyte Market are
The growing demand for lithium-ion batteries in EVs, consumer electronic items, and renewable energy storage will fuel the growth of the market.
The increasing focus on liquid electrolytes and R&D initiatives for developing newer variants will drive the growth of the market in the coming years.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL BATTERY ELECTROLYTE MARKET
Lithium-ion batteries are gaining momentum in recent years owing to their high power density, longer lifespan, and higher efficiency. They are being used for powering EVs, energy storage systems, power backups, mobiles, laptops, smartphones, and other portable electronic items. This will fuel the growth of the battery electrolyte market. Lithium-ion cells have a positive capacity-to-weight ratio, require minimum maintenance, and can provide charge even in high-stress conditions. The temperature fluctuations or energy depletion do not affect the high charging output of the batteries. The materials are lightweight making the cells compact.
Liquid electrolytic solutions are used extensively in automobile batteries. The presence of soluble salts, liquid bases, and sulphuric acid enhances the battery performance by efficiently transmitting the charge. The ionic liquid provides high thermal conductivity, easy solubility, and electrochemical stability. These positive characteristics will bolster the demand for the global battery electrolyte market.
Liquid electrolytes have certain risks related to combustion and leakage. Industry players are ramping up their R&D initiatives to develop solid polymer and gel electrolytes for taking over the current technology, in turn, facilitating the growth of the battery electrolyte market. These newer variants have the potential to offer good chemical stability and stronger mechanical properties. The technology is still nascent but the future prospects are positive.
Renewable energy storage systems are getting popular due to increasing awareness regarding clean energy generation and the favorable government push for the expansion of solar, wind, and hydropower projects. The economies of scale have bought the prices down and technological viability in terms of grid stability is good. The systems are easier to install, scalable, and provide emergency backup during peak hours. Batteries play a key role due to their fast charging ability, longer shelf life, and storage capacity, in turn, driving the growth of the battery electrolyte market during the forecast period. Many residential and commercial facilities are using batteries for their reduced weight and compactness. The energy is effectively stored in containers of liquid electrolytes. And the attached BMS monitors regulate the temperature for avoiding thermal runaway.
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BATTERY ELECTROLYTE MARKET SHARE ANALYSIS
Based on type, the liquid electrolyte segment will grow the highest in the battery electrolyte market share due to rising applications in automobiles and energy storage systems. The solution contains dissolved salt in a liquid non-aqueous polar solvent.
Based on application, the lithium-ion battery segment will be the most lucrative due to its high power density, efficient charge/ discharge rate, and wide range of applications in EVs, consumer electronics, and storage systems.
Based on region, Asia-Pacific is the largest segment due to the huge population base leading to increasing demand for energy and the presence of key players.
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Market By Region
- North America
- Europe
- Asia-Pacific
- Latin America
- Middle East & Africa
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Key players
- Mitsubishi Chemicals
- UBE
- Shenzhen Capchem Technology
- Johnson Controls
- Guangzhou Tinci Materials Technology
- GS Yuasa
- 3M
- BASF
- LG Chem
- Toshima Manufacturing
- Advanced Electrolyte Technologies
- Soulbrain Mi
- Gelest
- Targray
- Ceramtec
- Ohara
- Daikin America
- Nohms Technologies
- Panax Etec
- Stella Chemifa
- Guangdong Jinguang High-Tech
- Zhangjiagang Guotai Huarong Chemical New Material
- Tomiyama Pure Chemical Industries
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