Global Battery Electrolyte Market to Reach USD 19.6 Billion by 2028

Published | 01 January 2023

The global battery electrolyte market is expected to grow at a higher CAGR due to a significant increase in demand for batteries, which is the primary driver of the global battery electrolyte market. Furthermore, increased research and development (R&D) to develop new electrolytes is anticipated to cater to the new sectors and boost sales. Furthermore, as the majority of consumer electronics such as smartphones, remote controls use batteries and the rise in sales of electric vehicles that use batteries, will result in long-term sustainable growth during the forecast period.

A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global battery electrolyte market was worth USD 6.7 billion in the year 2021. The global battery electrolyte market is projected to grow at a CAGR of 16.9% from 2022-2028 (forecast period), earning revenues of around USD 19.6 billion by the end of 2028. The market is booming owing to the growing need for microsatellites across a wide range of industries, which is expected to drive market growth. Additionally, the rising research activities and higher investments in developing new battery electrolyte technology innovations are expected to boost the global battery electrolyte market forward in the coming years. Furthermore, with the significant increase in demand for batteries in major sectors and the acceptability of electric vehicles, the demand for the global battery electrolyte market will greatly accelerate and boost the growth throughout the forecast period.

Rising Demand for Batteries in Key Industries Set to Boost Global Battery Electrolyte Industry

Demand for batteries has increased dramatically in recent years, and this is projected to continue for at least the next few years. Globally, there is an emphasis on reducing the use of traditional energy sources in several areas, such as automotive and power. As a result, overall output and demand for lead-acid and lithium-ion batteries have increased. Electric vehicles, energy storage, and consumer electronics are among the primary areas that have seen the expansion of these batteries. Rapid innovation and increased spending on Research & Development(R&D) for new and innovative applications have increased the demand for battery electrolytes in the global market.

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Restraint

Inadequate recycling technologies for battery materials hindering growth

Recycling of the raw materials needed to make lithium-ion batteries is encouraged by their high cost of production. However, recycling technologies for these batteries are lacking. Countries such as India lack adequate legislation to prevent the unlawful disposal of expended lithium batteries. The country lacks a unified set of guidelines for the safe disposal of EV batteries. This could be a concern for India in the future, as the country could become a lithium trash dumpsite for both homegrown EVs and imported wasted batteries. As a result, the lack of efficient recycling solutions for battery materials may have an impact on the growth of the global battery electrolyte market, negatively impacting demand for battery electrolytes.

Segmental Coverage

Global Battery Electrolyte Market– By Type of Battery

Based on the type of Battery, the market is classified into Lead Acid, Lithium-ion, Flow Battery, and Others. The lithium-ion battery sector is the fastest expanding market by battery type over the projection period- In terms of value, the lithium-ion battery segment was the largest in 2021. Lithium-ion batteries have gained popularity over the years due to their high energy and power density in terms of volume, as well as their high charge/discharge efficiency and weight. These batteries are used in a variety of applications, including electric vehicles, consumer electronics, and energy storage systems. As a result of the expansion of these industries and the fast industrialization of developing countries, demand for this segment is predicted to rise throughout the forecast period.

Global Battery Electrolyte Market– Regional Insights

The geographical regions of the global battery electrolyte market include North America, Europe, Asia-Pacific (APAC), Latin America (LATAM), the Middle East, and Africa (MEA). Asia Pacific had the largest market share in 2021, followed by Europe. The dense population of the region boosts energy requirements, and several countries in this region's governments are working hard to decrease the harmful environmental effects of the energy sector. Furthermore, in Asia Pacific, some of the main battery-based energy storage system manufacturers include Samsung SDI Co., Ltd., LG Energy Solutions Co., Ltd., and Hitachi Ltd. This will increase demand for lead-acid and lithium-ion batteries while also propelling the region's battery electrolyte market forward.

Impact of COVID-19 on Global Battery Electrolyte Market

Almost every business has been affected by the unparalleled global public health emergency known as COVID-19, and the long-term effects are expected to have an impact on industry growth throughout the forecast period. In order to ensure that core COVID-19 concerns and potential future directions are taken into consideration when assessing future growth, there is a need to recognize that the Global Battery Electrolyte market has been affected by the global restrictions caused by the pandemic. As restrictions are withdrawn in the majority of countries where a larger part of the population is vaccinated, it is expected that the global battery electrolyte industry will achieve the compound annual growth rate (CAGR) as a project in the forecast period owing to the need of the consumer to entertain themselves after such a long period of being locked in their households.

Competitive Landscape

The key players in the market are Advanced Electrolyte Technologies, 3M, Umicore, Toray Industries Inc., POSCO, Mitsubishi Chemical Holdings, Hitachi Chemical, American Elements, Gelest Inc., Daikin America Inc., Cermatec, BASF SE, Shenzhen Capchem Technology Co. among other prominent players in the market. Major market competitors use a variety of techniques, including mergers and acquisitions, innovative therapies, and others, to stay competitive and gain an advantage over rivals. The Global Battery Electrolyte Market is consolidated with the presence of several manufacturing companies globally. The market leaders retain their supremacy by spending on research and development(R&D), incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are utilized in order to maintain their market share.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Battery Electrolyte Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Nanosatellite and Microsatellite Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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