Battery Electrolytes Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 11.60 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Battery Electrolytes Market Analysis
The Global Battery Electrolyte Market size was estimated at about USD 9.38 billion by the end of this year and is projected to register a CAGR of about 11.6% over the forecast period.
The market was negatively impacted by the COVID-19 in 2020. Presently the market has now reached pre-pandemic levels.
- Over the long term, the major driving factors of the market are its rising demand from electric vehicles and ongoing developments in electrolyte technology.
- On the flip side, lack of efficient recycling technologies for batteries and rising concerns over the harmful effects of batteries on human health pose a barrier for the market.
- With the decreasing cost of solar photovoltaic (PV) modules and associated systems, supportive global initiatives to eliminate the carbon emission and promote renewables along with technological innovations provide ample opportunities for the battery electrolyte market players.
- Asia-Pacific is expected to be the largest and fastest-growing market, with majority of the demand coming from countries like China, India, and Japan, etc.
Battery Electrolytes Market Trends
This section covers the major market trends shaping the Battery Electrolyte Market according to our research experts:
Lithium-ion Battery Expected to Dominate the Market
- The lithium-ion batteries were initially developed to serve the consumer electronics sector as these batteries last for a large number of charging cycles and have a high capacity-to-weight ratio and high energy density, which make them ideal for consumer electronics applications.
- The rise in urbanization and consumer spending across the world is expected to drive the demand for technically advanced devices, in turn, leading to an increase in demand for lithium-ion batteries.
- Li-ion batteries are gaining more popularity than other battery types, majorly due to their favorable capacity-to-weight ratio. Other factors contributing to its adoption include better performance, higher energy density, and decreasing price.
- The price of lithium-ion batteries is usually higher than other batteries. However, leading players in the market have been investing to gain economies of scale and R&D activities to improve their performance and prices.
- Furthermore, the emergence of new and exciting markets via electric vehicle and energy storage systems (ESS) has been boosting the demand for Li-ion batteries for both commercial and residential applications. ESS, coupled with renewables, such as wind, solar, or hydro, are technically and commercially viable for significantly increasing grid stability. At the end of 2021, nearly 11.3 million battery electric vehicles (BEVs) were in use globally. Also, more than four million new battery electric vehicles were added to the worldwide fleet, steadily growing since 2016.
- Additionally, in recent years, the demand for Li-ion batteries from the data center industry has grown due to technological advancements and declining costs. Increasing investments in data center construction, particularly in the developing countries in Asia, are expected to further support the lithium-ion battery's demand during the forecast period.
- LIB manufacturing facilities are majorly located in Asia-Pacific, North America, and Europe. Also, in February 2022, Panasonic Corporation announced that its Energy Company will establish a production facility at its Wakayama Factory in western Japan to manufacture new, large 4680 (46 millimeters wide and 80 millimeters tall) cylindrical lithium-ion batteries for electric vehicles (EVs).
- Therefore, owing to the above points, lithium-ion battery is expected to dominate the battery electrolyte market during the forecast period.
Asia-Pacific is Expected to Dominate the Market
- The Asia-Pacific region is dominating the market with the increase in the use of batteries in different sectors such as automobiles, solar PV, electronic appliances, and data centers. Among all countries in the Asia-Pacific region, China is expected to be the leading country, with the majority of electronic appliance sales. Moreover, the country is a market leader in solar PV projects (including rooftop and ground-mounted) and automobile sales.
- With the increasing adoption of electric vehicles and battery energy storage systems in solar PV projects, the usage of lithium-ion batteries is expected to increase during the forecast period. Thus, such a situation may drive the battery electrolyte market in the region.
- India has seen significant growth in the installation of solar and wind power in recent years. During 2010 to 2021, the country's wind power generation capacity increased by over 2.5 times, while the solar power generation capacity during the same period increased by over 400 times.
- The country's grid infrastructure quality remains poor, making it difficult for grid companies to assimilate renewable power generation. Despite these problems, the country has mostly been dependent on alternative methods such as alternative power generation sources (generators, ESS, batteries, etc.) to meet the peak demand.
- Further, with the increasing adoption of EVs and the favorable government policies in China, the use of lithium-ion batteries is expected to increase, which is expected to have a positive impact on the market growth during the forecast period. The increasing penetration of telecommunication services provides an opportunity for the growth of the battery electrolyte market in China.
- Moreover, in August 2022, Chinese manufacturer Bslbatt Battery has unveiled an upgraded version of its residential lithium-ion battery. The device has a storage capacity ranging from 5.12 to 12.8 kWh and it is able to provide steady operation for up to 6,000 charge cycles.
- Therefore, owing to the above points, Asia-Pacific is expected to dominate and be the fastest-growing region during the forecast period.
Battery Electrolytes Industry Overview
The battery electrolyte market is moderately fragmented in nature. Some of the major players in the market (in no particular order) include Mitsubishi Chemical Holdings Corporation, Ube Industries Ltd, Shenzhen Capchem Technology Co. Ltd, 3M Co., and Targray Industries Inc., among others.
Battery Electrolytes Market Leaders
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Targray Industries Inc.
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3M Co.
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Shenzhen Capchem Technology Co. Ltd
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Ube Industries Ltd.
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Mitsubishi Chemical Holdings Corporation
*Disclaimer: Major Players sorted in no particular order
Battery Electrolytes Market News
- In February 2022, US Vanadium announced an expanded purchase agreement under which Austrian-based Enerox, which sells vanadium redox flow battery (VRFB) systems under its brand name CellCube, can purchase up to 3 million additional liters/year of US Vanadium's ultra-high-purity electrolyte with a price cap over the next five years. The agreement boosts the initial purchase agreement for 580,000 liters/year of US Vanadium electrolyte, announced in September 2021.
- In January 2022, Nexeon Limited, a supplier of advanced silicon anode materials for next-generation lithium-ion batteries, licensed its NSP-1 technology to advanced materials giant SKC Co. Ltd. The move ensures that customers globally have fast and reliable access to these strategic materials
Battery Electrolytes Market Report - Table of Contents
1. INTRODUCTION
1.1 Scope of the Study
1.2 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
4.1 Introduction
4.2 Market Size and Demand Forecast in USD billion, till 2027
4.3 Recent Trends and Developments
4.4 Government Policies and Regulations
4.5 Market Dynamics
4.5.1 Drivers
4.5.2 Restraints
4.6 Supply Chain Analysis
4.7 Porter's Five Forces Analysis
4.7.1 Bargaining Power of Suppliers
4.7.2 Bargaining Power of Consumers
4.7.3 Threat of New Entrants
4.7.4 Threat of Substitute Products and Services
4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 Battery Type and Electrolyte Type
5.1.1 Lead Acid
5.1.1.1 Liquid Electrolyte
5.1.1.2 Gel Electrolyte
5.1.2 Lithium-ion
5.1.2.1 Solid Electrolyte
5.1.2.2 Gel Electrolyte
5.1.2.3 Liquid Electrolyte
5.1.3 Flow Battery
5.1.3.1 Vanadium
5.1.3.2 Zinc Bromide
5.1.4 Other Battery Types and Electrolyte Types
5.2 End User
5.2.1 Electric Vehicle
5.2.2 Energy Storage
5.2.3 Consumer Electronics
5.2.4 Other End Users
5.3 Geography
5.3.1 North America
5.3.2 Europe
5.3.3 Asia-Pacific
5.3.4 South America
5.3.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Strategies Adopted by Leading Players
6.3 Company Profiles
6.3.1 3M Co.
6.3.2 NEI Corporation
6.3.3 Guangzhou Tinci Materials Technology Co. Ltd
6.3.4 Mitsubishi Chemical Holdings Corporation
6.3.5 Mitsui Chemicals Inc.
6.3.6 NOHMs Technologies Inc.
6.3.7 Shenzhen Capchem Technology Co. Ltd
6.3.8 Targray Industries Inc.
6.3.9 UBE Industries Ltd
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Battery Electrolytes Industry Segmentation
The battery electrolyte is a solution inside batteries. Depending on the type of battery, it can be a liquid or paste-like substance. However, no matter the type of battery, the electrolyte serves the same purpose i.e., it transports positively charged ions between the cathode and anode terminals. The Battery Electrolyte market is segmented by battery type and electrolyte type, end-user, and geography. By battery type and electrolyte type, the market is segmented into lead acid (liquid electrolyte and gel electrolyte), lithium-ion (solid electrolyte, gel electrolyte, and liquid electrolyte), flow battery (vanadium and zinc bromide), and other battery types and electrolyte types. By end-user, the market is segmented into electric vehicles, energy storage, consumer electronics, and other end-users. The report also covers the market size and forecasts for the battery electrolyte market across major regions. For each segment, the market sizing and forecasts have been done based on revenue (USD Billion).
| Battery Type and Electrolyte Type | |||||
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| Other Battery Types and Electrolyte Types |
| End User | |
| Electric Vehicle | |
| Energy Storage | |
| Consumer Electronics | |
| Other End Users |
| Geography | |
| North America | |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Battery Electrolytes Market Research FAQs
What is the current Battery Electrolyte Market size?
The Battery Electrolyte Market is projected to register a CAGR of 11.60% during the forecast period (2024-2029)
Who are the key players in Battery Electrolyte Market?
Targray Industries Inc., 3M Co., Shenzhen Capchem Technology Co. Ltd, Ube Industries Ltd. and Mitsubishi Chemical Holdings Corporation are the major companies operating in the Battery Electrolyte Market.
Which is the fastest growing region in Battery Electrolyte Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Battery Electrolyte Market?
In 2024, the Asia Pacific accounts for the largest market share in Battery Electrolyte Market.
What years does this Battery Electrolyte Market cover?
The report covers the Battery Electrolyte Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Battery Electrolyte Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Battery Electrolytes Industry Report
Statistics for the 2024 Battery Electrolytes market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Battery Electrolytes analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
Battery Electrolytes Market Report Snapshots
