Battery Binders Market to Hit USD 7.5 Bn by 2032, Says Global Market Insights Inc.
Battery Binders Industry size is predicted to register 16.7% CAGR between 2023 and 2032 driven by growing electric vehicle market.
Selbyville, Delaware , Nov. 13, 2023 (GLOBE NEWSWIRE) -- Battery Binders Market is anticipated to cross USD 7.5 billion revenue by 2032, according to the latest report by Global Market Insights Inc.
The ongoing research activities to cater to the burgeoning need for critical materials in the manufacturing of electric vehicle (EV) batteries will drive the market growth. With the surging advancements in battery technology, researchers may discover new formulations, materials, and techniques for improving the performance and sustainability of batteries in several applications. For instance, in March 2023, scientists at the Lawrence Berkeley National Laboratory in California came up with Quick-Release Binder, a novel nontoxic and recyclable binder for batteries. The influx of emerging technologies to match different binder requirements will outline the industry expansion.
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Battery binders market size from the styrene-butadiene copolymer (SBR) type segment is set to reach significant remuneration by 2032 owing to rising usage in grid-scale energy storage solutions for stabilizing the electrical grid by storing excess energy during low demand. SBR battery binders are used in a wide range of applications to improve overall performance and durability as they render the necessary adhesive as well as mechanical properties for securing electrode materials. Growing prominence to store renewable energy from sources, such as solar and wind in energy storage systems will further bolster the product demand.
The electronics end-use segment recorded considerable share of the battery binders market in 2022 and will see expansion through 2032. The rising usage of electronic devices, such as smartphones and laptops offering compact and reliable energy storage is spurring the adoption of battery binders to maintain the performance, safety, as well as longevity of these devices. Increasing incorporation in portable electronic devices to limit physical stress from temperature changes, handling and minor impacts will further contribute to the segment expansion.
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Asia Pacific battery binders market size may record substantial CAGR from 2023-2032 driven by the significant demand for EVs, particularly in China and India. The Ministry of Road Transport and Highways of India stated that EVs accounted for 7.3% of the overall automobile sales in the country as of September 2023. The growing adoption of consumer electronics is also driving the demand for battery binders to stabilize the electrode materials in lithium-ion batteries. The rising investments in solar and wind power along with the growing importance of battery energy storage systems for storing and managing these renewable energy sources will contribute to the regional market growth.