Battery Electrolytes Market Poised for Remarkable Growth with a 7% CAGR Forecast from 2023 to 2033, Reaching US$ 8.4 Billion, Reports Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
8 min read
Future Market Insights Global and Consulting Pvt. Ltd.
The Battery Electrolytes Market in the United Kingdom is anticipated to witness significant growth with a robust CAGR of 7.4%, resulting in a market value of US$ 311 million by the end of the forecast period. This growth can be attributed to factors such as increasing urbanization and rising consumer spending, driving the demand for battery electrolytes in the country.
NEWARK, Del, May 29, 2023 (GLOBE NEWSWIRE) -- The global battery electrolytes market size is likely to be valued at US$ 4 billion in 2023. The increasing demand for lithium-ion batteries and increased awareness about renewable energy sources are driving the market growth. The market is estimated to garner US$ 8.4 billionby 2033, recording a CAGR of 7.7% from 2023 to 2033.
Factors contributing to the growth of the battery electrolytes market are mainly the recent developments in electrolytes technology and increasing application in electric vehicles. The increasing use of portable electronic devices, such as smartphones, tablets, and laptops, has led to a higher demand for high-performance batteries, expected to drive the battery electrolytes market.
Increasing awareness of cleaner energy transportation systems & increased use of electric vehicles is expected to boost the growth of the battery electrolytes market The increasing adoption of lead acid batteries by automotive manufacturers offers numerous growth opportunities for the market players. The growing adoption of EVs worldwide has fueled the demand for lithium-ion batteries which in turn led to the growth of the battery electrolytes market.
The increasing demand for lithium-ion battery electrolytes and the rapid increase in research & development activity led to the development of new and advanced electrolytes with improved properties, such as higher energy density, better thermal stability, and enhanced safety, this is anticipated to drive demand for battery electrolytes during the forecast period.
Increasing demand for battery electrolytes from various industries such as automotive & consumer electronics in the Asia Pacific is expected to drive the battery electrolytes market in the region. Increasing production of lithium-ion batteries in North America drives the market growth in the region.
Key Takeaways:
From 2018 to 2022, the market demand expanded at a CAGR of 8.8%.
Based on type, the lead acid segment accounts for a CAGR of 7.4%.
By end-use, the automotive segment is expected to expand at a CAGR of 7.1% during the forecast period.
North America to emerge as a promising market, capturing a CAGR of 7.6%.
Asia Pacific is an opportunistic market, expected to capture a CAGR of 7.6% during the forecast period.
“Growing technological innovation and increased demand for batteries in key industries are expected to drive the market in the forecast period. The increasing research & development activities to develop new electrolytes globally are projected to play a vital role in strengthening the market,” – says a lead analyst at FMI.
Competitive landscape:
Prominent players in the battery electrolytes market are BASF SE; 3M Company; Mitsui Chemicals, Inc.; LG Chem; Asahi Kasei Corporation among others.
Mitsubishi Chemical Corporation has been engaged in the development of advanced battery electrolytes. They have introduced innovative electrolyte additives, including lithium bis (fluorosulfonyl)imide (LiFSI), which enhance the performance and stability of lithium-ion batteries. Mitsubishi Chemical Corporation is also exploring solid-state electrolytes for next-generation batteries.
Solvay, a Belgian chemical company, has been working on electrolyte technologies for lithium-ion batteries. They have developed advanced electrolyte additives, such as fluorinated solvents and lithium salts, to improve the safety and performance of batteries. Solvay's electrolyte solutions aim to increase energy density, reduce flammability, and enhance battery life.
Future Market Insights offers an unbiased analysis of the global battery electrolytes market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the battery electrolytes market, the market is segmented based on type and end-use across five major regions.
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About Future Market Insights (FMI):
Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10 years.
