According to the latest research by InsightAce Analytic, the Global Non-Aqueous Electrolyte Market is valued at US$ 3.67 Bn in 2023, and it is expected to reach US$ 12.03 Bn by 2031, with a CAGR of 15.9% during the forecast period of 2024-2031.
Jersey City, NJ, April 12, 2024 (GLOBE NEWSWIRE) -- The non-aqueous electrolyte is used to describe electrolyte solutions completely devoid of water. It uses organic solvents or molten salts as an alternate solvent to dissolve the electrolyte components, often ions or salts. The demand for non-aqueous electrolytes is expected to surge from end-use industries like energy storage, consumer electronics, and the automotive sector. The increase in vehicle production substantially impacts the expansion of the non-aqueous electrolyte market. At the same time, the increasing demand for lithium-ion batteries is a significant factor propelling the demand for organic and inorganic non-aqueous electrolytes.
In addition, the worldwide non-aqueous electrolyte industry faces the problem of price sensitivity, where changes in the cost of raw materials could reduce customer acceptance. Moreover, the need for non-aqueous electrolytes and lithium-ion batteries is driven by the increasing popularity of electric vehicles and the worldwide push towards electric transportation. Incentives and laws aimed at reducing carbon emissions by governments throughout the world are driving the market for electric vehicles in an expansion of the non-aqueous electrolyte industry.
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List of Prominent Players in the Non-Aqueous Electrolyte Market:
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Ampcera
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Electrovaya
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GS Yuasa International Ltd.
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LG Chem
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POSCO
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American Elements
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NEI Corporation
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Targray
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Amprius Technologies
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Mitsubishi Gas Chemical Company, Inc.
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Solid Power
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CAPCHEM
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Mitsui Chemicals, Inc.
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UBE Corporation
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Contemporary Amperex Technology Co., Limited
Market Dynamics:
Drivers:
The need for non-aqueous electrolytes fuels the growing demand for the non-aqueous electrolyte market, which is the increasing number of applications for high-performance lithium-ion batteries. These applications can be found in electric vehicles, portable devices, and renewable energy storage methods. An essential component of these batteries is non-aqueous electrolytes, which are able to function well at higher voltages and deliver improved energy density.
Moreover, non-aqueous electrolytes are seeing increased demand due to the increasing number of portable electronic gadgets, which in turn increases the need for small, high-energy-density batteries. In addition, the market's expansion is driven by the development of new energy storage technologies, which enhance battery performance and safety standards while decreasing their prices, which is growing the demand for the non-aqueous electrolyte market.