USD 9.38 billion
Global Battery Electrolyte Market Size, Share, Growth Analysis, By Type(Liquid Electrolyte, Solid Electrolyte and Gel Electrolyte.), By Application(Automotive, Consumer Electronics) - Industry Forecast 2024-2031
Report ID:
SQMIG20D2224 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
63 |
Figures:
75
Global Battery Electrolyte Market Insights
Global Battery Electrolyte Market size was valued at USD 9.38 billion in 2021 and is poised to grow from USD 10.47 billion in 2022 to USD 25.19 billion by 2030, growing at a CAGR of 11.6% in the forecast period (2023-2030).
The global battery electrolyte market is driven by the increasing demand for batteries in various industries such as automotive, electronics, and renewable energy. A Key factor contributing to the market growth is the rising adoption of electric vehicles (EVs) worldwide. With the growing concerns over environmental sustainability and the need to reduce carbon emissions, governments and consumers are increasingly shifting towards electric mobility. Battery electrolytes play a critical role in enhancing the performance and efficiency of EV batteries, thereby driving the demand in the market. The proliferation of smartphones, tablets, wearables, and other portable devices has created a need for high-performance batteries with longer operating times. This has led to the development of advanced battery technologies, including lithium-ion batteries, which require high-quality electrolytes for optimal performance.
In addition to that, the growing focus on renewable energy sources such as solar and wind is boosting the market for battery electrolytes. These energy systems require efficient energy storage solutions to overcome intermittent power generation. Batteries integrated with appropriate electrolytes enable the efficient storage and utilisation of renewable energy, contributing to the growth of the market.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Liquid electrolytes
Growth Rate
11.6% CAGR
Global Battery Electrolyte Market ($ Bn)
Country Share for Asia Pacific Region (%)
Global Battery Electrolyte By Type ($ Bn)
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Global Battery Electrolyte Market Segmental Analysis
The global battery electrolyte market is segmented based on type, application, and region. Based on type, the market can be segmented into Liquid Electrolyte, Solid Electrolyte and Gel Electrolyte. Based on application, the market is segmented into Automotive, Consumer Electronics, Industrial and Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Type
Based on current market trends, the dominant type in the global battery electrolyte market is liquid electrolyte. Liquid electrolytes have been widely used in various battery technologies, including lithium-ion batteries, due to their excellent conductivity and low cost. Liquid electrolytes have been extensively researched and developed, resulting in a mature and well-established market presence.
On the other hand, the fastest-growing type in the global battery electrolyte market is solid electrolyte. Solid electrolytes offer several advantages over liquid electrolytes, including improved safety, higher energy density, and enhanced stability. Solid-state battery technologies are gaining significant attention and investment, driven by the increasing demand for high-performance, long-lasting batteries in applications such as electric vehicles, portable electronics, and energy storage systems. As a result, solid electrolytes are experiencing rapid growth and are expected to play a crucial role in the future of battery technology.
Analysis by Application
The automotive sector represents the largest share of the battery electrolyte market. The increasing adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs) has significantly contributed to the dominance of the Automotive application. Battery electrolytes play a critical role in the efficient functioning and performance of automotive batteries, providing stable electrical conductivity and enhancing the overall lifespan of the batteries. The demand for battery electrolytes in the Automotive sector is driven by government regulations promoting sustainable transportation, advancements in battery technology, and the growing consumer preference for EVs and HEVs.
On the other hand, the Consumer Electronics sector is witnessing rapid growth in the battery electrolyte market. Consumer electronics, including smartphones, laptops, tablets, wearables, and portable electronic devices, rely on high-performance batteries to meet the increasing demand for energy storage in compact and lightweight designs. Battery electrolytes are essential components in these rechargeable batteries, enabling efficient energy transfer and ensuring long-lasting performance. The continuous advancements in consumer electronics, the rise in disposable incomes, and the expanding consumer base for portable electronic devices have propelled the growth of battery electrolytes in this sector.
Global Battery Electrolyte Market By Type, 2023 (%)
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Global Battery Electrolyte Market Regional Insights
Asia Pacific, led by countries like China, Japan, and South Korea, holds a dominant position in the battery electrolyte market. The region is a major hub for battery manufacturing, driven by the presence of prominent electric vehicle manufacturers and consumer electronics companies. The increasing adoption of electric vehicles and the rapid expansion of the consumer electronics industry have contributed to the dominance of Asia Pacific in the battery electrolyte market.
North America, particularly the US, is witnessing significant growth in the battery electrolyte market. The region has a strong focus on renewable energy and energy storage solutions, driving the demand for batteries and electrolytes. The increasing deployment of grid-scale energy storage projects and government initiatives to promote clean energy have propelled the growth of the battery electrolyte market in North America.
Global Battery Electrolyte By Geography, 2024-2031
- Largest
- Fastest
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Global Battery Electrolyte Market Dynamics
Drivers
Growing Demand for Electric Vehicles (EVs)
- The rising adoption of electric vehicles is a significant driver for the battery electrolyte market. Battery electrolytes are crucial components in lithium-ion batteries used in EVs. As the demand for EVs continues to grow, there is a corresponding need for high-performance battery electrolytes that can enhance energy density, safety, and battery longevity.
Restraints
Safety Concerns
- Battery safety remains a critical consideration, especially for applications with high-energy density. Concerns such as electrolyte leakage, thermal instability, and flammability pose risks and safety hazards. Ensuring the safety of battery electrolytes through rigorous testing and compliance with regulatory standards is essential to address these concerns and establish consumer confidence.
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Global Battery Electrolyte Market Competitive Landscape
In this competitive landscape, companies focus on developing electrolyte solutions that offer high energy density, improved safety, and longer lifespan for batteries. They invest heavily in research and development activities to enhance the performance and efficiency of electrolyte materials, aiming to meet the evolving demands of battery technologies. Innovations in electrolyte formulation, electrode-electrolyte interactions, and electrolyte additives are key areas of focus for these companies.
Top Player’s Company Profiles
- 3M (US)
- Asahi Kasei Corporation (Japan)
- BASF SE (Germany)
- Cabot Corporation (US)
- Clariant AG (Switzerland)
- Dow Inc. (US)
- Eastman Chemical Company (US)
- Evonik Industries AG (Germany)
- Ganfeng Lithium Co., Ltd. (China)
- Guotai Junan Securities Co., Ltd. (China)
- Henan Huanyu Power Source Co., Ltd. (China)
- Johnson Matthey Plc (UK)
- KUREHA CORPORATION (Japan)
- LG Chem Ltd. (South Korea)
- Mitsubishi Chemical Corporation (Japan)
- POSCO Chemical Co., Ltd. (South Korea)
- Solvay SA (Belgium)
- Sumitomo Chemical Co., Ltd. (Japan)
- Targray Group (Canada)
- Ube Industries, Ltd. (Japan)
Recent Developments
- In May 2023, BASF announced the expansion of its battery electrolyte production capacity in Germany. The company plans to invest €100 million in the expansion, which will increase the production capacity of its lithium hexafluorophosphate (LiPF6) electrolyte by 50%.
- In April 2023, NEI Corporation announced the commercialization of its new solid electrolyte for lithium-ion batteries. The electrolyte, called NEI-Solid, is made from a lithium-ion conducting polymer and is said to offer improved safety and performance over traditional liquid electrolytes.
- In March 2023, Mitsubishi Chemical Corporation announced the development of a new lithium-ion battery electrolyte that is said to be more stable and have a longer lifespan than conventional electrolytes. The electrolyte, called MCMB-100, is made from a new type of lithium salt and is said to be able to withstand higher temperatures and currents than traditional electrolytes.
- In February 2023, Johnson Matthey PLC announced the development of a new process for manufacturing lithium-ion battery electrolytes. The process, called the Johnson Matthey Direct Electrolyte Synthesis (JM-DES) process, is said to be more efficient and cost-effective than conventional methods of manufacturing electrolytes.
- In January 2023, Umicore SA announced the development of a new solid electrolyte for lithium-ion batteries. The electrolyte, called Umicore SLS, is made from a sulfide-based material and is said to offer improved safety and performance over traditional liquid electrolytes.
Global Battery Electrolyte Key Market Trends
- Demand for High-performance and Sustainable Electrolyte Solutions: As the demand for advanced batteries, such as lithium-ion batteries, continues to grow in various industries, there is a greater emphasis on developing electrolytes that offer improved performance, safety, and environmental sustainability. Manufacturers are focusing on enhancing the stability and energy density of electrolytes to optimise battery performance and extend battery life. Additionally, there is a rising demand for electrolytes with reduced flammability and increased thermal stability to address safety concerns associated with battery operation. Moreover, there is a growing preference for eco-friendly electrolyte formulations that minimise the use of hazardous materials and enable easier recycling of batteries.
Global Battery Electrolyte Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to the global battery electrolyte market analysis, the increasing demand for advanced battery technologies in sectors such as electric vehicles, renewable energy storage, and portable electronics is a key driver for market growth. Battery electrolytes play a critical role in facilitating the movement of ions within batteries, enabling efficient energy storage and release. Advanced electrolyte formulations, including lithium-ion electrolytes and solid-state electrolytes, offer advantages such as improved battery performance, enhanced safety, and longer cycle life. The market for battery electrolytes is also driven by factors such as the growing focus on clean energy solutions, government incentives for electric vehicle adoption, and the need for reliable energy storage systems. These factors contribute to the increasing demand for high-performance battery electrolytes across various industries. In terms of regional analysis, Asia Pacific holds a significant market share in the Battery Electrolyte market due to the presence of key battery manufacturers, increasing electric vehicle production, and government support for renewable energy initiatives. North America and Europe are also prominent regions, driven by advancements in battery technologies, stringent environmental regulations, and a shift towards sustainable energy solutions.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 9.38 billion |
| Market size value in 2031 | USD 25.19 billion |
| Growth Rate | 11.6% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Battery Electrolyte Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Battery Electrolyte Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Battery Electrolyte Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Battery Electrolyte Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Battery Electrolyte Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Battery Electrolyte Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Battery Electrolyte Market Report Snapshots
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