Global Battery Electrolyte Market

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

Battery Electrolyte Market News

  • 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.
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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).

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. '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)'

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.

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.

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.

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Global Battery Electrolyte Market

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