Solid Electrolyte Market Size, Business Revenue Forecast, Leading Competitors And Growth Trends 2027

The demand for batteries has been growing steadily ever since consumer electronics gained traction. This is a key incentivise behind innovations in battery technology. Solid-state batteries are one of the most widely used battery types presently. Solid electrolytes are a key component of these batteries. The soaring demand for solid-state batteries is expected to create substantial growth prospects for the global solid electrolyte market. With the large-scale electrification of mobility, solid-state batteries are forecasted to witness explosive demand. International Energy Agency (IEA) says that electric car sales will grow from 3 million in 2020 to over 6.6 million in 2021. Moreover, these batteries are also being used across a wide range of applications including electronics such as cell phones and laptops. The compact nature of solid-state batteries is widening the range of their applications, creating strong tailwinds for the overall solid electrolyte market.

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Soaring EV Demand to Create Substantial Solid Electrolyte Market Growth

The overall automotive industry is undergoing one of the most fundamental changes in its history - electrification. Solid electrolytes are used in solid-state batteries which are extensively used in electric vehicles (EVs). This market trend is creating a plethora of opportunities as EV adoption is being supported by several governments across the globe. In addition, solid electrolytes are also used in digital cameras, gaming consoles, laptops, cell phones, and flashlights. In addition, the healthcare industry is also creating a sustained demand for solid-state batteries. These batteries are used in cardiac pacemakers, radio-frequency identification (RFID), and wearable devices. Such a diverse application pool is propelling the global solid electrolyte market to greater heights.

Thin-film Batteries to Facilitate Long-term Market Expansion

Rapid expansion in demand for solid-state batteries is pushing the market players to adopt and build more specialised variants of these batteries. The thin-film batteries are gaining considerable traction in the business landscape. These are a type of all-solid-state batteries (ASSB) that use ceramic solid electrolytes such as lithium phosphorous oxy-nitride LiPON). These batteries are especially used in consumer, medical products, and other sleeker electronic devices. The attribute of sleekness provides a clear advantage over conventional Li-ion batteries which are bulkier in comparison. Such properties are allowing these batteries to be used in RFID devices, and pacemakers, consequently fuelling the long-term solid electrolyte market expansion.

North America to Lead Solid Electrolyte Market Owing to Greater Renewable Energy Adoption

Intensified focus on adopting renewable sources of energy and limiting carbon emissions in North America is creating headways for the solid electrolyte market in the region. Furthermore, the region also has favourable government policies and a flourishing energy storage economy. The presence of a healthy energy storage economy is proposed to bode well for the solid electrolyte market in North America. The region is one of the leaders in the electrification of its car fleet. Some of the world's biggest and most influential EV manufacturers originate from North America. These factors are collectively sustaining the region's dominance over the market.

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Major Market Players

Some of the most active participants in the global solid electrolyte market include Toshima Manufacturing Co. Ltd., Ampcera Corp, Cymbet Corporation, STMicroelectronics N.V., Empower Materials, lonic Materials Inc., NEI Corporation, Ohara lnc., Brightvolt, Inc., and Toyota Motor Corporation.

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