Battery Electrolyte Market worth $16.8 billion by 2027 | Key players Mitsubishi Chemical Corporation, UBE Corporation, 3M, GS Yuasa International Ltd., Capchem.

According to recent market research the "Battery Electrolyte Market by Battery Type (Lead-Acid and Lithium-Ion), Electrolyte Type (Liquid, Gel, Solid), End-Use (EV, Consumer Electronics, Energy Storage) and Region (APAC, North America, Europe, South America, and MEA) - Global Forecast to 2027", size of the battery electrolyte is estimated to grow from USD 7.6 billion in 2022 to USD 16.8 billion by 2027, at a CAGR of 17.1% during the forecast period. Expanding market for energy storage system, consumer electronics and electric vehicle is expected to drive the battery electrolyte market. The lithium-ion battery segment is expected to lead the battery electrolyte market during the forecast period by value. Initiatives are taken by the government of various countries to boost the adoption of electric vehicles. Lithium-ion batteries are the majorly used in electric vehicles and this will drive the market for lithium-ion battery segment in battery electrolyte market.

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Based on electrolyte type, the battery electrolyte is classified into liquid, solid and gel electrolyte. The liquid electrolyte segment is expected to grow at the fastest rate during the forecast period by value. Liquid electrolyte is majorly used in lead-acid batteries and have better contact area with high-capacity electrodes. This is expected to boost the market demand for this segment.

The electric vehicle segment is expected to lead the battery electrolyte market during the forecast period by value. Due to environmental concern related to the growing air pollution from combustion engine has led to an increase in demand for electric vehicles. This has enhanced the demand for batteries, creating the market for battery electrolyte.

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Asia Pacific is expected to lead the battery electrolyte market during the forecast period by value. This demand can be attributed to the high growth in emerging economies such as China and India of the region that has made Asia Pacific a huge market for lithium-ion and lead acid batteries. China is one of the largest markets for electric vehicles across the globe and is expected to contribute a major portion to the overall regional demand for electric vehicles during the forecast period. These factors will propel the market for battery electrolyte in Asia Pacific region.

Some of the leading players in this market include Mitsubishi Chemical Corporation (Japan), UBE Corporation (Japan), 3M (US), GS Yuasa International Ltd. (Japan), and Capchem (China) among others.

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Mitsubishi Chemical Corporation is one the largest player in battery electrolyte market. The company operates through four business segments, namely, industrial materials, performance product, healthcare, and others. The company offers battery electrolytes under the performance product business segment and sub-segment, advanced solutions. The company sells battery electrolyte under the brand name, Sol-Rite.

Mitsubishi Chemical Corporation and UBE Industries, Ltd. has established a joint venture company by joint incorporation-type split to address the electrolyte business for lithium-ion rechargeable battery. This joint venture is to address the growing demand of battery electrolyte. Mitsubishi Chemical Corporation has 14 plants and nine R&D centers in Japan. It has its regional presence in Asia Pacific, Europe, and North America.

GS Yuasa International Ltd. is one of the major players in the battery electrolyte market. The company's battery business operations are segmented into four categories-automotive batteries (Japan & Overseas), industrial batteries & power supplies, automotive lithium-ion batteries, specialized batteries, and others, which includes defence, space, submarine, and other applications. The company offers nitrogen containing sulphide solid electrolyte. The battery electrolyte was developed in the November 2021 by the company. By developing nitrogen-containing sulphide solid electrolyte the company boosted ionic conductivity and increased water resistance. The company operates its businesses through twenty-eight companies (fully owned, subsidiaries, and affiliated companies) spread across the US, European countries, Thailand, Vietnam, Malaysia, Indonesia, Pakistan, Australia, India, China, and Taiwan. The company has a regional presence in Asia Pacific, Europe, and North America.

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