Press release
Battery Electrolyte Market Landscape and Future Prospects Overview 2024 - 2031 | Mitsubishi Chemical Corporation, BASF SE
Battery Electrolyte Market
Global battery electrolyte market is estimated to be valued at USD 11.79 Bn in 2024 and is expected to reach USD 26.22 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 12.1% from 2024 to 2031.
Market Dynamics:
The battery electrolyte market is expected to grow owing to increasing demand for electric vehicles across the globe. According to the International Energy Agency (IEA), electric car sales reached 6.6 million in 2021, more than doubling from 2020 sales of 3 million and growing at an average annual rate of 35% over the last five years. Furthermore, supportive government policies and initiatives to promote e-mobility are also expected to propel the demand for battery electrolytes over the forecast period. For instance, the European Union plans to end the sale of new combustion engine cars by 2035. Additionally, continuous technological advancements in lithium-ion batteries, including solid-state batteries, is anticipated to spur the need for advanced battery electrolytes between 2024 and 2031.
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Increasing Demand for High-Capacity Batteries for Electric Vehicles
The rapid adoption of electric vehicles worldwide is one of the key drivers fueling the growth of the battery electrolyte market. Lithium-ion batteries remain the battery of choice for EVs due to their high energy density and longer lifecycles compared to other battery chemistries. As automakers continue to manufacture EVs with longer driving ranges per charge, there has been a growing need for battery electrolytes that can support higher battery capacities. Electrolytes play a crucial role in improving ionic conductivity within batteries to boost energy storage capacity. Leading producers of battery electrolytes are investing heavily in R&D to develop novel electrolyte formulations capable of sustaining more lithium-ion flux for larger battery packs onboard EVs. Rising global EV sales bode well for the future prospects of EV battery electrolytes.
Opportunities in Developing Novel Electrolyte Systems for Next-Gen Battery Technologies
While lithium-ion battery electrolytes dominate the current battery market, advancing research on beyond lithium-ion battery chemistries open up new opportunities for electrolyte formulations. Battery technologies such as lithium-sulfur, lithium-solid state, lithium-metal and lithium-air which offer higher energy density and improved safety are gaining traction but require electrolytes customized for their working principles. Significant R&D investments are focusing on developing novel polymer, salt-in-polymer, ionic liquid and composite electrolytes compatible with emerging battery systems. As battery makers move towards commercializing alternative battery technologies, specialized electrolytes forms an integral component with opportunities for innovations. Electrolyte developers engaged in early research for next-generation batteries stand to gain a competitive edge in the long run.
Trend Towards Sustainable and Recyclable Electrolyte Production Processes
Mounting environmental concerns around battery material sourcing and waste have necessitated trends towards sustainability within the electrolyte industry. Producers are pursuing green manufacturing routes utilizing recyclable and non-toxic raw chemicals to reduce industrial pollution load. Research efforts emphasize developing electrolyte formulations using biodegradable or naturally derived polymers, recyclable salts blended with recyclable solvents. Additionally, recycling end-of-life batteries to recover electrolyte components presents an opportunity to establish a circular economy. Scale-up of such sustainable production technologies will allow electrolyte makers to comply with evolving regulations while gaining a competitive differentiator by supporting battery recycling. The integration of eco-friendly practices thus remains a key long term strategy for electrolyte industry players.
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Top Companies Included in This Report:
• Mitsubishi Chemical Corporation
• BASF SE
• Solvay SA
• LG Chem Ltd.
• UBE Industries Ltd.
• Sumitomo Chemical Co., Ltd.,
• Shenzhen Capchem Technology Co., Ltd.,
• TOMIYAMA Pure Chemical Industries Ltd.
• Merck KGaA
• Targray Industries Inc.
• 3M Co.
• Advanced Electrolyte Technologies LLC
• Umicore
• Toray Industries Inc.
• POSCO
• Hitachi Chemical
• American Elements
• Gelest
• Inc
• Daikin America Inc.
Market Segmentation:
By Product Type:
• By Battery Type: Lithium-Ion, Lead Acid, Flow Battery, Nickel Metal, Others
• By Electrolyte Type: Liquid Electrolyte, Solid Electrolyte, Gel Electrolyte, Others
• By End User: Industrial, Transportation, Energy Storage, Consumer Electronic , Electric Vehicle Battery (EVs), Residential, Others
Key Regions/Countries are Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
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The report offers insights on the following topics:
Chapter 1: Study Coverage
Chapter 2: Executive Summary
Chapter 3: Competitor Landscape of the Battery Electrolyte Market by Players
Chapter 4: Market Size of the Battery Electrolyte Market by Type and Application
Chapter 5: Global and Regional Analysis
Chapter 6: Company Profiles, Recent Developments, and Investments
Chapter 7: Analysis of Market Opportunities, Challenges, Risks, and Influencing Factors
Chapter 8: Analysis of Value Chain and Sales Channels, including notable product developments
Chapter 9: Research Findings and Conclusion
Chapter 10: Methodology/Research Approach
Ultimately, the Battery Electrolyte Market report serves as a reliable source for acquiring market research to significantly enhance your business. It furnishes essential insights into regional economic conditions, product pricing, profitability, capacity, production, supply, demand, market growth rate, and forecasts. Additionally, the report includes a SWOT analysis, investment feasibility analysis, and return on investment analysis for new projects within the Battery Electrolyte industry.
Should the aforementioned report not meet your precise requirements, we offer customized research tailored to comprehensively address your specific business needs. Our customized research will encompass all the pertinent business information necessary to assist you in making strategic and profitable business decisions.
Author Bio:
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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