Lithium-ion Battery Binders Market to Reach US$ 5.9 Bn by 2031, Driven by EV Demand

The global lithium-ion battery binders market was valued at US$ 1.6 billion in 2022 and is projected to grow significantly, advancing at a robust CAGR of 15.6% from 2023 to 2031. This strong growth trajectory is expected to drive the market to reach approximately US$ 5.9 billion by the end of 2031, fueled by rising demand for electric vehicles, renewable energy storage systems, and advancements in battery technology.

Lithium-ion battery binders are materials used to hold together the active materials of a lithium-ion battery electrode. In a lithium-ion battery, the binder is a crucial component of the electrode, as it holds the active material (typically a lithium metal oxide or lithium cobalt oxide) in place and prevents it from separating or falling apart during usage.

The binder is typically added to the electrode as a liquid, which then solidifies and holds the active material in place. A polymer called polyvinylidene fluoride (PVDF) is the most commonly used binder for lithium-ion batteries. PVDF is a high-performance binder that is resistant to both high temperatures and strong acids and bases. Thus, it is ideal for usage in lithium-ion batteries.

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Vendors in the global lithium-ion battery binders industry are investing significantly in the development of new and advanced battery-binding materials. They are introducing enhanced binding chemistries, such as silicon-based binders, sulfonated binders, and hybrid binders, to improve the performance of lithium-ion batteries.

Market Segmentation

The market can be segmented based on type, material, application, and region.

By Type

Anode Binders: Expected to witness rapid growth due to the emphasis on electric mobility and renewable energy. Anode binders like carboxymethyl cellulose (CMC) and styrene-butadiene copolymer (SBR) are preferred for their cost-effectiveness and environmental benefits. ​

Cathode Binders: Utilizing materials such as polyvinylidene fluoride (PVDF), known for superior chemical resistance and binding properties. ​

By Material

Polyvinylidene Fluoride (PVDF): Held the largest revenue share in 2023, widely used in both anode and cathode binders, especially in high-performance applications. ​

Styrene Butadiene Copolymer (SBR): The fastest-growing material segment, favored for its eco-friendly properties and cost-effectiveness. ​

By Application

Automotive: Dominated the application segment in 2023, driven by continuous innovation in battery technology for electric vehicles. ​
Consumer Electronics and Energy Storage: Experiencing rapid expansion due to the demand for longer-lasting batteries in devices like smartphones and laptops, as well as in renewable energy systems. ​
Regional Analysis

Asia-Pacific: Leads the global market, with China and Japan at the forefront of production and technological innovation. China's EV industry is rapidly expanding, supported by government incentives and a strong focus on renewable energy. ​

North America: Experiencing significant growth, driven by investments in EV infrastructure and energy storage systems. The U.S., in particular, is witnessing substantial government and private sector investments in R&D aimed at creating more efficient and environmentally friendly battery technologies. ​

Europe: The European Union's stringent environmental regulations and ambitious carbon emission reduction goals are propelling investments in advanced battery technologies. Countries like Germany and France are investing heavily in R&D to create high-performance, sustainable binder materials.

Market Drivers and Challenges

Drivers

Surge in Electric Vehicle Adoption: The increasing popularity of EVs necessitates high-performance batteries with enhanced energy density and longevity, driving the demand for advanced binders.
Investments in Renewable Energy Storage: Growing investments in renewable energy storage systems significantly contribute to market growth, as advanced binder materials are essential for enhancing battery performance and lifespan.

Challenges

Performance Limitations and Environmental Concerns: Traditional binder materials may face performance limitations in extreme environmental conditions. Additionally, stringent regulatory requirements regarding battery production and environmental impact necessitate continuous innovation in binder materials to enhance performance and sustainability. ​

Market Trends

Shift Towards Water-Based Binders: There's a notable trend towards water-based binders, offering environmental benefits and enhanced safety over traditional solvent-based binders. Water-based binders reduce the emission of volatile organic compounds (VOCs), aligning with stringent environmental regulations and the growing emphasis on sustainable manufacturing practices. ​

Future Outlook

The global lithium-ion battery binders market is poised for substantial growth, driven by the increasing demand for electric vehicles, renewable energy storage systems, and continuous innovation in binder materials. Developing eco-friendly and high-performance binder materials will be critical in meeting the growing demand for sustainable energy solutions. ​

Key Market Study Points

Market Size and Growth Projections: Understanding the current market valuation and future growth prospects.​

Segmentation Analysis: Insights into various segments based on type, material, application, and region.​

Regional Dynamics: Examining the leading regions and their contributions to market growth.​

Drivers and Challenges: Identifying factors propelling the market and potential obstacles.​

Emerging Trends: Observing shifts in technology and consumer preferences impacting the market.

​ Analysis of Key Players

The global landscape is highly consolidated, with a small number of large-scale vendors controlling majority of the lithium-ion battery binders market share. Most of the companies are investing significantly in comprehensive research and development activities, primarily to create environment-friendly products.

Many lithium-ion battery binder companies are collaborating strategically to accelerate product innovation and expand their business lines in regional and international markets. Asahi Kasei Corporation, Arkema Group, Dow, DuPont, Kureha Corporation, Mitsui Chemicals, Inc., Solvay SA, Sumitomo Chemical Co., Ltd., Toray Industries Inc., UBE Industries Ltd., Topsoe, and Zeon Corporation are key entities operating in this industry.

Each of these players has been profiled in the lithium-ion battery binders market report based on parameters such as company overview, financial overview, business strategies, product portfolio, business segments, and recent developments.

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Key Developments

In June 2022, BASF announced a new Licity anode binder for Li-ion batteries. The binder comes with improved properties optimized for anodes with a silicon content exceeding 20%.

In November 2021, CUSTOMCELLS completed the review of battery binders from BASF. On behalf of the world's leading chemical company, CUSTOMCELLS evaluated the binders for graphite and silicon anodes in comparison to an established SBR binder, which is likely to be used in lithium-ion anodes.

In June 2021, Arkema announced a major innovation with the launch of its new sustainable Kynar PVDF range. These new grades will claim 100% renewable attributed carbon derived from crude tall oil bio-feedstock, according to a mass balance approach.

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