Press release
Solid Electrolyte Market New Opportunities , Forecast Size, Analysis And Top Players
Solid Electrolyte Market
The global solid electrolyte market, valued at USD 25.93 million in 2023, is anticipated to grow at a compound annual growth rate (CAGR) of 11.12%, reaching USD 54.24 million by 2030. This growth is driven by the escalating demand for energy storage systems with high energy density and longer cycle life, particularly in electric vehicles (EVs) and consumer electronics.
Market Dynamics
Solid electrolytes, known for their ability to conduct lithium ions at room temperature, offer significant advantages over traditional liquid electrolytes, including enhanced safety and higher energy density. These attributes make them increasingly popular in applications such as RFID devices, pacemakers, wearable technology, and notably, electric vehicles. The growing emphasis on renewable energy sources and the subsequent need for efficient energy storage solutions further bolster the market's expansion.
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◆ Regional Demand
The Asia-Pacific region holds the largest market share, driven by robust manufacturing infrastructures in countries like China, Japan, and South Korea. North America is also witnessing significant growth, attributed to advancements in battery technologies and increasing adoption of electric vehicles.
Country-Specific Insights
Vietnam: Emerging Opportunities in Energy Storage
Vietnam's rapid industrialization and increasing energy demands present opportunities for solid electrolyte applications, particularly in renewable energy storage solutions. The government's focus on sustainable energy initiatives further supports market growth.
Thailand: Growth in Electric Vehicle Adoption
Thailand's automotive sector is witnessing a shift towards electric vehicles, driven by government incentives and environmental awareness. This transition is expected to boost the demand for solid electrolytes used in advanced battery technologies.
Japan: Technological Advancements in Solid-State Batteries
Japanese companies are at the forefront of solid-state battery development. In October 2023, Toyota Motor Corporation and Idemitsu Kosan Co., Ltd. announced a collaboration to establish a supply chain for mass-producing all-solid-state batteries for battery electric vehicles (BEVs), aiming for market launch by 2027-28.
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South Korea: Trends in Solid Electrolyte Innovation
In August 2023, SK On, an EV battery manufacturer, co-developed an advanced oxide-based solid electrolyte with higher lithium-ion conductivity. This innovation marks a significant advancement in solid electrolyte technology, enhancing battery performance and safety.
Singapore: Opportunities in Advanced Battery Research
Singapore's emphasis on research and development in advanced battery technologies positions it as a potential hub for solid electrolyte innovation, attracting investments and collaborations in the energy storage sector.
United States: Consolidation through Strategic Investments
In May 2021, Ford Motor Company and BMW AG invested $130 million in Solid Power, Inc., a solid-state battery startup, to develop batteries that can reduce costs and increase the range of electric vehicles.
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◆ Solid Electrolyte Market Segmentation
by Type
Solid Polymer type
Ceramic type
by Application
Thin Film batteries
Electric Vehicle batteries
by End User
Telecom
Heavy goods and engineering
Electricals and Electronics
Others
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◆ Solid Electrolyte Market Key Players
1. NEI Corporation
2. Ohara Inc
3. Empower Materials
4. Ampcera Corp
5. Iconic Material Inc
6. Toshima Manufacturing Co. Ltd
7. SK Innovation Co., Ltd.
8. STMicroelectronics
9. Total Energies
10. Store Dot
11. Quantum Scape Corporation
12. Solid Power Inc
13. Factorial Inc
14. Ganfeng Lithium Co., Ltd
15. Ilika
16. Prieto Battery
Key Recent Developments
Toyota Motor Corporation and Idemitsu Kosan Co., Ltd. collaborated in October 2023 to establish a supply chain for mass-producing all-solid-state batteries for BEVs, targeting a market launch by 2027-28.
SK On announced in August 2023 the co-development of an advanced oxide-based solid electrolyte with higher lithium-ion conductivity, marking a significant advancement in solid electrolyte technology.
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