Overview and Scope
Battery electrolyte refers to a solution inside the battery that helps the electrolyte to carry positively charged ions between the cathode and anode terminals, and its function is the same regardless of the battery type. These are used in batteries that allow electrical current to flow between the cathode and anode.
Sizing and Forecast
The battery electrolyte market size has grown rapidly in recent years. It will grow from $7.07 billion in 2023 to $7.9 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The growth in the historic period can be attributed to consumer electronics boom, government incentives, portable electronics evolution, growth in telecommunications, enhanced safety standards..
The battery electrolyte market size is expected to see rapid growth in the next few years. It will grow to $11.99 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to emergence of solid-state batteries, focus on sustainable materials, increasing e-waste concerns, medical device advancements, global renewable energy initiatives.. Major trends in the forecast period include advancements in lithium-ion batteries, solid-state electrolytes development, partnerships and collaborations, demand for fast-charging batteries..
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Segmentation & Regional Insights
The battery electrolyte market covered in this report is segmented –
1) By Electrolyte Type: Liquid Electrolyte, Solid Electrolyte, Gel Electrolyte, Vanadium, Zinc Bromide, Other Electrolyte Types
2) By Battery Type: Lead-Acid, Lithium-Ion, Nickel Metal, Other Battery Types
3) By End-User: Industrial, Transportation, Energy Storage, Consumer Electronics,, Electric Vehicle Battery, Residential, Other End-Users
North America was the largest region in the battery electrolyte market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the battery electrolyte market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increase in demand for electric vehicles is expected to propel the growth of the battery electrolyte market going forward. Electric vehicles refer to vehicles that run on electricity instead of an internal combustion engine, which produces power by burning fuel and gases. Electrolytes such as lithium-ion are used in the manufacture of batteries, which are widely used in electric cars. These electrolytes, with the help of the positive and negative electrodes, generate an electric current that helps to drive the vehicle’s battery and gives motion to its wheels that helps to move. For instance, in May 2022, according to International Energy Agency, a France-based autonomous intergovernmental organization, in 2021, the number of electric vehicle sales doubled from the previous year to reach a new high of 6.6 million. Also, with 2 million electric vehicle sales in the first quarter of 2022, a 75% increase over the same time in 2021, the market for electric vehicles has continued to grow rapidly. Therefore, increasing demand for electric vehicles is driving the growth of the battery electrolyte market.
Key Industry Players
Major companies operating in the battery electrolyte market report are Mitsubishi Chemical Corporation, UBE Corporation, Shenzhen Capchem Technology Co. Ltd., Johnson Controls Power Solutions, Guangzhou Tinci Materials Technology Co., GS Yuasa International Ltd., 3M Company, BASF SE, American Elements Corp., Targray Technology International Inc., Ohara Corporation, Daikin America Inc., Nohms Technologies Ltd., Stella Chemifa Corporation, Tomiyama Pure Chemical Industries Ltd., GuangDong JinGuang High-Tech Co. Ltd., Guotai Huarong Poland Sp zoo, Toshima Manufacturing Co. Ltd., Dongwha Enterprise Co. Ltd., Soulbrain Co. Ltd., Advanced Electrolyte Technologies LLC, Umicore SA, Toray Industries Inc., Pohang Iron and Steel Company, Hitachi Chemical Pvt. Ltd., Gelest Inc., Hoechst CeramTec AG, NEI Corporation, Connect Chemicals India Pvt. Ltd., Huntsman International LLC, Lixing Chemical Co. Ltd., Lotte Chemical Corp., Merck Millipore, Sankyo Chemical Co. Ltd., Zhengzhou Meiya Chemical Products Co. Ltd., Kindun Chemical Co. Ltd., Oriental Union Chemical Corporation
The battery electrolyte market report table of contents includes:
1. Executive Summary
- Battery Electrolyte Market Characteristics
- Battery Electrolyte Market Trends And Strategies
- Battery Electrolyte Market – Macro Economic Scenario
- Global Battery Electrolyte Market Size and Growth
. - Global Battery Electrolyte Market Competitive Benchmarking
- Global Battery Electrolyte Market Competitive Dashboard
- Key Mergers And Acquisitions In The Battery Electrolyte Market
- Battery Electrolyte Market Future Outlook and Potential Analysis
- Appendix
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