Battery Electrolyte Market Will Reach USD 27.58 Billion By 2030
The global battery electrolyte market size was USD 6.56 Billion in 2021 and is expected to register a revenue CAGR of 17.3% over the forecast period, according to the latest report by Reports and Data.
Rising R&D efforts and demand for lithium-ion battery electrolytes are important factors driving market revenue growth. Researchers from the University of Tokyo and the Nagoya Institute of Technology, for example, discovered a new mechanism for maintaining lithium metal electrodes and electrolytes in lithium metal batteries. This method does not rely on traditional kinetic strategies and has the potential to dramatically enhance battery energy density. Lithium metal batteries are a feasible technology that might meet the demand for high-energy-density storage systems.
In 2021, lithium-based battery technology will dominate the battery electrolyte market for the majority of applications. Electric vehicles will consume around 225 GWh of capacity. Low-/no-lithium battery technology should lead to more cheap items with better energy densities than Li-ion batteries in the long run. However, battery manufacturers are looking for little advantages to offset large expenditures they've made in their present operations. The industry will have a major burden in developing fabs, training employees, and locating raw materials to support present supply chains in order to fulfil a forecast 20-fold increase in demand for high-performance batteries over the next 10-15 years.
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Some Key Highlights from the Report
- During the forecast period, the Asia Pacific market accounted for the greatest revenue share. Battery manufacturers in this region are always working to reduce their reliance on current technologies and create new cells, which is driving revenue growth in this region. For example, China's Contemporary Amperex Technology Co. Limited (CATL) plans to begin manufacturing sodium ion cells in 2023. LG Energy Solution of Korea intends to start manufacturing lithium sulphur cells by 2025. This will also encourage the development and commercialization of innovative and improved battery electrolytes technologies, hence driving market revenue growth. China now manufactures 90% of the world's anodes and electrolytes, as well as 75% of all battery cells.
- The worldwide battery electrolyte market has been classified into lithium-ion, lead acid, flow battery, and others. In 2021, the lithium-ion battery category had the highest revenue share. High-capacity and lightweight batteries are commonly used in mobile phones, computers, and other digital devices. Lithium-ion batteries are in great demand in a variety of industries, including electrical and electronics, automotive, aviation, healthcare, energy and power, and many more. Expansion of R&D efforts for Li-ion battery electrolytes to improve their lifetime, energy density, charging speed, and safety is a major driver driving market expansion. Researchers are focusing on producing non-flammable electrolytes to guarantee that these batteries may be used safely.
- H2 Inc., a South Korean vanadium flow battery business, announced the construction of a battery factory with a 330MWh annual production capacity on November 14, 2022. H2 Inc. developed Enerflow, a Vanadium Redox Flow Battery (VRFB) based on patented technology, with the intention of using it for large-scale, Long-Duration Energy Storage (LDES) applications due to its high degree of vertical integration.
- Companies profiled in the market report include Mitsubishi Chemical Corporation, UBE Corporation, Guangzhou Tinci High-tech Materials Co., Ltd., 3M, LG Chem, Johnson Controls, BASF SE, GS Yuasa International Ltd., Nexeon Limited, and Targray Industries Inc.
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- For the purpose of this report, Reports and Data has segmented the global battery electrolyte industry into Battery Type Outlook, Electrolyte Type Outlook, End-Use Outlook, Regional Outlook:
Battery Type Outlook (Revenue, USD Billion; 2019-2030)
- Lithium-Ion
- Lead Acid
- Flow Battery
- Others
Electrolyte Type Outlook (Revenue, USD Billion; 2019-2030)
- Liquid Electrolyte
- Solid State Electrolyte
- Gel Electrolyte
End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Automotive
- Consumer Electronics
- Healthcare
- Others
Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Sweden
- BENELUX
- Rest of Europe
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Israel
- Rest of MEA
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