Battery Electrolyte Market Size is Projected to Reach USD 31.65 Billion by 2033, Growing at a CAGR of 11.69%: Straits Research
New York, United States , Nov. 12, 2024 (GLOBE NEWSWIRE) -- A battery is a chemical energy reserve that can be converted into electrical energy. Battery electrolyte, also called battery acid due to its acidic nature, is a combination of water and sulfuric acid that serves as the liquid component of most automotive batteries. The anode and cathode are the other two primary parts. The electrolyte in a battery transfers current between the anode and cathode. Industries as diverse as transportation and energy storage, consumer electronics, and electric vehicle (EV) batteries find uses for batteries in various products and environments, including the household.
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Market Dynamics
Increasing demand for electric vehicles drives the global market
In the early years of the battery market, the consumer electronics sector accounted for most battery purchases. But as EV sales have increased recently, EV manufacturers have become the biggest consumers of batteries. As they do not produce CO2, NOX, or any other greenhouse gases, electric vehicles (EVs) have a lower environmental impact than conventional internal combustion engine (ICE) vehicles. This benefit has led numerous nations to introduce subsidies and other government measures to promote the widespread adoption of EVs. Several countries want to limit soon the export of internal combustion engine (ICE) automobiles. In-Cylinder Engine (ICE) vehicles will be banned from sale in Norway, France, and the United Kingdom by 2025.
By 2030, India also wants to phase out internal combustion engines, and China is currently researching alternatives. But starting in 2019, no country will be able to forbid traditional fuel-powered vehicles because the EV market and technology might not be ready for such a move, which could seriously disrupt the market. However, upcoming announcements have compelled EV manufacturers to boost their R&D spending. In EVs, lithium-ion batteries are frequently used. Due to falling lithium-ion battery costs, EV manufacturing costs have decreased, and by 2025, EVs are predicted to be priced similarly to gasoline-powered vehicles.
Technological advancements in the market create tremendous opportunities
Solid-state batteries are a paradigm shift in terms of technology. Ions move from one electrode to another across the liquid electrolyte in modern lithium-ion batteries. A solid material that allows lithium ions to move around inside replaces the liquid electrolyte in all-solid-state batteries. The first notable advantage is that solid electrolytes are not flammable when heated, unlike their liquid counterparts. Furthermore, it makes it possible to use cutting-edge, high-voltage, high-capacity materials, leading to denser, lighter batteries with longer shelf lives due to reduced self-discharge. They also provide extra advantages at the system level, such as simplified mechanics and thermal and safety management, which creates a lot of opportunities for the market under investigation.
Regional Analysis
North America has developed into one of the world's economic powerhouses due to the close economic integration of the markets in the United States, Canada, and Mexico. The United States and Canada are part of the region known as North America, which continues to be the global leader in battery market research and innovation. North America continues to be one of the top regions for the consumption of battery electrolytes for both primary and secondary batteries due to the increased use of electric vehicles, increased spending on consumer electronics, and increased consumer and manufacturing activities. Investments in battery technology for more efficient electrolytes and electrodes for longer duration and higher ion exchange to reduce charging times are a few additional factors that support the growth of the electrolyte market during the forecast period.
In Europe, batteries are used far more frequently, from energy storage devices to electric cars. Lithium-ion batteries are expected to dominate the region among all other batteries because of their extensive range of uses in various applications, including electric vehicles, energy storage systems in solar PV projects, and consumer electronics. The market for lithium-ion batteries will be worth EUR 250 billion by 2025. Lead-acid batteries are another type of battery that has been used continuously in Europe for a long time. These batteries have improved technologically, including lower resistance constructions, advanced additives to the active materials, and increased power output. Enhanced processes and automation are assisting in further cost reduction. The cycle life will be improved through design tweaks like newly enhanced corrosion-resistant alloy materials and innovative battery management. Several significant factors, such as the rising use of electric vehicles, the abundance of data centers, the installation of energy storage systems in solar projects, and the growth in the manufacturing and consumer electronics sectors, have contributed to the expansion of the market for batteries and battery electrolytes.
Key Highlights
- The global battery electrolyte market size was valued at USD 11.70 billion in 2024 and is expected to reach from USD 13.07 billion in 2025 to USD 31.65 billion by 2033, growing at a CAGR of 11.69% during the forecast period (2025–2033).
- Based on battery types and their electrolyte type, the global battery electrolyte market is bifurcated into lead-acid, lithium-ion, and flow batteries.
- Based on the end-user, the global battery electrolyte market is bifurcated into electric vehicles, energy storage, and consumer electronics.
Competitive Players
- 3M Co.
- NEI Corporation
- Guangzhou Tinci Materials Technology Co. Ltd
- Mitsubishi Chemical Corporation
- Mitsui Chemicals Inc.
- NOHMs Technologies Inc.
- Shenzhen Capchem Technology Co. Ltd
- Targray Industries Inc.
Recent Developments
- February 2023- NCKU Researchers developed Electroless Plating Method in order to create Nickel-Plated Sulfur Cathode to Power High-capacity and low-cost batteries.
- January 2022- According to NEI Corporation, customers could order from a wider variety of cathode, anode, and solid electrolyte materials for lithium-ion and sodium-ion batteries. The business, a pioneer in creating, producing, and distributing specialty materials, had long been the go-to supplier of custom powders, dispersions of particles in liquids and polymers, and electrodes cast on metal foil.
Segmentation
- By Battery Types and their Electrolyte Type
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- Lead Acid
- Lithium-Ion
- Flow Battery
- By End-User
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- Electric Vehicle
- Energy Storage
- Consumer Electronics
- By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Get Detailed Market Segmentation @ https://straitsresearch.com/report/battery-electrolyte-market/segmentation
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