“In terms of value, the battery electrolyte market is projected to grow at a CAGR of 8.1% from 2018 to 2023.”
The battery electrolyte market is projected to grow from USD 4.20 billion in 2018 to USD 6.18 billion by 2023, at a CAGR of 8.1% from 2018 to 2023. Increasing adoption of EV to reduce the carbon footprint, rapid increase in automotive sales, high demand from replacement market of batteries, and increasing share of alternative energy sources in the energy mix are the key factors driving the growth of the battery electrolyte market. Stringent environmental regulations in Europe are expected to keep demand for lead-acid batteries low. However, this region is witnessing increasing demand for EVs which is expected to provide growth opportunities to the battery electrolyte market.
“Among battery types, the lithium-ion battery electrolyte segment is projected to grow at a higher CAGR between 2018 and 2023.”
The lithium-ion battery electrolyte type segment of the battery electrolyte market is projected to grow at a higher CAGR during the forecast period. Increasing adoption of EVs and the Electric Vehicles Initiative (EVI) are expected to accelerate the adoption of electric vehicles worldwide. This is expected to keep the demand for lithium-ion battery electrolyte high during the forecast period.
“The Asia Pacific battery electrolyte market is projected to grow at the highest CAGR from 2018 to 2023.”
The Asia Pacific region is estimated to account for the largest share of the battery electrolyte market in 2018. The region is home to leading battery manufacturers globally. Some of the leading lithium-ion battery manufacturers, including Panasonic, LG Chem, Samsung SDI, CATL, and BYD are based in APAC. Increased investments by the lithium-ion battery electrolyte manufacturers is expected to fuel the growth of the Asia Pacific battery electrolyte market between 2018 and 2023.
The break-up of profiles of primary participants for the report has been given below:
• By Company Type: Tier 1—25%, Tier 2—35%, and Tier 3—40%
• By Designation: C Level—25%, D Level—25%, and Others—50%
• By Region: Asia Pacific—40%, Europe—25%, North America—22%, Middle East & Africa—8%, and South America—5%
As a part of the qualitative analysis, this research study provides a comprehensive overview of the drivers, restraints, opportunities, and challenges in the battery electrolyte market. It also discusses competitive strategies adopted by leading market players, such as Mitsubishi Chemical Corporation (Japan), Ube Industries (Japan), Shenzhen Capchem Technology Co., Ltd. (China), Johnson Controls (US), Guangzhou Tinci Materials Technology Co., Ltd. (China), GS Yuasa Corporation (Japan), 3M (US), BASF SE (Germany), LG Chem (South Korea), and American Elements (US), among others, in the battery electrolyte market.
This report defines, segments, and projects the battery electrolyte market based on battery type and its state of electrolyte and region. It strategically profiles key players and comprehensively analyzes the ranking of the leading market players. It also tracks and analyzes competitive developments such as expansions, acquisitions, and joint ventures in the battery electrolyte market.
Reasons to Buy the Report
This report is expected to help market leaders/new entrants in this market by providing them the closest approximations of revenues of the battery electrolyte market and its subsegments. This report is also expected to help stakeholders obtain an improved understanding of the competitive landscape, gain insights to enhance the position of their businesses, and enable them to make suitable go-to-market strategies. The report is expected to help stakeholders understand the pulse of the market and provide them information on key market drivers, restraints, challenges, and opportunities.