$6.18 Billion Battery Electrolyte Market: Global Analysis & Forecasts 2018-2023 - Increasing Research Activities to Develop New Electrolytes
DUBLIN, June 27, 2018 /PRNewswire/ --
The "Battery Electrolyte Market by Battery Type and State of Electrolyte [Lead-acid (Liquid Electrolyte, and Gel Electrolyte), Lithium-ion (Liquid Electrolyte)], and Region(APAC, North America, Europe, South America, and MEA)- Global Forecast to 2023" report has been added to ResearchAndMarkets.com's offering.
The battery electrolyte market is projected to grow from USD 4.2 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 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.
Based on battery type, the lithium-ion battery electrolyte segment of the battery electrolyte market is projected to grow at a higher CAGR from 2018 to 2023. Increased production of lithium-ion battery for EVs is the main reason for the growth of this segment. The Electric Vehicles Initiative (EVI) is a multi-government policy to accelerate the adoption of electric vehicles worldwide.
The current EVI members list includes Canada, China, Finland, France, Germany, India, Japan, Mexico, the Netherlands, Norway, Sweden, the UK, and the US. These countries have set an ambitious target to change 30% of its total vehicles fleet to electric vehicles. Investments are being done in the lithium-ion battery electrolyte market owing to the increasing production of lithium-ion batteries.
The Asia Pacific region is the largest market for battery electrolyte in the world. The market for electrolyte is growing due to the increased demand from various end-use industries, such as EVs, energy storage, and portable consumer electronics. The demand is also driven by the increasing number of telecom towers, increasing awareness on clean energy generation, rising electrification drive in developing countries, growing automobiles sales, rising demand for industrial storage, dropping solar energy prices, etc.
The high capital cost of EVs as compared to conventional vehicles is restraining the growth of the lithium-ion battery electrolyte market. There is a lack of recycling technologies for lithium-ion batteries. In addition, these technologies are not profitable and require subsidies to make them commercially viable.
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) are among the leading players operating in the battery electrolyte market. These companies have adopted various strategies such as expansions, acquisitions, and joint ventures to meet the growing demand for battery electrolyte as well as increase their market presence.
Key Topics Covered
1 Introduction
1.1 Objectives of the Study
1.2 Market Definition
1.3 Market Scope
1.3.1 Years Considered for the Study
1.4 Currency
1.5 Stakeholders
1.6 Limitations
2 Research Methodology
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primary Interviews
2.2 Market Size Estimation
2.3 Data Triangulation
2.4 Assumptions
3 Executive Summary
3.1 Introduction
4 Premium Insights
4.1 Attractive Opportunities for Players in the Battery Electrolyte Market
4.2 Battery Electrolyte Market, By Battery Type and Its State of Electrolyte
4.3 Battery Electrolyte Market, By Region
5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Growing Demand for Electric Vehicles
5.2.1.2 Increasing Awareness About Renewable Energy Storage
5.2.1.3 Increasing Adoption of Consumer Electronics
5.2.2 Restraints
5.2.2.1 High Cost of Electric Vehicles as Compared to Conventional Crude Vehicles
5.2.2.2 Lack of Efficient Recycling Technologies for Battery Materials
5.2.3 Opportunities
5.2.3.1 Increasing Research Activities to Develop New Electrolytes
5.2.3.2 Rise in Local Electrolyte Manufacturers for Lead and Lithium-Ion Batteries in APAC
5.2.4 Challenges
5.2.4.1 Lack of Government Subsidies and Incentives for Lithium-Ion Battery Manufacturers in Emerging Markets
5.3 Porter's Five Forces Analysis
5.3.1 Threat of New Entrants
5.3.2 Threat of Substitutes
5.3.3 Bargaining Power of Suppliers
5.3.4 Bargaining Power of Buyers
5.3.5 Intensity of Competitive Rivalry
5.4 Economic Indicators
5.4.1 Industry Outlook
5.4.1.1 Electric Vehicles (Evs)
5.4.1.2 Electricity Storage
6 Battery Electrolyte Market, By Battery Type and Its State of Electrolyte
6.1 Introduction
6.2 Lead-Acid Battery
6.2.1 Liquid Electrolyte
6.2.2 Gel Electrolyte
6.3 Lithium-Ion Battery
6.3.1 Liquid Electrolyte
6.3.2 Solid Electrolyte
7 Battery Electrolyte Market, By Region
7.1 Introduction
7.2 Asia Pacific
7.2.1 China
7.2.2 India
7.2.3 Japan
7.2.4 South Korea
7.2.5 Rest of Asia Pacific
7.3 Europe
7.3.1 Germany
7.3.2 France
7.3.3 UK
7.3.4 Netherlands
7.3.5 Italy
7.3.6 Rest of Europe
7.4 North America
7.4.1 US
7.4.2 Canada
7.4.3 Mexico
7.5 Middle East & Africa
7.5.1 Saudi Arabia
7.5.2 Israel
7.5.3 UAE
7.5.4 Rest of Middle East & Africa
7.6 South America
7.6.1 Brazil
7.6.2 Argentina
7.6.3 Rest of South America
8 Competitive Landscape
8.1 Overview
8.2 Market Ranking of Key Players
8.3 Competitive Scenario
8.3.1 Expansions
8.3.2 Acquisitions
8.3.3 Joint Ventures
9 Company Profiles
9.1 Mitsubishi Chemicals Corporation
9.2 UBE Industries
9.3 Shenzhen Capchem Technology Co., Ltd.
9.4 Johnson Controls
9.5 Guangzhou Tinci Materials Technology Co., Ltd.
9.6 GS Yuasa
9.7 3M
9.8 BASF SE
9.9 LG Chem
9.10 American Elements
9.11 Other Key Players
9.11.1 Tokyo Chemical Industry (TCI)
9.11.2 Toshima Manufacturing Co. Ltd.
9.11.3 Advanced Electrolyte Technologies LLC
9.11.4 Soulbrain Mi
9.11.5 Gelest, Inc.
9.11.6 Targray
9.11.7 Ceramtec
9.11.8 Ohara Corporation
9.11.9 Daikin America
9.11.10 Nohms Technologies
9.11.11 Panax Etec
9.11.12 Stella Chemifa Corporation
9.11.13 Guangdong Jinguang High-Tech Co., Ltd.
9.11.14 Zhangjiagang Guotai Huarong Chemical New Material Co., Ltd.
9.11.15 Tomiyama Pure Chemical Industries
For more information about this report visit https://www.researchandmarkets.com/research/mr3dj7/6_18_billion?w=5
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