Battery Electrolyte Market Worth $12.67 Billion by 2031 - Exclusive Report by Coherent Market Insights

BURLINGAME, Calif., June 14, 2024 /PRNewswire/ -- The global Battery Electrolyte Market size is projected to grow from USD 11.79 billion in 2024 to USD 26.22 billion by 2031 at a Compound Annual Growth Rate (CAGR) of 12.1% during the forecast period, according to a new report by Coherent Market Insights. Electrolytes that conduct lithium ions more efficiently allow more power and energy to be packed into the same battery size. Leading battery manufacturers are actively developing new electrolyte formulations to achieve higher voltages and energy densities for the next generation of consumer devices that demand longer battery life and more computing power from smaller and thinner form factors.

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Market Dynamics:

The battery electrolyte market is driven by rising adoption of electric vehicles across the globe. According to the International Energy Agency (IEA), electric car sales reached 6.6 million units in 2021, more than tripling from 2020. In addition, rising demand for lithium-ion batteries from consumer electronics industry is also contributing to the growth of market. Lithium-ion batteries find widespread application in smartphones, tablets, laptops, power banks, and other portable electronics devices.

Battery Electrolyte Market Report Coverage

Market Trends:

Growing trend of solid-state batteries: Solid state batteries are considered to be the next generation of lithium-ion batteries. Solid state batteries offers higher energy density, improved safety, and faster charging capabilities as compared to conventional lithium-ion batteries. Major players in the battery industry such as Samsung, Toyota, and Volkswagen are investing heavily in the R&D of solid state batteries.

Rise in demand for advanced batteries for stationary storage applications: Lithium-ion batteries with advanced electrolytes are increasingly being used for stationary energy storage applications such as residential energy storage systems, grid-scale energy storage projects, and industrial energy storage systems. This increasing demand acts as a growth driver for the battery electrolyte market.

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Market Opportunities:

The lead acid segment held the largest share of the overall battery electrolyte market in 2024. Lead acid batteries have been an economical option for several applications such as automobiles and UPS systems due to their cost effectiveness and excellent service life. These batteries are recyclable and the lead content can be reused multiple times without much loss of properties. They are more suitable for applications requiring deep discharge of batteries such as in automobiles. Also, they have a low self-discharge rate which makes them a preferable option for automotive and UPS applications.

The lithium-ion segment is expected to witness the highest CAGR during the forecast period. Growing adoption of EVs and increasing demand for portable consumer electronics are fueling the demand for lithium-ion batteries. Lithium-ion batteries are preferred in portable devices and EVs due to their high energy density and low self-discharge rate. Advancements in battery chemistries are further enhancing the performance of lithium-ion batteries. For instance, lithium-ion batteries with silicon and lithium metal anodes offer higher energy density. The development of solid-state batteries will also support the growth of this segment.

Key Market Takeaways

The global battery electrolyte market is anticipated to witness a CAGR of 12.1% during the forecast period 2024-2031, owing to increasing demand for lithium-ion batteries from the automotive and consumer electronics industries.

On the basis of battery type, the lead acid segment is expected to hold a dominant position, accounting for over 50% share of the total market in 2024, owing to widespread use of lead acid batteries in automobiles and UPS systems.

The lithium-ion segment is projected to witness the fastest growth during the forecast period due to rising adoption of EVs and portable electronics.

On the basis of end user, the consumer electronics segment dominated the market in 2024 and is expected to continue its dominance throughout the forecast period due to high demand for smart devices and wearables.

Regionally, North America held the largest share in the global battery electrolyte market in 2024. Presence of leading battery manufacturers and automakers is driving the growth of the regional market.

Asia Pacific is anticipated to register the fastest CAGR during the forecast period supported by increasing domestic production of consumer electronics and EVs in China.

Key players operating in the battery electrolyte market include Mitsubishi Chemical Holdings Corporation, Ube Industries Ltd, Capchem, Johnson Controls, and American Elements. These players are focused on expanding their production capacities and developing innovative and sustainable electrolyte solutions.

Recent Developments:

In February 2022, US Vanadium announced an expanded purchase agreement under which Austrian-based Enerox, which sells vanadium redox flow battery (VRFB) systems under its brand name CellCube, can purchase up to 3 million additional liters/year of US Vanadium's ultra-high-purity electrolyte with a price cap over the next five years. The agreement boosts the initial purchase agreement for 580,000 liters/year of US Vanadium electrolyte, announced in September 2021.

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Market Segmentation

By Battery Type:

• Lithium-Ion
• Lead Acid
• Flow Battery
• Nickel Metal
• Others

By Electrolyte Type:

• Liquid Electrolyte
• Solid Electrolyte
• Gel Electrolyte
• Others

By End User:

• Industrial
• Transportation
• Energy Storage
• Consumer Electronics
• Electric Vehicle Battery (EVs)
• Residential
• Others

By Regional:

North America:

• U.S.
• Canada

Latin America:

• Brazil
• Argentina
• Mexico
• Rest of Latin America

Europe:

• Germany
• U.K.
• Spain
• France
• Italy
• Russia
• Rest of Europe

Asia Pacific:

• China
• India
• Japan
• Australia
• South Korea
• ASEAN
• Rest of Asia Pacific

Middle East:

• GCC Countries
• Israel
• Rest of Middle East

Africa:

• South Africa
• North Africa
• Central Africa

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SOURCE Coherent Market Insights