Sodium-Ion Battery Market worth $1.2 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, April 15, 2024 /PRNewswire/ -- The report "Sodium-Ion Battery Market by Battery Type (Sodium-Sulfur, and Sodium-Salt), Technology Type (Aqueous and Non-Aqueous), End-Use (Energy Storage, Automotive, and Industrial), and Region (Asia Pacific, Europe, and North America) - Global Forecast to 2028", is projected to grow from USD 0.5 billion in 2023 to USD 1.2 billion by 2028, at a CAGR of 21.5% during the forecast period.

The market is expected to grow, fueled by their affordability compared to lithium-ion batteries. This makes them perfect for large-scale energy storage, especially with renewables like wind and solar needing solutions for fluctuating power. Their reliance on common sodium positions them as a more sustainable option, pushing the market forward due to the global focus on reducing our environmental impact.

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The automotive sodium-ion battery market, by end-use, is expected to be the fastest market from during the forecast period.

Despite the energy storage sector driving the overall sodium-ion battery market, the automotive industry currently takes the lead in using these batteries. This dominance is due to their significant cost advantage compared to lithium-ion batteries in electric vehicles, and their sufficient energy density for many everyday EV applications. This affordability opens doors to more budget friendly EVs, potentially expanding the market and boosting overall battery demand. There is high demand for the sodium-ion battery for automotive market during the forecast period.

The non-aqueous technology segment is projected to lead the global Sodium-Ion Battery market during the forecast period.

The non-aqueous technology is expected to be one of the major segments for sodium-ion battery market. Factors driving the technology are organic solvents in these electrolytes which allow for higher voltages and thus greater energy density, perfect for electric vehicles needing extended range. They eliminate safety risks associated with water-based electrolytes and sodium metal and they offer superior performance stability across varying temperatures, making them more reliable for demanding applications. While aqueous options are being explored for their environmental benefits, these factors currently secure non-aqueous electrolytes which  supports the growth of the sodium-ion battery market.

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Asia Pacific in the sodium-ion battery market is projected to grow at the largest region.

Asia Pacific is the largest consumer of Sodium-Ion Battery, in terms of value. Driven by a combination of factors such as economic powerhouses like China and India are experiencing rapid growth, boosting electricity demand.  Renewable energy adoption is also on the rise, requiring efficient storage solutions that sodium-ion batteries can provide. Government backing for research and production further fuels the region's leadership, while a growing population with disposable income fuels the electric vehicle market, another key application for these batteries and these factors will boost the market.

Some of the leading players in this market include Ningbo Shanshan Co., Ltd. (China), Jiangxi Zhengtuo New Energy Technology (China), Resonac Holdings Corporation (Japan), POSCO FUTURE M (South Korea), Mitsubishi Chemical Group Corporation (Japan), and SGL Carbon (Germany) among others.

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