The market for lithium-ion battery (LIB) separator is expected to grow at a CAGR of 18.01% during the forecast period of 2019
NEW YORK, July 2, 2019 /PRNewswire/ --
Market Overview
The market for lithium-ion battery (LIB) separator is expected to grow at a CAGR of 18.01% during the forecast period of 2019 – 2024. Major factors driving the market studied are the increasing adoption of lithium-ion batteries that significantly complements the growth of lithium-ion battery separator market, as separators are an essential part of batteries. Adding to this, hassle-free government norms and declining prices of lithium-ion batteries, primarily due to improving economies of scale, are expected to drive the growth of the market studied. The increasing demand-supply mismatch of raw materials is likely to hinder the growth of the market studied.
Read the full report: https://www.reportlinker.com/p05790934/?utm_source=PRN
- Electric vehicle (EV) manufacturers are emerging as a significant customer base for these batteries. The EVs primarily use lithium-ion batteries. The declining lithium-ion battery costs are impacting the cost of EV manufacturing. The EV industry is expected to witness a monumental growth. This, in turn, is expected to drive the lithium-ion battery separator market's growth.
- Off-grid solar utilization gained immense popularity, as much as conventional solar power. The cost effectiveness of LIB battery storage systems emerged as an attractive proposition for the off-grid solar system consumers. Thus, it is providing a growth opportunity to the LIB battery component manufacturers, such as the battery separator manufacturers.
- North America is one of the largest markets for lithium-ion battery separators and is one of the largest consumers of batteries, owing to factors, such as increased electric vehicle deployment and spending on consumer electronics, along with significant improvement in consumer and manufacturing activities.
Key Market Trends
Increasing Adoption of Electric Vehicles
- Electric vehicle (EV) manufacturers are increasingly becoming one of the most significant customer bases of battery. Several countries have announced plans to ban the sales of ICE vehicles in the future. Norway is expected to ban the sales of ICE vehicles by 2025, and France by 2040. India has plans to phase out ICE engines by 2030, while China's similar plan is currently under relevant research phase.
- The EVs mainly use lithium-ion batteries. The decline in lithium-ion battery costs has resulted in bringing down the cost of EV manufacturing. The EVs are expected to reach price parity with gasoline-fired vehicles by around 2025.
- With growing demand from the EV sector, the production of the lithium-ion batteries is increasing rapidly. As a result of the growing EV-related lithium-ion battery industry, the lithium-ion battery separator market has witnessed a positive growth.
- One EV car consumes 6,000 times more separators than a cell phone battery. With the growing EV industry, particularly in the United States, Europe, and China, the leading driver for the lithium-ion battery separator market has shifted from the consumer electronics, like laptops and cell phones, to the electric vehicles.
- During the forecast period, the EV industry is expected to continue to witness the high growth, which in turn, is expected to drive the lithium-ion battery separator market during the forecast period.
North America - One of the Largest Markets for Lithium-Ion Battery Separator
- Over the years, the North American region emerged as one of the strongest economies in the world, as countries, such as the United States, Canada, and Mexico are tightly integrated markets. North America, including the United States and Canada, is a pioneer in terms of research and innovation in the battery technology, including LIB separator (LIBS).
- The rising demand for LIBs in the United States is primarily due to an increase in installation of renewable-based energy sources and their integration with ESS. Lithium-ion batteries are mostly used in energy storage systems (ESS). During 2010-2017, in the United States, the solar power price declined by more than 70%, from about USD 5.8/W in 2010 to USD 1.7/W in 2017, mainly attributed to the decline in solar panel cost. As a result, solar power became economically competitive, along with other conventional energy sources in several states in the country, including California, Hawaii, Texas, and Minnesota. This, in turn, positively impacted the demand for ESS in the region.
- Moreover, the country is home to some of the leading EV model providers, such as Chevrolet's Bolt EV and Volt, which are produced in Michigan, and Nissan's Leaf EV, which offers excellent business growth opportunities for global LIBS players.
- The Canadian government is formulating initiatives to enhance the lithium-ion battery value chain in the country, by working with industrial partners and leading researchers in the field, in order to drive the development and testing of critical materials and components. The above development is likely to create a positive business environment for the LIBS market in the country.
- The above-mentioned factors are expected to drive the growth in the lithium-ion battery separator market in the region. However, in the long term, the rising adoption of fuel cell electric vehicles is expected to restrain the adoption of lithium-ion-based EV, is likely to have a negatively impact the demand for LIBS in the later part of the forecast period.
Competitive Landscape
The lithium-ion battery separator market is fragmented, due to availability of numerous manufacturers. The key market players include Asahi Kasei Corp, Toray Industries Inc., Sumitomo Chemical Co. Ltd, Entek International LLC, SK Innovation Co Ltd, W-Scope Corp, Ube Industries Ltd, Mitsubishi Electric Corporation, and Thermo Fisher Scientific Inc., among others.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- Report customization as per the client's requirements
- 3 months of analyst support
Read the full report: https://www.reportlinker.com/p05790934/?utm_source=PRN
About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
__________________________
Contact Clare: [email protected]
US: (339)-368-6001
Intl: +1 339-368-6001
SOURCE Reportlinker
Share this article