Global Battery Electrolytes Market To Reach $ 4.2 Billion By 2024
FACTS AT A GLANCE
Editing: 9; Posted: May 2021
Executive pool: 3459
Companies: 39 – Players covered include Guangzhou Tinci Materials Technology Co., Ltd .; Shenzhen Capchem Technology Co., Ltd; 3M; American elements; BASF SE; GS Yuasa Company; LG Chem; Mitsubishi Chemical Corporation; Ube Industries; Beijing Institute of Chemical Reagents; Central glass; Guotai Huarong; Shantou Jinguang High-Tech; Soul brain; Zhuhai Smoothway; Toshima Manufacturing Co. Ltd. ; Advanced electrolyte technologies; Gelest; Targray; Ceramtec; Ohara Company; Daikin America; Nohms Technologies; Stella Chemifa; Tomiyama Pure Chemical Industries and others.
Blanket: All major geographies and key segments
Segments: Type (Lead-Acid, Lithium-Ion, Other Types); End use (automotive, consumer electronics, other end uses)
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Global Battery Electrolytes Market To Reach $ 4.2 billion by 2024
Batteries are an essential power source for energy-intensive equipment and electronic devices. Driven by changing portable power needs, battery manufacturers have developed newer, more potent battery chemistries for today’s high-tech devices. The battery, as defined, is a single cell or a set of cells embedded in continuity, having terminals that generate electricity from chemical energy. It is a self-contained power source that provides electrical power without a generator, outlet, or cord. All batteries consist of a cathode, an anode and an electrolyte. The electrodes, comprising the anode and the cathode, are submerged in the electrolyte solution, while connecting to the outside via a conductive wire. When dissolved in the solvent, ions are released from these electrolytes, eventually producing an electric current through the movement of the released ions. The two electrodes, namely the negative and the positive, allow the passage of current while an electrolyte acts chemically on them as a conductor of electrons. Electrolyte is defined as a chemical composition of salts and solvents that dissociate into ions to carry electrical charge. Based on the state of the electrolyte, battery electrolytes are classified into solid and liquid electrolyte. Liquid electrolytes are mostly found in batteries used in laptops and cell phones.
Amid COVID-19 Crisis, Global Battery Electrolyte Market Expected to Reach 4.2 billion US dollars by 2024, registering a compound annual growth rate (CAGR) of 2.9% over the analysis period. Europe represents the largest regional market for battery electrolyte, accounting for an estimated 18.5% share of the global total. The market is expected to reach US $ 816.9 million before the end of the analysis period. Asia Pacific is expected to become the fastest growing regional market with a CAGR of 4.8% during the analysis period. The long-term growth of the market is supported by factors such as the increasing focus on electric vehicles, auto sales, the growing share of alternative energies in the energy mix and the strong demand of the replacement market. Available in liquid, solid and gel form, battery electrolytes represent a medium that facilitates ion transfer for conductivity and stores electrical charge. The electrolyte is a major component of the battery due to its essential role in supporting the overall functioning of the battery. The growing adoption of batteries in industries such as consumer electronics, automotive, manufacturing, aerospace and defense is providing a major boost to the battery electrolytes market. Consumer electronics and automotive are the main end-use industries for these batteries, while energy storage is a promising area of application. The increasing use of consumer electronics items along with the availability of binder-free electrodes for lithium-ion batteries is driving the market growth, while the adoption of electric vehicles to reduce carbon emissions is expected to help the market to show rapid long-term growth. term.
Electric vehicles are getting considerable attention from governments and auto giants to reduce vehicle emissions and protect the environment. In the coming years, the major players are expected to launch new efficient versions of electric vehicles, which are expected to further their adoption and push the battery electrolytes market. Electric vehicles have received considerable attention in recent years due to the growing focus of governments on reducing the carbon footprint of the automotive sector. Various countries have ambitious plans in place to embrace the concept and offer attractive incentives and subsidies for the promotion of electric cars. These efforts have resulted in significant investments in electric vehicles and battery technologies to increase range and charging times to attract consumers. In the years to come, these vehicles are expected to replace a large number of traditional automobiles on the roads. Ongoing developments in battery technology aimed at improving energy density and reducing the unit cost of batteries are expected to drive the global adoption of the technology for electric vehicles. These developments, along with the growing demand for electric vehicles, are expected to play a central role in fueling the global battery electrolytes market. Following
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