Battery Electrolyte Global Market Report 2024

The global battery electrolyte market has grown rapidly in recent years. It will grow from $7.07 billion in 2023 to $7.9 billion in 2024 at a compound annual growth rate (CAGR) of 11.7%. The expansion observed in the historical period can be attributed to the surge in consumer electronics, government incentives, the evolution of portable electronics, growth in the telecommunications sector, and advancements in safety standards.

The global battery electrolyte market is expected to see rapid growth in the next few years. It will grow to $11.99 billion in 2028 at a compound annual growth rate (CAGR) of 11.0%. The anticipated growth in the forecast period can be attributed to the emergence of solid-state batteries, a heightened focus on sustainable materials, growing concerns about electronic waste (e-waste), advancements in medical devices, and global initiatives promoting renewable energy. Key trends expected in the forecast period encompass advancements in lithium-ion batteries, the development of solid-state electrolytes, increased partnerships and collaborations within the industry, and a growing demand for fast-charging batteries.

The anticipated surge in electric vehicle demand is set to drive the expansion of the battery electrolyte market. Electric vehicles, which operate on electricity rather than traditional combustion engines, rely on electrolytes like lithium-ion in their battery production. These electrolytes, in conjunction with positive and negative electrodes, produce the necessary electric current to power the vehicle's battery and drive its wheels. Notably, the International Energy Agency reported a record high of 6.6 million electric vehicle sales in 2021, doubling the figures from the previous year. Additionally, the first quarter of 2022 saw a remarkable 75% increase in electric vehicle sales, reaching 2 million units. This continuous growth in electric vehicle demand significantly fuels the expansion of the battery electrolyte market.

The burgeoning demand within the consumer electronics sector is projected to propel the growth of the battery electrolyte market. Consumer electronics encompass various electronic devices utilized for daily use, including smartphones, laptops, tablets, cameras, and other portable gadgets. These devices rely on battery electrolytes to enhance battery life and facilitate faster charging. Notably, LG, a prominent South Korea-based consumer electronics company, reported its highest-ever annual revenue in 2022, marking a substantial 12.9% increase from 2021. Specifically, the revenue for LG's Home Appliance & Air Solution Company surged by 10.3% in 2022, reaching $22.5 billion. The escalating demand for consumer electronics significantly contributes to driving the growth of the battery electrolyte market.

Technological innovation stands as a prominent trend shaping the battery electrolyte market landscape. Leading companies in this sector are continually introducing novel technologies to maintain their market positioning. For instance, Hitachi Ltd., a renowned Japanese-based company operating in the battery electrolyte domain, unveiled a long-life lithium-ion battery prototype in April 2021. This prototype utilizes an organic solid electrolyte characterized by reduced volatility and enhanced chemical durability compared to traditional organic electrolytes used in lithium-ion batteries. Hitachi aims to leverage this technology to advance the electrification of transportation modes like cars and trains while stabilizing power grid systems connected to renewable energy sources, contributing to the realization of a decarbonized society.

Major players within the battery electrolyte market are actively engaging in strategic partnerships to capitalize on combined resources and foster market expansion. Strategic partnerships entail the collaborative utilization of each entity's strengths and assets to achieve shared benefits and overall success. For instance, in November 2023, Safire Technology Group, Inc., a US-based pioneer in Li-ion electrolyte additive technology, forged an alliance with Glatfelter Corporation, a manufacturer of engineered materials headquartered in North Carolina. This partnership aims to enhance the safety and performance of lithium-ion batteries by integrating Safire Group's SAFe Impact Resistant Electrolyte (SAFIRETM) into a novel battery separator. The resultant innovation promises improved battery performance and safety across diverse applications, including those vital to the United States Air Force. Notably, SAFIRETM stands as a patented drop-in addition for lithium-ion batteries, exclusively developed by Safire Group.

In November 2021, Koura, a US-based manufacturer specializing in fluoroproducts, completed the acquisition of Silatronix for an undisclosed sum. This strategic acquisition by Koura serves to bolster its energy materials strategy, supplement its competencies in energy storage deployment, and drive the advancement of next-generation battery technologies. Silatronix, based in the US, is a company known for its development of organosilicon electrolytes and battery electrolytes, making it an impactful addition to Koura's expansion endeavors in the energy sector.

Major companies operating in the battery electrolyte market report are Mitsubishi Chemical Corporation, UBE Corporation, Shenzhen Capchem Technology Co. Ltd., Johnson Controls Power Solutions, Guangzhou Tinci Materials Technology Co., GS Yuasa International Ltd., 3M Company, BASF SE, American Elements Corp., Targray Technology International Inc., Ohara Corporation, Daikin America Inc., Nohms Technologies Ltd., Stella Chemifa Corporation, Tomiyama Pure Chemical Industries Ltd., GuangDong JinGuang High-Tech Co. Ltd., Guotai Huarong Poland Sp zoo, Toshima Manufacturing Co. Ltd., Dongwha Enterprise Co. Ltd., Soulbrain Co. Ltd., Advanced Electrolyte Technologies LLC, Umicore SA, Toray Industries Inc., Pohang Iron and Steel Company, Hitachi Chemical Pvt. Ltd., Gelest Inc., Hoechst CeramTec AG, NEI Corporation, Connect Chemicals India Pvt. Ltd., Huntsman International LLC, Lixing Chemical Co. Ltd., Lotte Chemical Corp., Merck Millipore, Sankyo Chemical Co. Ltd., Zhengzhou Meiya Chemical Products Co. Ltd., Kindun Chemical Co. Ltd., Oriental Union Chemical Corporation

North America was the largest region in the battery electrolyte market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the battery electrolyte market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the battery electrolyte market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Key types of electrolytes in the battery electrolyte market comprise liquid electrolyte, solid electrolyte, gel electrolyte, vanadium, zinc bromide, and other variations. Liquid electrolytes, which contain ions for conducting electricity, are utilized in batteries in the form of sodium, potassium, chloride, calcium, and phosphate in the liquid phase. A liquid electrolyte is a substance that gains the ability to conduct electricity when it dissociates into ions in a solution or melts. Various battery types incorporating these electrolytes include lead-acid, lithium-ion, nickel-metal, and others. The diverse range of end-users for battery electrolytes spans industrial applications, transportation, energy storage, consumer electronics, electric vehicle batteries, residential usage, and other sectors.

This report provides battery electrolyte market statistics, including battery electrolyte industry global market size, regional shares, competitors with a battery electrolyte market share, detailed battery electrolyte market segments, market trends and opportunities, and any further data you may need to thrive in the battery electrolyte industry. This battery electrolyte market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The battery electrolyte market consists of sales of liquid electrolyte and gel electrolyte. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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