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(IT-NEWSWIRE.COM, December 18, 2019 ) Market Overview
A battery is known as a product that can pile up the electrical energy in the form of chemical energy and then transfer into electricity. It involves three major components that are an anode, cathode, and electrolyte. Battery electrolyte is actually made up of a mixture of water and sulfuric acid. Battery electrolyte is the liquid substance that's found in most car batteries. It's sometimes referred to as battery acid because it's highly acidic.
The global Battery Electrolyte Market size is expected to grow at a CAGR of 7.1 % during the forecast period (2019-2026).
Market Dynamics
Rising demand for electric vehicles and increasing adaption for electronic devices worldwide are the major driving factors for the growth of the market. The development of the electric vehicles industry is playing as a key driver for market development. Electric Vehicles are picking up a reputation as a result of the increasing environmental concerns and the requirement for a supportable ecosystem in the automotive business. As a result of stringent government guidelines on industrial, automotive, and mechanical parts for carbon discharge, makers are moving towards lithium-particle batteries in vehicles and for modern applications which lead to the development of the battery electrolyte market.
Different nations have set strategies to decrease contamination levels by vehicle emanations. Cleaner, safer and simpler electric vehicles now span categories ranging from two-wheelers and rickshaws to cars and mining vehicles, as well as fleets of buses and vans. Companies are investing huge amount of money in the production of electric vehicles. For instance, Automobile giant Volkswagen has announced an investment of USD 24 billion to set up an all-electric line-up of cars, including infrastructure, by 2030. China's largest electric carmaker BYD reportedly sold 113,669 new energy vehicles in 2017. Automaker Volvo has announced that electric vehicles will account for 50% of all its sales by 2025 and it plans to offer a hybrid variant of all its vehicles from mid-2019. All the factors mentioned above are acting as a crucial factor for the battery electrolyte market growth.
However, Lack of effective recycling technologies and the high cost of electric vehicles are the key restraints hindering the market growth worldwide.
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Market Segmentation
By the state of liquid, the battery electrolyte market is segmented into solid electrolyte and liquid electrolyte. The solid electrolyte is further divided into gel electrolyte, dry polymer electrolytes, and organic ionic plastic crystals. The global battery electrolyte market size by state of liquid was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.
On the basis of battery type, the battery electrolyte market is divided into lithium-ion, lead-acid and others. Others include nickel metal. The global battery electrolyte market size by battery type was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period.
Based on the end-user, the battery electrolyte market is classified into automotive, transportation, industrial, electronic & portable devices, and others. Others include residential and grid storage. The global battery electrolyte market size by end-user was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. Automotive is expected to grow with a high CAGR rate in the forecast period owing to the growth in the generation of electric vehicles and the utilization of li-ion batteries in vehicles worldwide.
The market essentially made up of the USA, China, and India, which have a massive potential for some applications in the battery electrolyte market. China being a worldwide automotive producing center holds great potential for the development of the market. Additionally, China is likely to be one of the world's prominent manufacturers of electronic gadgets. Companies are focusing to extend their market by increasing their supply and production. For instance, Panasonic is a leading supplier of lithium-ion batteries, and has around 20% market share in automotive lithium-ion batteries globally.
Geographical Analysis
The Asia Pacific battery electrolyte market size was worth USD YY million in 2018 and is estimated to reach USD YY million by 2026, at a CAGR of YY% during the forecast period. Asia Pacific is expected to grab the major market share in the forecast period. Batteries are found in nearly all consumer electronics and made almost exclusively in the Asia Pacific. Consistent expansion in electronics, support from government and increasing selection of batteries especially lithium-ion by electronic manufacturers have supported the development of this market globally. New electric vehicle sales in China have reached to 1.161 million units in 2018, which has been increased from 0.19 million units in 2015.
Furthermore, the presence of various electronic makers like, LG Electronics, Panasonic, Sony Corp., and Samsung SDI is one of the key elements driving the battery electrolyte in the APAC region. The well-established companies such as Foxconn, Flex, Wistron, and Benchmark Electronics are expanding their production facilities and investing in new countries to meet the growing supply-demand gap. For instance, in March 2018, Wistron invested USD 106.4 million to acquire additional land near Bengaluru, India. The government approved the firm’s proposed investment to make smartphones, Internet of Things products and biotech devices in the region, including Apple iPhones which acts as a key driver for battery electrolyte market growth.
Competitive Landscape
• The battery electrolyte market is highly competitive with existing players in the market.
• Some of the major players include Advanced Electrolyte Technologies LLC, Mitsubishi Chemical Holdings, Ceramtec, Hitachi Chemical, Shenzhen Capchem Technology Co., Ltd., UBE Industries, 3M, Nohms Technologies and Toray.
• The key players are adopting various key strategies such as product launches, collaborations, mergers & acquisitions which are contributing to the growth of the Battery Electrolyte Market.
• In May 2019, Saft has recently launched a new product in the Xcelion line, the Xcelion 56V lithium-ion (Li-ion) battery, offering customers a variant on the proven technology behind the Xcelion 6T® for applications requiring higher voltage.
• In October 2018, Innovative battery technology provider Innolith AG announced the commercial launch of its inorganic electrolyte technology to improve lithium-ion batteries for grid-scale storage applications.
• In February 2018, LG Chem and Mahindra were formed together and having a partnership to mutually develop a new and advanced Li-ion battery technology to be used in Mahindra's range of electric vehicles.
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Related Reports:
Battery Packaging Market
Battery Separator Market
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