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Introduction to the Battery Electrolyte Market
The battery electrolyte market is expected to grow at a CAGR of 7.5% during the forecast period 2017-2021. The market has been witnessing increasing demand for advanced batteries, owing to the rising adoption of electric vehicles and other applications. Lithium ion batteries are the most popular type of batteries in use today, and they require a specific type of electrolyte to function properly. The electrolyte helps to conduct the ions between the battery's electrodes and provides an electrical connection between them.
This market is segmented on the basis of product and geography. On the product side, the market is divided into lithium ion phosphate solutions and lithium ion acetate solutions. These solutions are used in advanced lithium ion batteries such as notebook computers, digital cameras, and electric vehicles. In terms of geography, the market is broadly divided into North America, Europe, Asia Pacific, and rest of world (RoW).
This market is also bifurcated by application into electric vehicles and non-electric vehicles. Electric vehicles comprise mainly of automobiles and trucks whereas non-electric vehicles comprise mainly of bicycles, scooters, motorcycles, and boats. The electric vehicle segment is expected to account for a majority share
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Global Battery Electrolyte Market
The battery electrolyte market is expected to grow at a CAGR of 7.4% during the forecast period 2019-2024. The increasing popularity of electric vehicles and energy storage applications is expected to drive the demand for battery electrolytes.
The market is dominated by three players – Johnson Controls Incorporated (U.S.), Mitsubishi Electric Corporation (Japan) and Panasonic Corporation (Japan). Other players in the market include Samsung SDI Co., Ltd. (South Korea), Toshiba Corporation (Japan), Bayer AG (Germany), Clariant AG (Switzerland), and BASF SE (Germany). These companies are engaged in providing battery electrolytes for automotive, portable electronics, energy storage, and other end-user applications.
The key industry players are profiled in the following table:
Market Players:
- Johnson Controls Incorporated
- Mitsubishi Electric Corporation
- Panasonic Corporation
- Samsung SDI Co., Ltd.
- Toshiba Corporation
- Bayer AG
- Clariant AG
- BASF SE
Regional Battery Electrolyte Market
Battery electrolyte market is segmented on the basis of geography into North America, Europe, Asia Pacific, and RoW. The North America battery electrolyte market is expected to grow at a higher rate than the other regions owing to increasing demand from electric vehicles and other renewable energy applications. The Asia Pacific battery electrolyte market is anticipated to register the highest growth rate during the forecast period owing to increasing investments in renewable energy sector by several countries such as China and India. The European battery electrolyte market is expected to witness moderate growth due to increased awareness about environmental concerns and stringent government regulations in this region. The RoW battery electrolyte market is expected to register the lowest growth rate owing to insufficient awareness about environmental concerns and lack of investment in renewable energy sector.
Industry Attractiveness
Battery electrolyte market is growing at a rapid pace owing to increasing demand for electric vehicles and energy storage. The global battery electrolyte market was valued at more than US$2.5 billion in 2018 and is expected to reach US$6.1 billion by 2026, according to a report by MarketsandMarkets. The growth of the battery electrolyte market is mainly attributed to the increase in demand for electric vehicles and energy storage systems.
The battery electrolyte market is segmented into three categories- lead acid, nickel-cadmium, and lithium ion-based. Lead acid battery electrolytes are the most popular type and are used in traditional cars and trucks. Nickel-cadmium battery electrolytes are used in smaller vehicles, such as motorcycles and small trucks. Lithium ion battery electrolytes are the most popular type and are used in electric cars, laptops, and other portable devices.
The major players in the battery electrolyte market include BASF SE (Germany), China National Chemical Corp. (China), DowDuPont Incorporated (U.S.), Mitsubishi Chemical Corporation (Japan), PPG Industries Inc. (U.S.), Syngenta AG (Switzerland), and
Competitive Landscape
The battery electrolyte market is expected to reach USD 1.8 billion by 2022, growing at a CAGR of 5.5% between 2016 and 2022. The increasing demand for electric vehicles and portable electronics is likely to spur the growth of the battery electrolyte market.
The market is segmented on the basis of product, application, and region. The product segment is dominated by lithium ion battery electrolytes, followed by nickel-cadmium battery electrolytes. The application segment is mainly focused on storage applications, while the region segment includes North America, Europe, Asia Pacific, and Rest of the World (RoW).
The key players in the battery electrolyte market are BASF SE (Germany), Evonik Industries AG (Germany), Mitsui Chemical Corporation (Japan), Rohm & Haas Company (U.S.), and Toshiba Corporation (Japan). These companies are engaged in manufacturing and selling battery electrolytes through their respective platforms across regions. Some of the other key players in the market include Ajinomoto Co., Ltd. (Japan), American Elements Incorporated (U.S.), Calgon Carbon Corporation (U.S.), CNPC Limited
Value Chain Analysis of the Global Battery electrolyte market is segmented into primary (cellulose, carbonate), secondary (sulfuric acid, magnesium sulfate), and tertiary (ammonia, urea) chemicals. The global battery electrolyte market was valued at $2.1 billion in 2017 and is projected to grow at a CAGR of 5.4% during the forecast period 2019-2024. The key drivers for the growth of the battery electrolyte market include increasing demand from the automotive industry for improving fuel efficiency and reduce emissions, increase in electric vehicles, and growing concerns about environmental pollution.
The global battery electrolyte market is dominated by major players such as BASF SE (Germany), DowDuPont de Nemours and Co., Ltd. (Japan), Akzo Nobel N.V. (The Netherlands), Albemarle Corporation (US), and Huntsman Corporation (US). These companies are engaged in manufacturing primary, secondary, and tertiary battery electrolytes using a wide range of chemistries. The top five players accounted for over two-thirds of the value share in 2017. Major players are also focusing on expanding their product portfolio to new end-use applications such
Battery Electrolyte market by Region/Country
The global battery electrolyte market is expected to grow at a CAGR of 5.5% during the forecast period 2016-2021 .
North America accounted for the highest market share in 2015, followed by Europe. The Asia Pacific region is expected to grow at the highest rate during the forecast period.
Major players in the battery electrolyte market are Samsung SDI, LG Chem, Mitsubishi Chemical Corporation, and Toshiba Corporation. These companies are focusing on R&D and expanding their product portfolios to address growing demand from end users.
Some of the key factors driving the growth of the battery electrolyte market include increasing demand for electric vehicles, increase in production of batteries, and increasing investment in renewable energy sources.
Investment Scenario by Region/Country
As per a study report, the global battery electrolyte market is expected to grow at a CAGR of about 5.4% during the forecast period 2018-2024. The increasing adoption of electric vehicles and growing demand for renewable energy are some of the factors contributing to the growth of the battery electrolyte market.
The regional analysis of the battery electrolyte market is presented in this article. The key regions/countries in which the market is growing at a significant rate are Europe, North America, Asia Pacific, and Rest of The World.
The size and share of the market for each region is analyzed in this section. In addition, growth opportunities are also highlighted for each region.
Europe:
The European battery electrolyte market was valued at USD 712.5 million in 2017 and is expected to reach USD 2,492.5 million by 2024, at a CAGR of 6%. The growth in the demand for electric vehicles is mainly responsible for this market growth. Germany and France are among the leading countries in terms of demand for electric vehicles.
North America:
The North American battery electrolyte market was valued at USD 1, 762.6 million in 2017, and is expected to reach USD 3,724.2 million by 2024, at a CAGR of 7%. The demand for electric vehicles was the main factor driving this market during the forecast period. The U.S. and Canada are among the leading countries in terms of demand for electric vehicles.Latin America:The Latin American battery electrolyte market was valued at USD 337.9 million in 2017 and is expected to reach USD 916.4 million by 2024, at a CAGR of 5%. After being dominated by Brazil during the past few years owing to its A1/A2/A3-level car production status, it has now become one of the fastest growing markets for battery electroly
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