The lithium and lithium ion battery electrolyte market is expected to be valued at US$ 5,281.63 million in 2024. The market is projected to progress at a CAGR of 12.2% over the forecast period. By 2034, the value of the market is forecasted to reach US$ 17,928.86 million.
The acceleration of the market is a consequence of electric vehicle production getting ramped up. With sustainability trends on the rise, more people are buying electric vehicles, and thus lithium ion battery electrolyte demand is benefiting. Governments smoothing things out for electric vehicle manufacturers with favorable policies is also contributing to the capitulation of the market.
Aside from electric vehicles, other electric appliances too are making extensive use of lithium ion batteries. Electric gadgets like smartphones and digital cameras use lithium ion batteries and their increased sale is benefiting the market. Pacemakers and home security alarm systems are other appliances that make use of lithium ion batteries and contribute to their propulsion.
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With the ever-growing power needs of people, energy is being produced in gargantuan quantities. The excess energy needs to be stored and this is where lithium ion batteries are coming in. Lithium ion batteries are also being used for the storage of solar energy.
“Liquid-state lithium ion batteries are the traditional type of batteries and remain the predominant type. However, the bulky nature of liquid batteries is causing end users to turn to solid-state batteries. Thus, the production of solid-state batteries represents a significant opportunity for market players,” says an analyst at FMI.
Key Takeaways from the Lithium and Lithium Ion Battery Electrolyte Market
· The lithium and lithium ion battery electrolyte market is anticipated to be worth US$ 5,281.63 million in value in 2024.
· Liquid is the predominant product form in the market. In 2024, liquid lithium ion battery electrolytes are expected to account for 70.5% of the market share.
· China is one of the most promising countries in the market. The CAGR for the market in China is anticipated to be 28.3% over the forecast period.
· Japan is another Asian country poised to be a lucrative market and is expected to register a CAGR of 18.7% through 2034.
· The market in the United States is expected to register a CAGR of 25.1% over the forecast period.
Competition Analysis of the Lithium and Lithium Ion Battery Electrolyte Market
The market has a few industry giants that control a significant percentage of the profit share, though there is room for medium and small-scale players. Market players are collaborating with research institutes to develop new products. Some of the prominent companies in the market include Mitsubishi Chemical Corp., Shenzhen Capchem Technology Co Ltd, Shanshan Technology, and Soulbrain MI.
Recent Developments in the Lithium and Lithium Ion Battery Electrolyte Market
· In November 2023, the Polish subsidiary of Capchem Technology agreed on a partnership with a German carmaker for the supply of lithium ion battery electrolytes.
· In April 2023, Noeogen Chemicals agreed a deal with MU Ionic Solutions (MUIS) for the manufacture of lithium ion batteries.
Key Segmentation
By Form:
Liquid
Solid
Gel
By Product Type:
Lithium Based
Sulfide Based
Polymer Based
Oxide Based
Others
By End Use:
Automotive
Consumer Electronics
Power & Energy
General Industrial
By Region:
North America
Latin America
Europe
South Asia
East Asia
Oceania
Middle East and Africa (MEA)