- The global lithium and lithium-ion battery electrolytes market value in 2019 is estimated at US$ 2.7 Bn
- The market is expected to increase at a CAGR of 13 per cent over the forecast period of 2019-2029
- The growing automotive and consumer electronics industry is expected to increase the usage of lithium and lithium-ion battery electrolytes
- The market growth is expected to be spearheaded by China, Japan, and South Korea
According to a recent report published by Future Market Insights, the global lithium and lithium-ion battery electrolytes market are all set to experience steady growth over the forecast period. There are multiple driving factors responsible for this growth, such as increasing battery applications in automotive and consumer electronics manufacturing activities.
The report highlighted that the global lithium and lithium-ion battery electrolytes market value in 2019 is estimated at US$ 2.7 Bn, and is expected to increase at a CAGR of 13 per cent over the forecast period of 2019-2029. This growth is led by the growing consumption of lithium and lithium-ion battery electrolytes as a battery material for electric vehicles and electronics.
Consumption by the automotive industry
Also, the power and energy industry has started using electrolytes for energy storage plants in multiple areas, increasing the usage of electrolytes for powering general industrials. It also noted that the growing automotive and consumer electronics industry is expected to increase the usage of lithium and lithium-ion battery electrolytes significantly.
Consumption by the automotive industry is expected to account for relatively high sales, due to its growing application in batteries for electric vehicles. Increasing preference for greener modes of transportation has led to increased production of electrolyte-powered batteries for electric vehicles.
As per the report, the lithium and lithium-ion battery electrolytes market growth is expected to be spearheaded by China, Japan, and South Korea.
Key players
The key players identified in the report are Shenzhen Capchem Technology Co Ltd, Shanshan Technology, Soulbrain MI, Guangzhou Tinci Materials Technolgy Co., Tomiyama Pure Chemical Industries, GuangDong JinGuang High-Tech Co., Ltd, PANAX-ETEC, UBE Industries, and Zhangjiagang Guotai-Huarong New Chemical Materials Co., Ltd
