Global Battery Electrolyte Market to Grow Exponentially Owing to Surge in Consumer Electronics Adoption Worldwide; Increased Share of Alternative Energy Sources for Energy Mix to Boost Global Battery Electrolyte Market: Fortune Business Insights
Pune, India, Oct. 26, 2023 (GLOBE NEWSWIRE) -- The global battery electrolyte market is projected to grow at high CAGR in the forecast period on account of increasing partnerships among market vendors, predicts Fortune Business Insights in their new report titled, “Battery Electrolyte Market Size, Share and Global Trend By Electrolyte Type (Liquid. Solid, Gel), By Battery Type (Lithium-ion, Lead Acid) and Geography Forecast till 2026.” In order to acquire the shares of Cleanpart Group GmbH, an agreement was signed between two companies namely, Deutsche Beteiligungs AG and Mitsubishi Chemical Corporation in August 2018. The Cleanpart Group GmbH has developed its semi-conductor related services in the U.S. and Europe and all these shares were turned over in October 2019.Such innovations, according to the report by Fortune Business Insights, will bode well for the market in the forecast period.
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Key Industry Developments
In Aug 2018, Mitsubishi Chemical Corporation announced that it has reached an agreement with Deutsche Beteiligungs AG to acquire shares of Cleanpart Group GmbH, which has developed semiconductor-related services in Europe and the U.S. All the shares were turned over in October of this year.
In May 2019, Umicore announced that it has reached an agreement to acquire the cobalt refining and cathode precursor activities of Freeport Cobalt in Kokkola, Finland, for a total debt and cash-free consideration of $150 million, plus the working capital to be acquired at the end of March, which amounted to approximately $40 million. Through this acquisition, Umicore is aimimg to expand its integrated battery materials footprint.
Drivers & Restraints -
Rise in Popularity of Alternative Energy Sources to Promote Market Growth
The rise in demand for electric vehicles for decreasing carbon footprint is a major factor boosting the battery electrolyte market. In addition, the rapid growth of automotive revenue and increased demand for battery replacement is also having a positive effect on market growth worldwide. Furthermore, the rise in the share of alternative energy sources for energy mix will also promote the growth of the market in the forecast period.
On the flipside, since electric vehicles run on lithium-ion battery electrolytes, the capital cost of electric vehicles is high as compared to the ones running on conventional fuel. This may pose a challenge to the battery electrolyte market price in the forecast duration. Nevertheless, the rise in the adoption of consumer electronics is anticipated to create lucrative growth opportunities for the market in the long run.
The global pandemic has negatively impacted the growth of several industries and markets, including the battery electrolyte market. The stringent governmental regulations like lockdowns and curfews imposed to curb the spread of the virus have affected the operations and supply chain networks of major businesses operating in the market. The low available workforce resulted in reduced production levels. Many businesses reported shrunken revenues during the pandemic. However, vaccines are now available to the masses, and the market is gradually gaining traction. The market is expected to witness steep growth post-pandemic.
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The battery electrolyte competitive landscape is dynamic, encompassing major players like UBE Industries and LG Chem. Emerging solid-state technology innovators such as QuantumScape are making strides. Startups like Wildcat Discovery Technologies and materials suppliers like Albemarle play pivotal roles. Asian companies dominate vertically integrated production. Environmental regulations, R&D collaborations, global reach, and sustainability concerns are influential. The sector is heavily influenced by the growing demand for electric vehicles and energy storage systems. Adapting to market trends is key in a rapidly evolving industry.
As per the current battery electrolyte market trends, Fortune Business Insights studies the market into the following three categories, namely electrolyte type, battery type, and geography. In terms of electrolyte type, the market is classified into solid, liquid, and gel. With respect to battery type, the market is bifurcated into lead-acid and lithium-ion.
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Asia Pacific to remain Dominant on account of Surge in Number of telecom Towers
As per the report, the battery electrolyte market is anticipated to be dominated by Asia Pacific on account of the increasing demand for these batteries from various end use industries. These industries include portable consumer electronics, energy storage, and electric vehicles. Additionally, the surge in the number of telecom towers, coupled with the rise in awareness about clean energy generation is further expected to help the regional market gain momentum. Besides this, the rise in sales of automobiles, declining cost of solar energy, and increasing command for industrial storage are likely to help this region continue its dominance in the coming years as well.
On the other side, the multi-government strategy called Electric Vehicles Initiative (EVI) adopted in North America will help to speed up the adoption of these vehicles in the region. The battery electrolyte market in Europe is expected to witness remarkable growth on account of the government-supported strategies which includes the offering of subsidies to the manufacturing of electric vehicles. This will augment the demand for battery electrolytes in Electric vehicle batteries and ultimately generate high revenue in the coming years.
List of the Key Players Profiled in the Global Market
Daikin America Inc
Advanced Electrolyte Technologies
Nohms Technologies Inc.
Shenzhen Capchem Technology Co., Ltd.
Toray Industries Inc.
Mitsubishi Chemical Holdings
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Table of Content:
Definitions and Assumptions
Key Industry Developments - Merger, Acquisitions, and Partnerships
Porter’s Five Forces Analysis
Impact of COVID-19
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