Battery Electrolyte Market will Reach $16.8 billion by 2027, at a CAGR of 17.1%| MarketsandMarkets™ Report
The global battery electrolyte market size is estimated to grow from USD 7.6 Billion in 2022 to USD 16.8 Billion by 2027, at a CAGR of 17.1% during the forecast period. Expanding market for energy storage systems, consumer electronics, and electric vehicles is expected to drive the battery electrolyte market.
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The battery electrolyte market is expected to grow for the next five years, owing to rapid technological advancements and expansion in the demand for batteries used in electric vehicles, consumer electronics, and energy storage sectors. Key players operating in the battery electrolyte market are Mitsubishi Chemical Corporation (Japan), UBE Corporation (Japan), 3M (US), GS Yuasa International Ltd. (Japan), and Capchem (China), among others.
Substantial investments have been made in the past few years by the key players to address the growing demand for battery electrolytes. These players have been focusing on product launches and joint ventures to cater to the increasing demand for battery electrolytes in the market.
Mitsubishi Chemical Corporation is one the largest player in the battery electrolyte market. The company operates through four business segments, namely, industrial materials, performance products, healthcare, and others. The company offers battery electrolytes under the performance product business segment and sub-segment, advanced solutions. The company sells battery electrolytes under the brand name, Sol-Rite.
Mitsubishi Chemical Corporation and UBE Industries, Ltd. has established a joint venture company by joint incorporation-type split to address the electrolyte business for lithium-ion rechargeable battery. This joint venture is to address the growing demand of battery electrolytes. Mitsubishi Chemical Corporation has 14 plants and nine R&D centers in Japan. It has a regional presence in Asia Pacific, Europe, and North America.GS Yuasa International Ltd. is one of the major players in the battery electrolyte market. The company’s battery business operations are segmented into four categories—automotive batteries (Japan & Overseas), industrial batteries & power supplies, automotive lithium-ion batteries, specialized batteries and others, which include defense, space, submarine, and other applications. The company offers nitrogen-containing sulfide solid electrolytes. The battery electrolyte was developed in the November 2021 by the company. By developing nitrogen-containing sulfide solid electrolyte the company boosted ionic conductivity and increased water resistance. The company operates its businesses through twenty-eight companies (fully owned, subsidiaries, and affiliated companies) spread across the US, European countries, Thailand, Vietnam, Malaysia, Indonesia, Pakistan, Australia, India, China, and Taiwan. The company has a regional presence in Asia Pacific, Europe, and North America.
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Asia Pacific is expected to lead the battery electrolyte market during the forecast period by value. This demand can be attributed to the high growth in emerging economies such as China and India of the region that has made Asia Pacific a huge market for lithium-ion and lead acid batteries. China is one of the largest markets for electric vehicles across the globe and is expected to contribute a major portion to the overall regional demand for electric vehicles during the forecast period. These factors will propel the market for battery electrolytes in Asia Pacific region.
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