Lithium and Lithium Ion Battery Electrolyte Market to Advance at a 12.2% CAGR by 2034 as Electric Vehicle Sales are Hitting the Roof | Future Market Insights, Inc.

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Jun 27, 2024, 05:53 ET

Use of Lithium Ion Batteries in Electrical Vehicles Driving the Lithium and Lithium Ion Battery Electrolytes Market. An In-depth Study of the Lithium and Lithium Ion Battery Electrolytes Market with Focus on China, Japan, South Korea, Germany, and the United States.

NEWARK, Del., June 27, 2024 /PRNewswire/ -- The lithium and lithium-ion battery electrolyte market value for 2024 is put forward to be USD 5,281.6 million. By 2034, the industry value is expected to nearly triple, reaching USD 16,628.9 million. The market is forecast to progress at a CAGR of 12.2% over the next decade.

The surge in lithium-ion battery sales is driven by growing sustainability concerns and supportive government policies. The automotive sector is experiencing a green revolution with increasing sales of electric vehicles (EVs), which in turn accelerates the demand for lithium-ion battery electrolytes.

Governments worldwide are playing a crucial role in fostering this demand. With a strong commitment to reducing fuel emissions, many governments are promoting the adoption of lithium-ion batteries and electric vehicles. This favorable stance is propelling the sector forward and contributing to booming sales of both EVs and lithium-ion batteries.

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Electricity has become indispensable in daily life, and the power demand continues to rise. Efforts to extend electricity access to remote and rural areas are further driving this demand. As energy needs grow, so does the need for effective energy storage solutions. Lithium-ion batteries are proving to be invaluable in this regard, providing an efficient means to store excess energy and significantly boosting demand for lithium and lithium-ion battery electrolytes.

While traditional liquid lithium-ion batteries have long been popular, solid-state lithium-ion batteries are gaining traction among consumers. Their lightweight nature is a key factor driving their growing popularity, offering a promising alternative for various applications.

The rise in lithium-ion battery sales is fueled by a combination of environmental concerns, supportive government policies, and increasing demand for electricity and consumer electronics. As technology continues to evolve, lithium-ion batteries are set to play an even more critical role in powering a sustainable future.

Lithium and Lithium Ion Battery Electrolyte Market Trends

The use of lithium ion battery electrolytes is not limited to vehicles on the ground, as aircraft are also turning towards the electric route. Thus, the market for lithium and lithium ion battery electrolytes is taking flight in the aircraft sector.
Lithium ion batteries energy storage capabilities are extending to the solar sector. By storing surplus energy, lithium batteries are making sure solar-powered equipment does not run out of use even in the absence of the sun.
Pacemakers rely on lithium ion batteries for their long battery life and suitable voltage capabilities. Thus, the market is also seeing accelerating demand in the healthcare sector.
With home security as a vital concern for people, in light of waves of home invasions and an increase in robberies, security alarm systems' adoption in homes is also increasing. These systems use lithium ion batteries for their functionality, and thus, the home security sector is contributing to the growth of the market.
To combat the risk of power outages and instability, lithium battery use in uninterrupted power supply or emergency power backup systems is increasing.
Aside from traditional mobility vehicles, the likes of golf carts and trolleys are also heading the electric route, thus increasing the application of lithium ion batteries and in turn, benefitting the market.
Liquid lithium ion batteries' bulky nature makes electric vehicle manufacturers hesitant about their use, which restricts the scope of the market.

Key Takeaways from the Lithium and Lithium Ion Battery Electrolyte Market

The lithium and lithium-ion battery electrolyte market is set to total USD 5,281.6 million in 2024.
By product type, the lithium-based segment is estimated to hold 84.8% of the market share in 2024.
Consumer electronics segment by end-use is estimated to account for 10.8% of the market share in 2024.
India is set to be a lucrative country, with a CAGR of 18.1% forecasted for the next ten years.
China is anticipated to provide significant opportunities, with a CAGR of 13.6% over the forecast period.
The United States is projected to witness a CAGR of 6.8% through 2034.

"Consumer electronics such as smartphones, laptops, and digital cameras are increasingly reliant on lithium-ion batteries. As these devices become more integral to people's daily lives, the demand for lithium batteries is reaching unprecedented levels," Says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

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Competition Analysis of the Lithium and Lithium Ion Battery Electrolyte Market

The lithium and lithium-ion battery electrolyte market is controlled primarily by a few market giants. However, medium and small-scale enterprises are finding a way around through the means of public and private investment. Some of the prominent companies in the market include Mitsubishi Chemical Corp., and Shenzhen Capchem Technology Co. Ltd.

Recent Development-

In April 2023, the Faraday Institution planned to invest more than USD 36.5 million in the development of solid-state batteries for electric vehicles.

Leading Lithium and Lithium Ion Battery Electrolyte Players

Mitsubishi Chemical Corp.
Shenzhen Capchem Technology Co. Ltd.
Shanshan Technology
Soulbrain MI
Guangzhou Tinci Materials Technology Co.
TOMIYAMA PURE CHEMICAL INDUSTRIES, LTD.
GuangDong JinGuang High-Tech Co., Ltd.
PANAX-ETEC
UBE Industries
Zhangjiagang Guotai-Huarong New Chemical Materials Co., Ltd.
NEI Corporation
Mitsui Chemical Inc.

Key Segments of Market Report

By Product Type: Based on product type, the industry is segmented into lithium-based, sulfide-based, polymer-based, oxide-based, and others.

By Form: Based on form, the industry is divided into liquid, solid, and gel.

By End-use: Based on end-use, the industry is segregated into automotive, consumer electronics, power and energy, and general industrial.

By Region: North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East and Africa.

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Authored By

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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