Global Battery Electrolyte Market - Growth, Trends, and Forecast (2022 - 2030)
The battery electrolyte market is poised for huge growth in coming years on account of increasing demand for batteries end-use sectors such as transportation, grid storage, etc. The electric vehicle deployment is growing at a rapid pace across the world which is creating a huge demand for batteries, thereby providing a huge impetus to the battery electrolyte market. The technological advancements pertaining to lithium-ion battery technology and surging production of the same has led to a huge decline in its price in recent years. The cost of lithium-ion battery has declined by 80 percent between 2010 and 2017, thus leading to widespread deployment of the same. This has been a big boost for battery electrolyte market across the world. Apart from that, the policy level push towards the development of renewable power generation is driving the demand for battery storage which, in turn, promulgates the battery electrolyte market.
Increasing Deployment of Electric Vehicles (EVs) is driving the Market
The awareness level of cleaner transportation system has increased in recent years majorly attributed to growing concerns about environmental hazards due to climate change. The governments across the world have formulated policies to favor the adoption of electric vehicles to offset the pollution caused by conventional vehicles. The deployment of electric vehicles has witnessed huge growth in recent years, in countries such as China, India, the US and European nations. Apart from that, the decline in the cost of batteries improvises the business case for electric vehicles. With an increase of 57% in 2017, the global stock of electric passenger cars reached 3.1 million. As batteries are an integral part of electric vehicles, such developments are likely to propel its demand which in turn, is expected to proliferate the battery electrolyte market across the world in coming years.
Asia-Pacific to Dominate the Battery Electrolyte Market Share
Asia-Pacific is witnessing huge policy level support from the governments in the region to promulgate the renewable power and electric vehicles industry. Countries such as India and China are the major market for solar and wind power systems which are witnessing tremendous growth. As battery deployment is key to tackling intermittency associated with renewable power generation, the expansive renewable energy sector has created ample opportunities for the electrolyte in batteries. The electric vehicles industry in the region is expanding on targets fixed by the governments which are fostering the demand for batteries. China is currently the largest market for the electric vehicle and has registered 30 times faster growth in 2017 when compared to 2016. In 2017, the country had delivered 605,500 plug-in passenger cars including 24,800 imports. Thus, the extensive deployment of batteries in the Asia-Pacific region creates a large regional market for battery electrolyte across the world.
Key Developments in the Market
• February 2018: Mahindra and LG Chem came together to form a partnership to jointly develop a new and advanced li-ion battery technology to be used in Mahindra's range of electric vehicles.
The major players include - Mitsubishi Chemicals Corporation, Johnson Controls, UBE Industries, GS Yuasa, LG Chem, Shenzhen Capchem Technology Co., Ltd., BASF SE, American Elements, Advanced Electrolyte Technologies LLC, 3M, amongst others.
Reasons to Purchase This Report
• Current and future battery electrolyte market outlook in the developed and emerging markets.
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
• The segment that is expected to dominate the market.
• Regions that are expected to witness fastest growth during the forecast period.
• Identify the latest developments, and strategies employed by the major market players.
• 3 months analyst support along with the Market Estimate sheet (in excel).
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
Increasing Deployment of Electric Vehicles (EVs) is driving the Market
The awareness level of cleaner transportation system has increased in recent years majorly attributed to growing concerns about environmental hazards due to climate change. The governments across the world have formulated policies to favor the adoption of electric vehicles to offset the pollution caused by conventional vehicles. The deployment of electric vehicles has witnessed huge growth in recent years, in countries such as China, India, the US and European nations. Apart from that, the decline in the cost of batteries improvises the business case for electric vehicles. With an increase of 57% in 2017, the global stock of electric passenger cars reached 3.1 million. As batteries are an integral part of electric vehicles, such developments are likely to propel its demand which in turn, is expected to proliferate the battery electrolyte market across the world in coming years.
Asia-Pacific to Dominate the Battery Electrolyte Market Share
Asia-Pacific is witnessing huge policy level support from the governments in the region to promulgate the renewable power and electric vehicles industry. Countries such as India and China are the major market for solar and wind power systems which are witnessing tremendous growth. As battery deployment is key to tackling intermittency associated with renewable power generation, the expansive renewable energy sector has created ample opportunities for the electrolyte in batteries. The electric vehicles industry in the region is expanding on targets fixed by the governments which are fostering the demand for batteries. China is currently the largest market for the electric vehicle and has registered 30 times faster growth in 2017 when compared to 2016. In 2017, the country had delivered 605,500 plug-in passenger cars including 24,800 imports. Thus, the extensive deployment of batteries in the Asia-Pacific region creates a large regional market for battery electrolyte across the world.
Key Developments in the Market
• February 2018: Mahindra and LG Chem came together to form a partnership to jointly develop a new and advanced li-ion battery technology to be used in Mahindra's range of electric vehicles.
The major players include - Mitsubishi Chemicals Corporation, Johnson Controls, UBE Industries, GS Yuasa, LG Chem, Shenzhen Capchem Technology Co., Ltd., BASF SE, American Elements, Advanced Electrolyte Technologies LLC, 3M, amongst others.
Reasons to Purchase This Report
• Current and future battery electrolyte market outlook in the developed and emerging markets.
• Analyzing various perspectives of the market with the help of Porter’s five forces analysis.
• The segment that is expected to dominate the market.
• Regions that are expected to witness fastest growth during the forecast period.
• Identify the latest developments, and strategies employed by the major market players.
• 3 months analyst support along with the Market Estimate sheet (in excel).
Customization of the Report
• This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs.
Frequently Asked Questions
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