Lithium-ion batteries are made up of four major components: anode material, cathode material, electrolyte, and separator. The electrolyte is one of the key raw material of lithium-ion batteries, it is also commonly known to be as "blood" of lithium-ion batteries, connects the battery’s positive and negative by carrying energy. It also acts as the medium which enables the movement of only lithium ions between the cathode and anode. The electrolyte has materials having high ionic conductivity which is mainly used by which lithium ions move to and fro easily. Lithium-ion batteries have advantages of high voltage, specific energy, and other advantages. The use of electrolytes majorly accounts for about 5% -12% of the total cost of lithium-ion battery production costs. The electrolyte solutions are prepared by high purity organic solvent, electrolyte, additive, and other materials under certain conditions and proportions. The organic solvent is a part of the electrolyte solution, nowadays it is primarily used in the composition of dimethyl carbonate, diethyl carbonate, propylene carbonate, ethylene carbonate, ethyl methyl carbonate, and other categories. The electrolytes are being used in lithium battery are hexafluorophosphate, lithium tetrafluoroborate, etc.
According to study, “Global lithium Battery Electrolyte Market Status (2015-2019) and Forecast (2020-2024) by Region, Product Type & End-Use” the key companies operating in the global lithium battery electrolyte market are Mitsubishi Chemical, Soulbrain, UBE Industries, Shenzhen Capchem, Panax-Etec, Guangzhou Tinci Materials, BASF e-mobility, Dongguan Shanshan (DGSS), Mitsui Chemicals, Beijing Institute of Chemical Reagents, Guotai Huarong, Shantou Jinguang High-Tech, Tianjin Jinniu, Zhuhai Smoothway, Central Glass. The prominent players of the lithium-ion battery are expanding their operations and manufacturing capacity.
This allows manufacturers to accommodate new resources and techniques that can help in gaining an edge over their rivals. Additionally, both new and veteran players focus on research and development which allows businesses to bring new products to market which can further help in acquiring new customers while retaining the prevailing ones.
Based on the type, the lithium battery electrolyte market is segmented into the solid electrolyte and liquid electrolyte. In addition, based on application, the market is segmented into electric vehicles, consumer electronics, and others.
The lithium battery electrolyte Industry is driven by a rise in new energy vehicles, followed by growth in the digital product market, an increase in the arrival of new lithium-ion battery electrolytes, rise in government initiatives, rapid urbanization, increase in fall in the price of lithium-ion batteries and rise in a number of smartphone users. Moreover, growth in the application of batteries in several electronic appliances are a key opportunity for the market.
Based on geography, the Asian-Pacific region holds the major share in the lithium battery electrolyte market owing to the rise in demand for powerful batteries in electric vehicles and growth in population in the region. Whereas, the North-American and European regions are expected to witness a higher growth rate due to the rise in awareness among the users about the harmful impact of conventional fuels over the forecast period. In the upcoming years, it is predicted that the future of the market will be bright as a result of growth in the development of more user-friendly batteries during the forecast period. The global market for is projected to grow at a CAGR of approximately 6.2% over the next five years, will reach the US $1970 million in 2024, from the US $1370 million in 2019.
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