CHICAGO, Feb. 20, 2019 /PRNewswire/ -- According to the new research report "Battery Additives Market by Type (Conductive Additive, Porous Additive, and Nucleating Additive), Application (Lead Acid and Li-ion), and Region (APAC, Europe, North America, South America, and the Middle East & Africa) - Global Forecast to 2023", published by MarketsandMarkets™, the Battery Additives Market is projected to grow from USD 1.2 billion in 2018 to USD 1.8 billion by 2023, at a CAGR of 9.0%. There is an increase in the demand for battery additives in Li-ion batteries in the consumer electronics application. Li-ion batteries are used in various consumer electronics applications such as smartphones, laptops, fitness bands, smartwatches, Bluetooth headsets, and handheld games. Li-ions are used in these devices as they are compact, small in size, offer high energy capacity, and can be easily fit into the device to be powered. Underdeveloped support infrastructure for EVs and stringent safety issues related to batteries are restraining the growth of the Battery Additives Market.
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On the basis of application, the lead acid segment is estimated to lead the Battery Additives Market in 2018.
Lead acid is the largest application of battery additives. This industry is growing across various sectors, such as consumer electronics, automotive, and industrial due to the increasing use of batteries in these industries. Lead acid battery possesses various characteristics such as better electrochemical performance, high power and efficiency, low self-discharge and long shelf life. The demand for lead acid batteries is increasing with the growing technological innovations in the EVs market.
On the basis of sub application, the EVs segment in the Li-ion application is projected to lead the Battery Additives Market during the forecast period.
EVs is projected to lead the Battery Additives Market, globally. EVs is expected to account for the larger share, as they are reliable, cost-efficient, and have good torque and lower emission control. The two major types of EVs include all-electric vehicles (AEVs) and plug-in hybrid electric vehicles (PHEVs). EVs is also projected to be the fastest-growing segment in the Li-ion application during the forecast period. This is due to government initiatives and regulations related to environmental concerns and increasing awareness about clean and sustainable fuel.
On the basis of region, APAC is estimated to lead the Battery Additives Market in 2018.
APAC is estimated to be the largest Battery Additives Market owing to its high consumption in portable devices and automotive applications. Growing population, increasing disposable incomes, urbanization, and changing lifestyles are driving the Battery Additives Market. China, India, Japan, Taiwan, Malaysia, and South Korea are some of the key Battery Additives Markets. Recent infrastructure developments and industrialization activities in the emerging countries have opened new avenues and opportunities for OEMs. The increasing purchasing power of the population has stimulated the demand for consumer electronics and automobile, which is fueling the market growth in APAC.
The key players in the Battery Additives Market include Cabot Corporation (US), 3M (US), IMERYS (France), Orion Engineered Carbons (Luxembourg), Hammond Group (US), SGL Carbon (Germany), Borregaard (Norway), HOPAX (Taiwan), PENOX (Germany), and ALTANA (Germany). These players have established a strong foothold in the market by adopting strategies such as expansion, new product launch, and acquisition.
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