Battery Electrolyte Market worth $16.8 billion by 2027 - Exclusive Report by MarketsandMarkets™

CHICAGO, Aug. 17, 2022 /PRNewswire/ -- 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, according to a new report by MarketsandMarkets™.  Expanding market for energy storage system, consumer electronics and electric vehicle is expected to drive the battery electrolyte market.

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The lithium-ion battery segment is expected to hold the largest share of the battery electrolyte market, during the forecast period

The lithium-ion battery segment is expected to lead the battery electrolyte market during the forecast period by value. Initiatives are taken by the government of various countries to boost the adoption of electric vehicles. Lithium-ion batteries are the majorly used in electric vehicles and this will drive the market for lithium-ion battery segment in battery electrolyte market.

The liquid electrolyte segment, by electrolyte type, is expected to account for the fastest growing segment during the forecast period

Based on electrolyte type, the battery electrolyte is classified into liquid, solid and gel electrolyte. The liquid electrolyte segment is expected to grow at the fastest rate during the forecast period by value. Liquid electrolyte is majorly used in lead-acid batteries and have better contact area with high-capacity electrodes. This is expected to boost the market demand for this segment.

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Among end-use, electric vehicle is the largest segment in the battery electrolyte market

The electric vehicle segment is expected to lead the battery electrolyte market during the forecast period by value. Due to environmental concern related to the growing air pollution from combustion engine has led to an increase in demand for electric vehicles. This has enhanced the demand for batteries, creating the market for battery electrolyte.

Asia Pacific region is expected to be the largest and fastest growing battery electrolyte market

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 electrolyte in Asia Pacific region.

Some of the leading players in this market include Mitsubishi Chemical Corporation (Japan), UBE Corporation (Japan), 3M (US), GS Yuasa International Ltd. (Japan), and Capchem (China) among others.

Key Market Players

The key players operating in the market are The Sherwin Williams Company (US), PPG Industries, Inc. (US), AkzoNobel N.V. (Netherlands), Axalta Coating Systems, LLC (US), and Nippon Paint Holdings Co. Ltd. (Japan).

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