The report "Battery Electrolyte Market by Battery Type and State of Electrolyte (Lead-acid (Liquid Electrolyte, and Gel Electrolyte), Lithium-ion (Liquid Electrolyte)), and Region(APAC, North America, Europe, South America, and MEA)- Global Forecast to 2023", published by MarketsandMarkets™, the market is projected to grow from USD 4.20 Billion in 2018 to USD 6.18 Billion by 2023, at a CAGR of 8.1% from 2018 to 2023. Increasing adoption of EVs, growing automotive sales in the emerging markets, and increase in the renewable energy storage globally are the key factors driving the growth of the Battery Electrolyte Market.
Among battery types, the lead-acid battery segment is estimated to account for the largest share of the Battery Electrolyte Market in 2018.
The lead-acid battery electrolyte segment is estimated to account for the largest share of the Battery Electrolyte Market in 2018. Increasing sales of automobiles and the growth in the automotive lead-acid battery replacement market is expected to keep the demand for lead-acid batteries high during the forecast period.
The Asia Pacific region is expected to be the largest market for battery electrolyte in 2018.
The Asia Pacific region is estimated to account for the largest share of the Battery Electrolyte Market in 2018. The region is home to leading battery manufacturers globally. Some of the leading lithium-ion battery manufacturers, such as CATL, LG Chem, Samsung SDI, Panasonic, and BYD, are based in APAC. Increased investments by the lithium-ion battery electrolyte
Manufacturers are expected to fuel the growth of the Asia Pacific Battery Electrolyte Market between 2018 and 2023.
Some of the leading players operating in the Battery Electrolyte Market include Mitsubishi Chemical Corporation (Japan), Ube Industries (Japan), Shenzhen Capchem Technology Co., Ltd. (China), Johnson Controls (US), Guangzhou Tinci Materials Technology Co., Ltd. (China), GS Yuasa Corporation (Japan), 3M (US), BASF SE (Germany), LG Chem (South Korea), and American Elements (US).
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