Battery Electrolyte Market Size To Reach $25.36 Billion By 2030

Battery Electrolyte Market Growth & Trends

The global battery electrolyte market size is anticipated to reach USD 25.36 billion by 2030 and is projected to grow at a CAGR of 13.1% from 2024 to 2030, according to a new report by Grand View Research, Inc. One of the main factors propelling market growth is the rising demand for lithium-ion batteries from automotive industry. Another factor boosting market growth is the rising demand for industrial batteries to power homes, buildings, and machinery & equipment at construction sites. For instance, the largest lithium-ion battery installation, which is powered by Tesla, is located in South Australia. With its 100-megawatt capacity, it can light 30,000 houses. In addition, it announced a capacity increase of 50%, bringing it to 150 MW.

Industrial power including chemical, shipping, metal, and mining was the largest application for batteries owing to rapid industrialization. The large manufacturing base of chemical companies along with the presence of large giants including Bayer, BASF, Dow Chemical, and AkzoNobel will increase industry penetration over the forecast period. Moreover, the presence of large steel manufacturers including Hebei Iron & Steel Group, Baosteel Group Corp., WISCO, Jiangsu Shagang Group, Shougang Group, Anshan Iron & Steel Group, Shandong Iron & Steel Group, Maanshan Iron & Steel Co., Bohai Iron & Steel Group, and Valin Group is anticipated to further aid market penetration.

The market is expected to witness initiatives by market players to expand end-user segments in emerging markets. Battery electrolyte manufacturers and end-user partnerships are expected to be critical for attaining an economically efficient technological change. The introduction of renewable energy generation and storage technologies to replace the existing power storage technologies is anticipated to lead to high costs, which is projected to challenge the innovations carried out by key market players like 3M Co., UBE Industries Ltd., Guangzhou Tinci Materials Technology Co. Ltd, Mitsubishi Chemical Holdings Corporation, Targray Industries Inc. NOHMs Technologies Inc.

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Battery Electrolyte Market Report Highlights

• Based on revenue, the lead acid segment held the market with the largest revenue share of 34.3% in 2023 and is further expected to grow at a steady CAGR over the forecast period

• Based on application, the automotive segment held the market with the largest revenue share of 30.7% in 2023

• Based on electrolyte type, the gel segment led the market with the largest revenue share of 42.3% in 2023

• North America is expected to grow at a substantial CAGR during the forecast period

• Asia Pacific region is projected to grow at a substantial CAGR during the forecast period. China is expected to account for the maximum share in the Asia-Pacific region

Battery Electrolyte Market Segmentation

Grand View Research has segmented the battery electrolyte market report based on electrolyte type, battery type, application, and region:

Battery Electrolyte Type Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

• Liquid

• Solid

• Gel

Battery Electrolyte Battery Type Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

• Lithium-ion

• Lead Acid

• Flow Battery

• Others

Battery Electrolyte Application Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

• Automotive

• Consumer Electronics

• Energy Storage

• Others

Battery Electrolyte Regional Outlook (Volume, Kilo Tons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • France

  • Italy

  • UK

  • Spain

  • Hungary

• Asia Pacific

  • China

  • Japan

  • South Korea

  • Australia

  • India

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • Saudi Arabia

  • UAE

List of Key Players of the Battery Electrolyte Market

• 3M Co.

• UBE Industries Ltd

• Guangzhou Tinci Materials Technology Co. Ltd

• Mitsubishi Chemical Holdings Corporation

• Targray Industries Inc

• NOHMs Technologies Inc.

• Shenzhen Capchem Technology Co. Ltd

• Mitsui Chemicals Inc.

• NEI Corporation