Battery Additives Market is projected to be worth USD 1.9 Billion by 2030, registering a CAGR of 9.1% during the forecast period (2021 - 2030).
Battery Additives Market Overview Battery Additives Market is projected to be worth USD 1.9 Billion by 2030, registering a CAGR of 9.1% during the forecast period (2021 - 2030), at a compound annual growth rate of 9.0% and the increasing demand for Li-ion batteries in consumer electronics, high adoption of HEV, PHEV, and EV in the automotive industries, and the growing investment in renewable energies are elements, that is driving the global market for battery additives. However, the underdeveloped support infrastructure for EVs is one of the main factors for the market growth, and on the basis of uses of the battery additives, the market has been categorized into lead-acid, L-ion, and others. The lead-acid part was the largest application in the global market for battery additives from 2016 to 2017. However, LI-ion is calculated to be the faster-growing use segment for the battery additive market during the forecast period, and Li-ion batteries are largely used in different applications such as laptops, tablets, smartphones, wearable devices, and other household applications.
Battery Additives Market Overview:
The battery additives are used in different kinds of batteries such as lithium-ion batteries (Li-ion) and Lead-Acid batteries. Lithium-ion batteries are largely used in consumer electronics applications such as mobile phones, smart watches, and rechargeable batteries. They consist of four components, namely electrode, cathode, anode, and separator. Battery additives are used in the electrodes, which act as conducting medium between the cathode and anode. The increasing use of smartphones and rechargeable batteries are contributing to the growth of lithium-ion batteries, which in turn is expected to boost the demand for and sale of battery additives.
In addition, the rising demand for rechargeable batteries for use in military & defense, in remote areas and the areas with the absence of electricity are contributing to the growth of the battery market. This factor is also expected to be the major contributor to the growth of the global battery additives market. Additionally, the increasing adoption of plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs), and electric vehicle (EVs) in the automotive industry is expected to fuel the growth of the global battery additives market.
Furthermore, technological advancements in the lithium-ion batteries are expected to create growth opportunities for the players operating in the global battery additives market during the forecast period. However, safety issues related to the battery additives are slightly limiting their demand, which it is expected to retrain the growth of the global battery additives market during the review period.
The battery additives market has been segmented on the basis of type, application, and region.
By type, the battery additives market has been classified into conducting additive, porous additive, and nucleating additive.
Based on application, the battery additives market has been divided into Li-ion batteries and lead-acid batteries. The Li-ion batteries segment is further sub-segmented into industrial application, portable devices, EVs, and others
Cabot Corporation (US), 3M (US), Imerys (France), Hammond (US), SGL Carbon (Germany), Borregaard (Norway), HOPAX (Taiwan), PENOX (Germany), ALTANA (Germany), and US Research Nanomaterials, Inc (US) are some of the major players operating in the global battery additives market.
Global Battery Additives Market, by Application (%)
Source: MRFR Analysis
The global battery additives market has been spanned across five regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa.
The Asia-Pacific market for battery additives held the largest share in 2017. The expanding automotive industry is the major factor responsible for the growth of the regional market. The advancements and advantages such as mobility and storage properties of Li-ion batteries and lead-acid batteries are increasing the adoption of these batteries in the automotive industry.
The North American market held the second-largest share of the global battery additives market in 2017, owing to the abundant use of the rechargeable batteries and the Li-ion and lead-acid batteries in the electronics and automotive industries. The regional market is expected to witness significant growth during the review period.
The increasing sale of automobiles and technological advancements in the automotive industry are enhancing the growth of the European market.
The growing use of PHEVs, HEVs, and EVs in the automotive industry is expected to fuel the growth of the Latin American market. Shifting interest toward power cars and power storage batteries is another factor responsible for the growth of battery additives market in the region. The Latin American market is expected to show moderate growth during the forecast period.
The Middle East & Africa is projected to witness steady growth during the forecast period, due to the growing demand for smartphones and other electronic appliances in the region.
The battery additives are used in the Li-ion applications, which increase storage, stability, safety, and fuel the performance of batteries, on the basis of the sub-application of Li-ion, the global market for battery additives has been divided into EVs, industrial, portable devices, and others and EVs is the widest and fastest-growing application of Li-ion owing to reliable, cost-efficient, and gives good force that causes a machine to rotate and lower emission control characteristics. Worldwide the market has been segmented into various areas, such as North America, Europe, APAC, South America, the Middle East, and Africa. APAC is projected to show the highest growth in the global market for battery additives during the forecast period. The demand for battery additives is very high in developing countries, like China, and India.
|Market Size||USD 1.9 billion|
|CAGR||CAGR of 9.1% (2022-2030)|
|Historical Data||2019 & 2020|
|Forecast Units||Value (USD Billion)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Basis of type, application, and region.|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Cabot Corporation (US), 3M (US), Imerys (France), Hammond (US), SGL Carbon (Germany), Borregaard (Norway), HOPAX (Taiwan), PENOX (Germany), ALTANA (Germany), and US Research Nanomaterials, Inc (US)|
|Key Market Opportunities||Technological advancements in the lithium-ion batteries are expected|
|Key Market Drivers||Growing demand for rechargeable batteries in military and defense, rising adoption of electric vehicles, and technological advances are adding market growth.|
The battery additives market is projected to grow at a 9.1% CAGR between 2016-2023.
The battery additives market is predicted to touch USD 1.9 billion by 2023.
The APAC region is expected to dominate the battery additives market.
Growing demand for rechargeable batteries in military and defense, rising adoption of electric vehicles, and technological advances are adding market growth.
Safety issues may limit market growth.