PUBLISHER: Grand View Research | PRODUCT CODE: 1474977
PUBLISHER: Grand View Research | PRODUCT CODE: 1474977
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.