The global lithium and lithium-ion battery electrolytes market has witnessed increased interest in the last couple of decades, resulting in a steady growth at a rapid pace in recent years. This can be attributed to consumer preference and adoption of electric vehicles, which has had a positive impact on the lithium and lithium-ion battery electrolytes market. The study by Future Market Insights on the prospective growth of the market estimates that the lithium and lithium-ion battery electrolytes industry is likely to grow at robustly at 13% globally, during the course of the forecast period.
The consistent rise in consumer preference for electric vehicles has led to the acceptance and adoption of lithium and lithium-ion battery electrolytes, which is expected to cause the global market to swell.
Solid Versus Liquid Electrolytes
Of the types of electrolytes that are being used currently by manufacturers in the lithium and lithium-ion battery electrolytes market, there has been an increasing preference for liquid electrolytes, as they become popular. This is due to liquid electrolytes being superior to solid ones in terms of conductivity. However, the advantages offered by solid electrolytes include higher security, and thermal stability, while also improving the strength of the batteries. This is opening up opportunities for manufacturers in the market to innovate and expand their product line using solid electrolytes. This form is also expected to gain traction during the forecast period.
Regional Markets in the Global Landscape
One of the major end uses of lithium and lithium-ion battery electrolytes is electric vehicles, which have been getting increasingly popular in recent years. Players in the market have placed product innovation using newer materials and technologies front and centre of strategies for business development. This is driving the expansion of the global lithium and lithium-ion battery electrolytes market landscape.
As the current scenario stands, the permeation of electric vehicles is largest in the developed countries, consequently indicating that these regions, Europe and North America hold a significant share of the global market. This can be attributed to the encouragement provided by the government in the adoption of alternative power sources and batteries, leading to consumer awareness, propelling the growth of the lithium and lithium-ion battery electrolytes market.
However, macroeconomic factors such as increment in GDP, increase in manufacturing etc., all indicate that the lithium and lithium-ion battery electrolytes batteries market in this region is likely to grow at a rapid pace, opening up new opportunities for business expansion for players.
Future is in the Electric Automotive
The push for reduction of carbon emissions and the negative impact on the environment is expected to continue to propel the demand for electric automobiles across the globe, which in turn is likely to have a proportional impact on the lithium and lithium-ion battery electrolytes market. With the automotive industry looking to quickly adapt to consumer preference towards ‘Go Green’ and complete electrification initiatives that are being rolled out by governments worldwide, the demand for these lithium and lithium-ion battery electrolytes is only set to grow.
Manufacturers are looking to take advantage of the popularity of lithium and lithium-ion battery electrolytes, and focus on expanding their product applications to cater to not just the automotive industry, but for other applications including for electronic gadgets as well.
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