The global electrolyte additives for lithium-ion battery market was valued at USD 1,392.4 Mn in 2020 and is projected to reach USD 5,259.9 Mn by 2030, expanding at a CAGR of 15.3% during the forecast period. The Electrolyte Additives for Lithium-Ion Battery market is expected to expand significantly over the forecast period, due to its use in numerous applications such as mobile phones, laptops, electric vehicles, watches, toys, and others.
Many market players are focusing on performance improvement based on high voltage and high temperature. Moreover, they are developing additives which are capable of forming a kinetically stabilizing layer on the electrode surface at low concentrations in electrolytes.
Experts are working to develop innovative electrolytes that ensure good battery performance, durability, and safety, high-energy anode materials such as silicon and cathode materials, due to growing need of lithium-ion batteries in electric cars. Lithium-ion batteries (LIBs) for electric vehicles (EVs) benefit from high energy density and long lifetime.
Energy-storage technologies such as electrical double-layer capacitors and rechargeable batteries gained ample attention, due to their potential applications in portable electronic devices, electric vehicles, bulk electricity storage at power plants, and “load levelling” of renewable energy sources such as solar and wind. Electrolyte additives for lithium-ion batteries require a paradigm shift in the science that underpins them, including the discovery of new materials, electrochemistry, and high understanding of the processes that these devices rely on.
Electrolyte additives are extensively employed for extending the cycle life of lithium-ion batteries, while preventing electrolyte decomposition at the electrodes. Fluorine-containing compounds have good temperature stability, which improves the safety of lithium-ion batteries. Additionally, some fluoroesters have good flame retardancy and high temperature stability, which improves the safety of lithium-ion batteries.
Individual cell and battery design are structural factors that determine the performance of batteries. At the cell level, electrode design comes with an inherent trade-off between the discharge rate and the electrical capacity of the cell.
PF5 in LiPF6-containing electrolytes, resulting in the generation of corrosive and gaseous species such as CO2 which causes severe deterioration of storage performance of LIBs at high-temperature conditions. Lithium-ion batteries using non-aqueous liquid organic electrolytes pose safety concerns, which limits their application for large-scale energy storage.
Decreasing cost of solar photovoltaic modules and associated systems, supportive worldwide activities to reduce carbon emissions and encourage renewables, and technological advancements in the battery electrolyte additives industry are expected to provide opportunities to the market players. Cells are the primary component of a battery and account for a sizeable share in the final battery value.
They are composed of several sub-components, which require technologies to manufacture from different sets of raw materials such as base metals, polymers, alloys, and salts. These raw materials need to be sourced from different countries, endowed with the natural resource, forming global supply chains.
Based on types, the global electrolyte additives for lithium-ion battery market are segmented into vinylene carbonate (VC), fluorinated ethylene carbonate (FEC), 1,3-propane sultone (1,3-PS), vinyl ethylene carbonate (VEC), biphenyl carbonate, and ethyl methyl carbonate. Electrolyte additives help in improving the performance of lithium-ion batteries. The vinylene carbonate (VC) segment is expected to expand at a significant CAGR during the forecast period, as VC improves the cycling stability of high capacity alloy/conversion type anode.
Based on applications, the global electrolyte additives for lithium-ion battery market are segmented into power electrolyte, consumer electrolyte, and energy storage electrolyte. The power electrolyte segment holds a considerable market share during the forecast period, due to the increasing demand for lithium-ion batteries in portable energy equipment such as tablets, laptops, and mobile phones.
Based on regions, the global electrolyte additives for lithium-ion battery market are segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific dominates the market during the forecast period, due to the presence of multiple domestic players in the region. Increasing investment and advancement in technologies is anticipated to propel the market during the forecast period.
Key players in the electrolyte additives for lithium-ion battery market are Halocarbon, LLC, Stella Chemifa Corporation, Targray Technology International Inc., DAIKIN INDUSTRIES, Ltd., Koura, HOPAX, 3M, and Mitsubishi Chemical Corporation.
The players are adopting key strategies such as product development, geographical expansion, mergers and acquisition, and many other strategies to cater the increasing demand for electrolyte additives for lithium-ion battery. For instance, in December 2019, DAIKIN INDUSTRIES, Ltd. announced the launch of the refrigerant, Creard R-448A (R-448A) in Japan from January 2020. With more than 64% less GWP of R-404A, R-448A is sold as a substitute refrigerant to R-404A, which is mostly used in industrial and commercial refrigeration.
In August 2021, Mitsubishi Chemical Corporation is engaged in the construction of a new sugar ester manufacturing facility at its Fukuoka Plant. The sugar ester is used in a variety of products including chocolate, processed foods such as coffee and canned drinks, confectionery, dairy products such as whipped cream, and cakes.
Key players in the electrolyte additives for lithium-ion battery market are Halocarbon, LLC, Stella Chemifa Corporation, Targray Technology International Inc., DAIKIN INDUSTRIES, Ltd., Koura, HOPAX, 3M, and Mitsubishi Chemical Corporation.
The players are adopting key strategies such as product development, geographical expansion, mergers and acquisition, and many other strategies to cater the increasing demand for electrolyte additives for lithium-ion battery. For instance, in December 2019, DAIKIN INDUSTRIES, Ltd. announced the launch of the refrigerant, Creard R-448A (R-448A) in Japan from January 2020. With more than 64% less GWP of R-404A, R-448A is sold as a substitute refrigerant to R-404A, which is mostly used in industrial and commercial refrigeration.
In August 2021, Mitsubishi Chemical Corporation is engaged in the construction of a new sugar ester manufacturing facility at its Fukuoka Plant. The sugar ester is used in a variety of products including chocolate, processed foods such as coffee and canned drinks, confectionery, dairy products such as whipped cream, and cakes.
Some frequently asked quetions about this report!
Major Manufactures include Halocarbon, LLC, Stella Chemifa Corporation, Targray Technology International Inc., DAIKIN INDUSTRIES, Ltd., Koura, HOPAX, 3M, and Mitsubishi Chemical Corporation.
The base year considered for the Electrolyte additives for lithium-ion battery market report is 2020. The complete analysis period is 2018 to 2030, wherein, 2018 & 2019 are the historic years, and the forecast is provided from 2021 to 2030.
The market is expected to witness decreased in terms of demand during 2019-2020 owing to the negative impact of COVID-19 pandemic on the electrolyte additives for lithium-ion battery market.
The consumer electrolyte segment is expected to expand at a significant CAGR during the forecast period, owing to the increasing demand for rechargeable lithium-ion batteries.
Demand for lithium-ion batteries is increasing, due to its wide applications. Demand for electrolyte additives is simultaneously growing to increase the battery performance. The rise in Consumer Electronics and portable devices increases, henceforth electrolyte additives demand also increases as to maintain temperature.
Factors such as competitive strength and market positioning are key areas considered while selecting top companies to be profiled.
In addition to market size (in USD Million) and Company Market Share (in % for base year 2020), other data such Macro-economic factors, Pricing Analysis, Key Regulations, Technological Advancement, Investment Scenario, Comparative Analysis, Key Trends Analysis, and COVID-19 Impact on the electrolyte additives for lithium-ion battery market is available in final report.
According to this Growth Market Reports, the market from electrolyte additives for lithium-ion battery market is likely to register a CAGR of 15.3% during period 2021-2030, with an anticipated valuation of USD 5,259.9 million by the end of the 2030.
Lithium-ion batteries are largely used in many applications including electric vehicles, mobile phones, hybrid electric vehicles, laptops, and computers, due to the requirement of small, light, and thin products.
Additional company profiles can be provided on request.
Some other reports from this category!