The global battery additives market is poised for robust growth, with a projected Compound Annual Growth Rate (CAGR) of 8.7% during the forecast period. Valued at USD 1,318.4 million in 2018, the market is experiencing a surge in demand owing to the increasing adoption of electric vehicles (EVs) and the growing focus on renewable energy sources.
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The widespread usage of lithium-ion batteries across various sectors, including consumer electronics, electric cars, digital cameras, laptops, and industrial applications, is a significant factor driving the demand for battery additives. As industrialization continues to thrive in countries like South Korea, India, China, France, and Germany, the need for battery additives is expected to witness significant growth.
The growing popularity of battery-powered electric vehicles globally is a major catalyst for the battery additives market. In 2021, the number of battery electric cars (BEVs) in use worldwide surpassed 11.3 million, with over four million new BEVs added to the global fleet in the same year. This surge in EV adoption has led to increased lithium-ion battery production, thereby boosting the demand for battery additives.
The COVID-19 pandemic presented challenges to industries worldwide, impacting the battery additives market as well. However, with regulatory authorities beginning to ease restrictions, the market is expected to rebound. Furthermore, the market’s recovery will be supported by the continued trend of remote work and online education, driving sustained demand for consumer electronics and, consequently, battery additives.
The increasing emphasis on renewable energy sources, particularly in the telecom industry, is propelling the demand for energy storage and battery additives. Combining off-grid solar power with energy storage has emerged as an effective solution to optimize solar PV unit utilization, further contributing to the growth of the battery additives market.
Asia Pacific is projected to dominate the global battery additives market, driven by the substantial production of electric vehicles in China and India and the rising demand for renewable energy solutions. North America is also expected to witness significant growth, aided by declining lithium-ion battery prices, increasing consumer electronics sales, and the widespread adoption of electric vehicles.
Leading players in the battery additives market, such as Cabot Corporation, Hammond Group, Orion Engineered Carbons, MERYS, 3M, ALTANA, Borregaard, HOPAX, PENOX, and SGL Group, are well-positioned to capitalize on technological advancements in lithium-ion batteries, further propelling the market’s expansion.
The study on the Global Battery Additives Market encompasses the following key elements:
- Battery Additives Market Segmentation:
- Product/Technology/Grade segmentation
- Application/End-user segmentation
- Regional segmentation
- Executive Summary:
- Opportunity analysis and key trends in the market
- Historical Market Size and Estimates (2018 – 2022):
- Evaluation of market size in terms of value and volume during the historical period
- Volume Consumption Analysis (2023 – 2030):
- Projection of volume consumption at regional and country levels for the forecast period
- Market Dynamics and Economic Overview:
- Analysis of the factors influencing market dynamics and the overall economic environment impacting the battery additives market
- Market Size in Value and Volume, Growth Rates, and Forecast Figures (2023 – 2030):
- Assessment of market size in terms of value and volume
- Calculation of growth rates and forecast figures for the market during the forecast period
- Competitive Intelligence:
- Overview of leading companies in the market
- Financial analysis of key players
- Key developments and initiatives undertaken by major companies
- Portfolio analysis of leading market players
- Regional and Product/Grade/Application/End-user Price Trends Analysis:
- Examination of price trends at regional, product, grade, application, and end-user levels
- Value Chain and Five Force’s Analysis:
- Analysis of the value chain in the battery additives market
- Evaluation of the five forces (competitive rivalry, bargaining power of suppliers and buyers, threat of new entrants, and threat of substitutes) influencing the market
- Regional/Sub-region/Country Market Size and Trend Analysis:
- Analysis of market size and trends in specific regions, sub-regions, and countries
- Company Market Share Analysis and Key Player Profiles:
- Analysis of market shares held by different companies
- Profiles of key players in the battery additives market