Solid Electrolyte Market: Definition and Introduction
Electrolytes are the substances which dissociate into ions – capable of conducting electricity – when dissolved in polar solvent and are basically used in battery or cells to serve as catalyst to make a battery more electricity conductive by stimulating the movement of ions between electrodes. The solid electrolytes are super ionic conductors which increase cell voltage and energy density of the battery. The solid electrolytes exhibit relatively high ionic conductivity owing to their rapid diffusion. They are non-flammable and fast charging with longer cycle life, and can be used for relatively high power applications. Inorganic solid electrolytes exhibit high thermal and electrochemical stability and are also widely used in lithium ion batteries which are commonly utilized in electric vehicles and remote accessories. Solid electrolyte permits high energy storage and avoids short circuits, thus leading to increased service life as well as high efficiency of the batteries. One challenge, though, on the commercial part with solid electrolytes lies in their cost as they ate more expensive as compared to the liquid electrolytes. Solid electrolytes are primarily used in the electrical and electronics industry. Moreover, they also find abundant uses in various other end use industries such as, telecom industry, heavy machinery & goods, among others.
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Solid Electrolyte Market: Dynamics
The high-end properties associated with solid electrolytes are leading to their increased adoption in batteries, in turn creating significant demand from end-use industries. The macroeconomic growth of the electronic industry and increasing investment in the automotive, smart devices, and advanced electronic gadgets is further anticipated to support the solid electrolyte market growth over the forecast period.
Additionally, the demand for efficient, rapid response batteries is rising, with a pre-requisite of longer life cycles from consumers, wherein solid electrolyte plays a key role. Introduction of new technologies and competition from other battery technologies will provide innovation and growth opportunities for solid electrolytes market as well. Further, the policy framework and increased government support for electric vehicles may boost the demand for solid electrolytes across the globe, owing to their increasing utilization in batteries.
Sustainability in overall product life cycle is expected to remain a key trend in the global solid electrolyte market. The rising awareness towards safety in recharging, recycle, and improvements in battery technologies are some of trends which will impact the solid electrolyte market globally.
Since solid electrolytes are more expensive as compared to their counterparts, it may restrict some end-users to opt for them. Also, the complexity in developing electrolytes and regulatory norms associated with them are other restraining factors which might impede the growth of solid electrolyte market.
Solid Electrolyte Market: Segmentation
Global solid electrolyte market is segmented on the basis of product type, end use industry, and regions. On the basis of product type, the global solid electrolyte market can be segmented as mentioned below:
- Inorganic solid electrolyte
- Composite solid electrolyte
- Polymer based solid electrolyte
On the basis of end use industry, global solid electrolyte market can be segmented as the below:
- Electrical & electronics
- Heavy goods & engineering
Solid Electrolyte Market: Regional outlook
Among key geographies, North America is expected to be a key region for global solid electrolyte market. Supported by global electronics & electrical demand, Asia Pacific is expected to be other key region, holding dominating share in the market at global level. Robust market growth across the developing countries such as, India, China, Indonesia, and others is expected to create significant opportunities for market development through the forecast period.
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Solid Electrolyte Market: Participants
Some of participants identified across the value chain of global solid electrolyte market include:
- Seeo, Inc.
- Excellatron Solid State, LLC
- BrightVolt, Inc.
- Cymbet Corporation
- PolyPlus battery
- Prieto battery Inc.
- Johnson battery technologies, Inc.
- Ilika plc.
- Infinite Power Solutions, Inc.
- Sakti3 Inc.