The ever growing demand for rechargeable and durable systems for energy storage is resulting in the development of lithium and lithium ion batteries, consequently creating a massive demand for lithium and lithium ion battery electrolytes. Material improvements, and increasing replacement of conventional energy sources with electrical energy sources is anticipated to be major driving force for the market.
Strict Carbon Emission Regulations to Boost Demand in the Lithium and Lithium Ion Battery Electrolytes Market
Rising sales and production of consumer electronics goods including smartphones, laptops, and portable entertainment systems among others is also boosting the consumption of lithium and lithium ion battery electrolytes for these devices. In addition, lithium and lithium ion battery electrolytes have a limited shelf life, owing to which the market demand to replenish existing batteries is also anticipated to increase during the forecast period.
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Strict carbon emission regulations around the world is pushing the industrial and automotive sectors to increasingly use lithium and lithium ion battery systems to power their products, vehicles and production processes, which is expected to significantly boost demand for lithium and lithium ion battery electrolytes.
The different variants of lithium and lithium ion electrolyte ingredients are unstable and possess an explosive nature. In addition, unprotected exposure to these elements is hazardous to health. Therefore stringent regulations regarding the handling, use, and disposal of lithium and lithium ion battery electrolytes is anticipated to act as a primary constraining factor on market growth.
Key Lithium and Lithium Ion Battery Electrolytes Market Players to Focus on Strategic Collaborations and Production Expansions
Key lithium and lithium ion battery electrolyte manufacturers such as Merck KGaA, Mitsubishi Chemical, BASF SE, Mitsui Chemical, Zhejiang Yongtai Technology Co., Ltd., and Shandong Shida Shenghua Chemical Group Co., Ltd. are increasingly focusing on increasing production capacities to grow geographical presence and increase market share.
- Zhejiang Yongtai Technology Co., Ltd. announced its plan to collaborate with Fujian Shaowu Yongjing Chemical Co., Ltd., Fuzhou Yingke Hengtong Venture Capital Centre, and the Shaowu Jinghe Investment Management Centre to set up a joint venture (JV) in the Shaowu Jintang Industrial Park, for producing fluorine-enriched lithium salt that is claimed to improve on battery lifespan and reduce safety risks. The project is anticipated to reach 6,000 t/a – LiPF6 and 2,000 t/a – LiFSI.
- Shenzhen Capchem Technology Co. recently bought a BASF electrolyte manufacturing site, located at Suzhou in China, which is anticipated to enhance Shenzhen Capchem’s electrolyte production capacity, and push the company from being a leader of lithium and lithium ion battery electrolyte production in China, to a global leadership position.
- Early 2018 saw Mitsubishi Chemical joining hands with Ube Industries to build their lithium and lithium ion battery electrolytes business in China with the aim to enhance technology and improve on cost competitiveness, to explore further opportunities of growth on a global scale.
Lithium and Lithium Ion Battery Electrolytes Market in North America and Europe to Grow With Increasing Preference for Electric Vehicles
The Asia Pacific excluding Japan lithium and lithium ion battery electrolytes market, with particular focus on China is anticipated to see a strong demand during the forecast period owing to increase in production expansion activities by major market players in the region.
The growth of Electric vehicle use in North America, Europe and Japan are also anticipated to contribute to the growing consumption and demand for lithium and lithium ion battery electrolytes in the region during the forecast period.
The growth of consumer electronics goods across the Latin America sector is also anticipated to contribute positively to the global lithium and lithium ion battery electrolytes market.
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Segmentation of the Global Lithium and Lithium Ion Battery Electrolytes Market
Lithium and lithium ion battery electrolytes can be broadly classified on the basis of end use industry, type of lithium salts, and physical form. On the terms of end use industry, lithium and lithium ion battery electrolytes can be divided into automotive industry, consumer electronics, industrial equipment and others. On the basis of lithium salt types, lithium and lithium ion battery electrolytes can be divided into LiPF6, LiTFSI, and others. On the terms of physical form lithium and lithium ion battery electrolytes can be segregated into gels and liquids.
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