Lithium and Lithium Ion Battery Electrolyte Industry Size, Share, Demand & Growth by 2034
The lithium and lithium ion battery electrolyte industry is expected to be valued at US$ 5,281.63 million in 2024. The market is projected to progress at a CAGR of 12.2% over the forecast period. By 2034, the value of the market is forecasted to reach US$ 17,928.86 million.
The acceleration of the market is a consequence of
electric vehicle production getting ramped up. With sustainability trends on
the rise, more people are buying electric vehicles, and thus lithium ion
battery electrolyte demand is benefiting. Governments smoothing things out for
electric vehicle manufacturers with favorable policies is also contributing to
the capitulation of the market.
Aside from electric vehicles, other electric
appliances too are making extensive use of lithium ion batteries. Electric
gadgets like smartphones and digital cameras use lithium ion batteries and
their increased sale is benefiting the market. Pacemakers and home security
alarm systems are other appliances that make use of lithium ion batteries and
contribute to their propulsion.
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With the ever-growing power needs of people, energy is
being produced in gargantuan quantities. The excess energy needs to be stored
and this is where lithium ion batteries are coming in. Lithium ion batteries
are also being used for the storage of solar energy.
“Liquid-state lithium ion batteries are
the traditional type of batteries and remain the predominant type. However, the
bulky nature of liquid batteries is causing end users to turn to solid-state
batteries. Thus, the production of solid-state batteries represents a
significant opportunity for market players,” says
an analyst at Future Market Insights.
Key Takeaways from the Lithium and Lithium
Ion Battery Electrolyte Market
- The
lithium and lithium ion battery electrolyte market is anticipated to be
worth US$ 5,281.63 million in value in 2024.
- Liquid
is the predominant product form in the market. In 2024, liquid lithium ion
battery electrolytes are expected to account for 70.5% of the market
share.
- China
is one of the most promising countries in the market. The CAGR for the
market in China is anticipated to be 28.3% over the forecast period.
- Japan
is another Asian country poised to be a lucrative market and is expected
to register a CAGR of 18.7% through 2034.
- The
market in the United States is expected to register a CAGR of 25.1% over
the forecast period.
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