Battery Additive market accounted for USD 1,346 Million in 2019, growing at a robust CAGR of 8.5% during forecast period. GMI Research speculates that the use of lithium-ion batteries in solar electric systems and EVs ultimately grows the need for battery additives.
Introduction of the Battery Additives
Battery additives are the essential components to enhance the overall performance of the battery. Therefore, to extend the lifeline of an old battery without changing it, the additive treatment is the most successful method. The battery additives can be segmented into several types, like porous, nucleating, and conductive additives.
Key Players of the Market
Battery Additives Market Dynamics
The effective stimulators contributing to the growth of the global battery additives market size are the high demand for Li-ion batteries consumed in consumer electronics, the increased adoption of HEV. EV, and PHEV by the automotive industry, coupled with the drastic rise in investment in the renewable sector globally. However, Lithium-ion batteries are experiencing robust growth as it is highly used in EVs and solar electric systems. Simultaneously, growing environmental awareness accelerates the acceptance of plug-in hybrid electric vehicles, that surging the battery additives market opportunities, especially in developing economies. As per the U.S. Energy Information Administration, electric vehicles discharge 54.55% less (CO2) carbon dioxide emissions per mile than average gasoline vehicles. Hence, several manufacturers’ targets have been featured on leading innovative technological developments in the Li-ion-based batteries to catch the dynamic demand of the consumers.
In parallel, according to the battery additives market report, the extensive application of lead-acid batteries for starting, illuminating, combustion in the automobile, and several other types of vehicles that have inbuilt combustion engines will further balloon the market growth in the upcoming years. On the other hand, the battery additives market analysis shows that the significant rise in safety and regulations problems related to lead-acid batteries negatively affects the battery additive market size.
Battery Additives Market Segmentation
Application Market Drivers
Based on the Application, the market is categorized into lead-acid batteries, lithium-Ion batteries, and others. The lithium-ion batteries segment is expected to grow at a faster CAGR over the forecast period. The extensive use of li-ion batteries in different applications such as laptops, smartphones, wearable devices, tablets, and other electronics, is a crucial driver burgeoning the segment growth. The battery additives used in li-ion batteries enable to improve storage stability, safety and enhance the performance of batteries.
Type Market Drivers
The conductive additive segment is anticipated to hold the market during the forecast period due to the increased use of conductive additives in producing lead-acid batteries. Moreover, the emerging applications of lead-acid batteries in several features like consumer electronics, automotive, and other industrial purposes are indirectly surging the demand for conductive additives.
Asia-Pacific envisages leading the global battery additives market over the forecast period. It is due to the robust demand for portable devices, coupled with the rising application of battery additives in electric vehicles in Asian countries. Furthermore, the extreme growth in the population rate and the substantial rise in the number of end-use industries is promising the global producers of battery additives to bring modernization and development. The high growth rate, constant advancements, and industry fortification is aiding in making the Asia-Pacific the industrial hub for the world.
China is becoming the biggest manufacturer and is coming out as the largest car market around the world. As per the International Energy Agency (IEA), China invested more than 50% in the world’s electric cars. It also boosts the demand for battery additives in the Asia Pacific. Additionally, the rapid growth in developing high-speed railway networks, especially in emerging economies like India and China, will fuel the demand for lead-acid batteries, thereby integrating the market growth.
Battery Additives Market Segmentation
Segmentation By Type
Segmentation By Application
Segmentation By Region
Rest of World
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