Electrolytes are vital components of an electrochemical energy storage device. They are usually composed of a solvent or mixture of solvents and a salt or a mixture of salts which provide the appropriate environment for ionic conduction.
As the world shifts up a gear in its transition to electric vehicles, the demand for batteries has skyrocketed in major automotive markets in Europe and the United States. Automotive and battery manufacturers face a difficult period of uncertainty in the battery supply chain, and many are turning to building their own battery gigafactories or forming joint ventures to address squeezed supply. The demand is expected to grow by around 30 percent, nearing 4,500 gigawatt-hours (GWh) a year globally by 2030, and the battery value chain is expected to increase by as much as ten times between 2020 and 2030 to reach annual revenue as high as $410 billion. In 2030, 40 percent of demand for lithium-ion batteries is expected to come from China (Source: McKinsey).
The fast growing lithium-ion battery industry promote the whole related industry chain and many industries benefit from it. The production and sales regions of global electrolyte solvents are concentrated in China. In addition, China’s comprehensive cost of raw materials and labor is relatively low, so China’s electrolyte solvents occupy a major market position. With the further commissioning of China's production capacity and the acceleration of the globalization of the industrial chain, the competitive advantage of China's solvent market in the global industry competition is expected to be further improved in the future. However, as manufacturers such as Japan and the United States are further expanding production, and trade policies and political conflicts between China and other countries may limit future development.
At present, the main participants in the market include Shida Shenghua, Haike Group, Ube Industries, Mitsubishi, Huntsman, Wako, Dongke Fine Chemical, TOAGOSEI, BASF, Yingkou Hengyang, Jintai Chemical, etc. In 2021, the global top five players hold a share approximately 74.87% in terms of revenue. It is expected that the market competition will further intensify in the forecast period.
Global Lithium-ion Battery Electrolyte Solvent market size is estimated to be worth US$ 1,337.27 million USD in 2022 and is forecast to US$ 2,767.99 million USD by 2028 with a CAGR of 12.89% during the forecast period 2022-2028.
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