Electrolyte Additives Market Size, Share, Growth, and Industry Growth By Type (Vinyl Carbonate (VC), Fluorinated Ethylene Carbonate (FEC), 1,3-Propanesultone (1,3-PS), Vinyl ethylene Carbonate (VEC), and Others) By Application (Power Battery, Consumer Electronics Battery, and Energy Storage Battery), Regional Insights, and Forecast To 2031

Updated On: 08 July 2024

Electrolyte Additives Market Report Overview

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The global electrolyte additives market size is estimated to be USD 1392.7 million in 2022 and is projected to touch USD 5634.47 million by 2031, exhibiting a CAGR of 16.4% during the forecast period.

Electrolyte additives are used to improve ionic conductivity. The product is also used for better battery life or safety. It has a small number of additives that help to boost battery performance. The reaction between the electrode and the electrolyte additives plays a crucial role. The most widely used electrolyte additives are Na2SO4, H3PO4, and some polymers & carbons forms. The component is added to basic material in an amount from 0.02 % to 2.0% to better the performance.

Increasing demand for electronic devices and vehicles is expected to fuel market growth. Growing demand for improving battery life and better performance is estimated to accelerate market growth. Rising growth in renewable energy sources such as solar cells is anticipated to boost product adoption. Increasing usage of lithium-ion batteries globally is projected to drive market growth. Increasing demand for power storage applications is predicted to stimulate market growth during the forecast period.

COVID-19 Impact: Growth in Electronic Devices during Pandemic Accelerated Market Growth

During the COVID-19 pandemic, the market witnessed positive growth due to increasing demand for electronic devices. Work from home culture led consumers to purchase an electronic product. The zero contact protocols and increasing digitalization during pandemic boosted market growth. Further, increasing number of online classes accelerated the adoption of laptops and tablets which increased market growth.

On the contrary, COVID-19 pandemic impacted production activities due to strict lockdown restrictions. Several electronic industries were closed which affected product demand. The market witnessed supply and chain disruption.

LATEST TRENDS

"Growth in Electric Vehicles to Foster Market Growth"

Increasing demand for electric vehicles is expected to boost market growth. Rising awareness about the benefits of electric vehicles and growing need to reduce carbon emissions. Such advantages are predicted to boost product adoption. Increasing demand for better vehicle performance is estimated to surge market growth. The product helps to improve the battery life which is commonly used in electric vehicles is projected to drive market growth. Further, the compound helps to remove transition metals ions in the electrolytes that are broadcasted in surge market growth. Growing demand to travel longer distances on a single charge is predicted to boost product demand. High-performance lithium-ion batteries (LIBs) enable electric vehicles (EV) to travel a longer distance on a single charge. Such advantages of the product in the developing electric vehicle battery performance are predicted to accelerate market growth. Increasing demand for a better life cycle of batteries is estimated to stimulate electrolyte additives market growth during the forecast period.

Electrolyte Additives Market Segmentation

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• By Type

Based on type, the market is divided into vinyl carbonate (VC), fluorinated ethylene carbonate (FEC), 1,3-Propanesultone (1,3-PS), vinyl ethylene carbonate (VEC), and others.

Fluorinated ethylene carbonate (FEC) is expected to be the leading part of the segmentation type.

• By Application

Based on the application, the market is divided into power battery, consumer electronics battery, and energy storage battery.

Consumer electronics battery expected to be the leading part of application segmentation.

DRIVING FACTORS

"Increasing Demand for Electronic Devices to Incite Market Expansion"

Growing awareness about the benefits of electronic devices is estimated to propel market growth. Increasing demand for electronic devices such as laptops, smartphones, wearable technology products, and tablets. Growing adoption of electronic products in day-to-day life activities is expected to fuel product demand. The product has high thermal stability which is predicted to boost product adoption in electronic devices. Further, it offers low impedance, high conductivity, and less voltage drop during high currents in power applications. Such benefits associated with the product are estimated to develop market growth. In addition, the product has good wetting properties due to its non-conducting nature. Such benefits are expected to boost product adoption in electronic devices. Increasing demand for better battery performance of electronic devices is anticipated to boost market growth. Growing development in the electronic industry is projected to drive electrolyte additives market growth during the forecast period.

"Growing Demand for Energy Storage to Stimulate Market Growth"

Increasing demand for energy storage is expected to fuel market growth. Rising awareness among consumers about saving energy is projected to drive market growth. The product has multiple benefits such as improving energy density, battery capacity, and power output. Such benefits are projected to drive market growth during the forecast period. Further, it increases the life cycle of li-ion battery by suppressing lithium dendrite growth. This quality is estimated to propel market growth. Adoption of the product helps to reduce the chances of short circuits within a cell or between cells leading to fires. Such benefits are estimated to fuel product demand. Rising demand for power storage applications for saving energy and used during emergencies is anticipated to accelerate market growth. Rapid development in energy-saving applications is estimated to fuel electrolyte additives market growth.

RESTRAINING FACTORS

"Unwanted Lithium Associated with the Product to Hamper Market Growth"

Unwanted lithium associated with the product is estimated to reduce market growth during the forecast period.

Electrolyte Additives Market Regional Insights

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"Growing Adoption of Electric Vehicles in North America to Drive Market Share"

North America is expected to hold the largest part of electrolyte additives market share due to growing adoption of electric vehicles. Increasing usage of electronic devices in the region is estimated to accelerate market growth. Presence of large lithium-ion battery manufacturing companies is expected to fuel market growth. Growing demand for improving battery life and better performance is estimated to accelerate market growth. Rising growth in renewable energy sources such as solar cells is anticipated to boost product adoption. Further, increasing adoption of electronic devices in the region is estimated to fuel market growth during the forecast period.

Europe is estimated to show considerable market growth due to increasing demand for electronic devices and vehicles. Rising awareness among consumers for improving battery life and strong performance is predicted to boost product adoption. The high demand for power storage applications in the region is estimated to stimulate market growth. The product has low viscosity property which reduces internal resistances. Such advantages of the product are expected to accelerate electrolyte additives market growth during the forecast period.

KEY INDUSTRY PLAYERS

"Leading Players Adopt Strategies to Stay Competitive"

The report covers information about the list of market players and their latest development in the Industry. The information includes mergers, partnerships, acquisitions, technological developments, and production lines. Other aspects examined for this market include complete research on companies producing and introducing the latest products, regions they conduct their operations in, automation, technology adoption, generating the most revenue, and making a difference with their products.

List of Market Players Profiled

• HSC Corporation (India)
• Zhangjiagang Hicomer Chemical (China)
• Suzhou Huayi New Energy (China)
• Rongcheng Qingmu (China)
• BroaHony (India)
• Zhangjianggang Great Material (China)
• Mitsubishi Chemical (Japan)
• Ube Industries (Japan)
• LG Chem (South Korea)

REPORT COVERAGE

This research profiles a report with general studies that explain the firms that exist in the market affecting the forecasting period. With detailed studies done, it also offers a comprehensive analysis by examining the factors like segmentation, opportunities, industrial developments, trends, growth, size, share, restraints, and others. This analysis is subject to alteration if the key players and probable analysis of market dynamics change.