LiDFOP Market Size, Share, Growth, and Industry Analysis, By Type (Purity Above 99.5% and Purity Above 99.9%), By Application (Power Lithium Battery, Digital Lithium Battery and Energy Storage Battery), Regional Forecast To 2031

Updated On: 06 May 2024

LiDFOP Market REPORT OVERVIEW

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global lidfop market size was USD 15 Million in 2022 and market is projected to touch 709.041 Million by 2031, exhibiting a CAGR of 44.5% during the forecast period.

The rising demand for consumer gadgets and electric automobiles is to blame for this LiDFOP industry's expansion. Additionally, this industry is expanding as a result of the rising need for renewable energy sources. A chemical substance called lithium battery electrolyte is utilized in lithium-ion batteries to build and sustain the battery's charge. Additionally, the electrolyte is in charge of moving lithium ions from the anode to the cathode of the battery, enabling charging and discharging. A lithium-ion battery cannot function without an electrolyte. Rising demand for electric vehicles: As a result of the rising demand for electric vehicles, the worldwide lithium battery electrolyte market is anticipated to expand at a CAGR of more than 9%. This is so because lithium-ion batteries, which employ electrolytes for charging and discharging, power electric vehicles.

When the battery is depleted, the liquid electrolyte acts as a conductor, allowing ions to travel across it via electric dipoles and charging the battery. This kind of battery has a better energy density, a lower self-discharge rate, and a higher power output compared to ordinary lithium-ion batteries. Solid electrolyte, which is present between the electrodes of a lithium battery, is a non-fluid, non-aqueous phase. At higher temperatures, it provides protection against short circuits and aids in boosting volumetric capacity. In contrast to liquid electrolytes, which permit contact between the electrodes and current collectors and cause significant battery self-discharge, solid electrolytes operate as an insulator to prevent direct contact between electrode and current collector.

COVID-19 Impact: Decline in Economy Due to The Lockdown to Hinder Market Growth

The regional market suffered as a result of the COVID-19 outbreak. However, throughout the projected period, it is anticipated that the regional 21700 lithium-ion battery market in focus would develop due to the relaxation of travel restrictions, the restart of industry activities, and the extensive COVID-19 immunisation efforts carried out in several nations.

LATEST TRENDS

"Rising Demand for Renewable Energy Sources to Augment Market Growth"

Electrolytes are also utilised in energy storage systems, which are becoming more and more common as a result of the rising demand for renewable energy sources. Energy storage system sales are anticipated to increase at a rapid CAGR on a global scale. Escalating demand from consumer electronics: Smartphones and laptops are only two examples of consumer electronics products that use LiDFOP. Due to the increasing demand for these gadgets globally, the global market for consumer electronics is predicted to expand at a CAGR of more than 5%.

LiDFOP Market SEGMENTATION

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• By Type

Based on type market is classified as purity above 99.5% and purity above 99.9%.

• By Application

Based on application market is classified as power lithium battery, digital lithium battery and energy storage battery.

DRIVING FACTORS

"Growing Government Programs and Subsidies to Encourage Market Growth"

Due to growing government programs and subsidies to encourage the use of electric vehicles, the electric vehicle category is anticipated to experience significant growth over the course of the forecast period. The U.S. Department of Energy, for instance, has introduced a,500 incentive for consumers who buy an all-electric car or van. Due to the rising demand for smartphones and tablets in various areas, the consumer electronics segment is expected to develop at a CAGR surpassing 10% and held around 20% of the market share in terms of volume. The other application segment includes industrial applications where high performance & durability are required along with low maintenance cost over the life cycle, such as forklifts, as well as energy storage systems (ESS) such as grid batteries that are used by power utilities on a regional level or large scale depending upon their requirements.

"Increased Capacity and Performance Factor to Propel Market Growth"

One of the major factors influencing the growth of the market for 21700 lithium-ion batteries is the increased capacity and performance factor. The widespread adoption of EVs is constrained by their high cost and subpar battery performance. The 18650 batteries were the most often used cells in the battery packs of EVs. They are vulnerable to problems such complex cell grouping, excessive heat production, and low acceptance of fast charging, though. To fix these issues, the 21700 lithium-ion batteries were created. When EVs were upgraded from 18650 batteries to 21700 batteries, their performance significantly improved because the latter delivered a roughly one-third increase in battery cell capacity, a one-fifth rise in energy density, and a one-tenth decrease in battery weight.

RESTRAINING FACTORS

"Restrictions On the Transportation to Impede Market Growth"

One of the things preventing the 21700 lithium-ion battery business from expanding is restrictions on the transportation of lithium-ion batteries by air. These days, gadgets with lithium-ion batteries are quite prevalent, including laptops, tablets, and other electronics. Additionally, battery designers are creating batteries that can support larger power levels in these gadgets, which raises the risk of battery failure. As a result, the International Air Transportation Association (IATA) has put restrictions on the air transportation of lithium batteries.

LiDFOP Market REGIONAL INSIGHTS

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"Europe to Dominate the Market Due to Increasing Investments"

Due to manufacturers' increasing investments in lithium battery-related research and development activities, the Europe LiDFOP market accounted for a sizeable portion of revenue. Along with oil and gas and renewable energy sources, the usage of lithium batteries in several applications, such as consumer electronics, medical equipment, and energy storage systems (ESS), has made it one of the most crucial strategic areas for the European economy. While car sales rose by 10%, ESS consumption surged by 14% fiscal year over fiscal year. Over the anticipated term, these trends are anticipated to fuel industry expansion.

KEY INDUSTRY PLAYERS

"Key Players Focus on Partnerships to Gain a Competitive Advantage"

Prominent market players of LiDFOP are making collaborative efforts by partnering with other companies to stay ahead of the competition. Many companies are also investing in new product launches to expand their product portfolio. Mergers and acquisitions are also among the key strategies used by players to expand their product portfolios.

List of Market Players Profiled

• Chunbo (South Korea)
• Tinci Materials Technology (China)
• Rolechem New Material (China)
• Yongtai Technology (China)
• Yacoo Science (China)
• Yitian Technology (China)
• Suzhou Cheerchem Advanced Material (China)

REPORT COVERAGE

The LiDFOP industry report anticipates a detailed analysis of the global market size at the regional and national level, the ssegmentation market growth and market share. The prime objective of the report is to help user understand the market in terms of definition, market potential, influencing trends, and the challenges faced by the market. Aanalysis of sales, the impact of the market players, recent developments, opportunity analysis, strategic market growth analysis, territorial market expansion, and technological innovations are the subject matter explained in the report.