LiFSI for Lithium Battery Electrolyte Market Report Overview
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The global LiFSI for lithium battery electrolyte market size is USD 299.2 million in 2022. As per our research and analysis, the market is projected to touch USD 5529.01 million by 2031, exhibiting a CAGR of 38.4% during the forecasting period.
The global COVID-19 pandemic has been unprecedented, staggering, as the LiFSI for lithium battery electrolyte market are experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributed to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.
Lithium bis (fluorosulfonyl)imide (LiFSI, LiN (SO 2 F) 2) is used in Li-ion battery electrolytes as a co-salt or addition. A solution inside batteries is the LiFSI for lithium battery electrolyte. It might be a liquid or a paste-like substance, depending on the type of battery. Because of the rise in electronic cars, emerging economies anticipate skyrocketing sales in Li & LiB electrolyte derivative applications such as automotive, and the surge in the adoption of electric vehicles and a nimble consumer shift towards EVs is expected to be the primary factor driving demand for lithium and lithium-ion battery electrolytes over the forecast period.
COVID-19 Impact: The Lockdown Caused to Downfall the Market Growth
The market was negatively impacted by the COVID-19 in 2020. Presently the market has now reached pre-pandemic levels and is expected to grow steadily over the forecast period. In the medium term, the major factor expected to drive the LiFSI for lithium battery electrolyte market growth under study is increasing production activity in the Asia-Pacific region. On the other hand, the slowdown in the global automotive industry is expected to hamper the growth of the market during the forecast period of 2022-2031. Asia Pacific is the largest market and is anticipated to be the fastest growing market due to increasing consumption from countries such as China, India and Japan during the forecast period.
LATEST TRENDS
"Increasing Urbanization Leading to Extensive R&D and Technologically Advanced Products to Boost the Market"
The global increase in urbanisation and consumer expenditure is predicted to fuel demand for technologically advanced products, resulting in increased need for lithium-ion batteries. Lithium-ion batteries are generally more expensive than other types of batteries. Yet, industry leaders have been investing in economies of scale and R&D to improve their performance and pricing. Furthermore, due to technological improvements and falling costs, the demand for Li-ion batteries in the data centre business has increased in recent years. Rising data centre construction investments, particularly in developing Asian countries, are likely to increase lithium-ion battery demand during the projection period.
LiFSI for Lithium Battery Electrolyte Market Segmentation
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- By Type Analysis
Based on type, the LiFSI for lithium battery electrolyte market is subdivided into purity: 99.9%, purity: 99.99% and others.
The type purity: 99.9% is the leading part of the type segment.
- By Application Analysis
Based on the applications, the LiFSI for lithium battery electrolyte market is subdivided into power electrolyte, consumer electrolyte, energy storage electrolyte and others.
The type power electrolyte is the leading part of the application segment.
DRIVING FACTORS
"The Advent and Rise of the Electric Vehicles to Increase the Market Demand"
The use of lithium-ion batteries is predicted to expand during the forecast period due to the increased adoption of electric vehicles and battery energy storage systems in solar PV installations. As a result, such a situation may fuel the region's LiFSI for lithium battery electrolyte market. The advent of new and interesting markets through electric vehicles and energy storage systems (ESS) has increased demand for Li-ion batteries for commercial and residential applications. ESS, when combined with renewables like wind, solar, or hydro, has the potential to dramatically increase grid stability. Almost 11.3 million battery electric cars (BEVs) were in operation globally by the end of 2021. In addition, almost four million additional battery electric vehicles have been added to the global fleet, which has been gradually rising since 2016.
"Increased Demand for Electronic Devices to Drive Market Growth"
Every day, new energy from the electronics sector undergoes frequent updating and exciting challenges. The world of electronics has made our lives easier and more comfortable. Batteries are vital components of electronic equipment, and battery storage, dependability, and quick charging are recognised standards for energy delivery. Lithium-ion batteries were primarily created to service the consumer electronics sector because they offer a long charging cycle life, a high capacity-to-weight ratio, and a high energy density, making them perfect for consumer electronics applications. Furthermore, Li-ion batteries are becoming more popular than other battery kinds, owing to their excellent capacity-to-weight ratio. Additional elements influencing its acceptance include improved performance, increased energy density, and lower cost.
RESTRAINING FACTORS
"Lack of Efficient Recycling Technologies and Harmful Effects to Restrain the Market Growth"
Long term, the market's primary driving factors include increased demand from electric vehicles and continued improvements in electrolyte technology. On the other hand, a lack of efficient battery recycling technology and growing worries about the detrimental effects of batteries on human health provide a barrier to the growth in LiFSI for lithium battery electrolyte market share.
LiFSI for Lithium Battery Electrolyte Market Regional Insights
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"Asia Pacific to Lead the Market as Production Demand for Electronic Devices and EVs Fuels Up"
Asia-Pacific is projected to be the largest market share for LiFSI for lithium battery electrolyte during the forecast period.With the increased use of batteries in many industries such as autos, solar PV, electronic appliances, and data centres, the Asia-Pacific region is leading the market. China is predicted to be the dominant country in the Asia-Pacific region, accounting for the majority of electronic appliance sales. Furthermore, the country leads the world in solar PV installations (both rooftop and ground-mounted) and automotive sales. In recent years, India has experienced a substantial increase in the installation of solar and wind power.
Additionally, with the increasing use of EVs and favourable government policies in China, the use of lithium-ion batteries is predicted to rise, positively impacting market growth throughout the forecast period. The growing prevalence of telecommunication services creates an opportunity for the battery electrolyte industry in China to flourish. As a result of the aforementioned factors, Asia-Pacific is predicted to dominate and be the fastest-growing region over the forecast period.
KEY INDUSTRY PLAYERS
"Key Prominent Players to Drive the Market"
The report analyzes different market players in the industry. The information is published after proper research, analysis of trends, key developments, the introduction of new initiatives, and technological developments and innovations.
List of Market Players Profiled
- Nippon Shokubai (Japan)
- Chunbo Chem (South Korea)
- Chem Spec (U.S.A)
- Cap Chem (China)
- Tinci (China)
- HSC Corporate (U.S.A)
- Yongtai Tech (China)
- Fortek (U.S.A).
REPORT COVERAGE
The report examines elements affecting the demand and supply sides and estimates dynamic market forces for the forecast period. The report offers drivers, restraints, and future trends. After evaluating governmental, financial, and technical market factors, the report provides exhaustive PEST and SWOT analysis for regions. The research is subject to alteration if the key players and probable analysis of market dynamics change. The information is an approximate estimate of the factors mentioned, taken into consideration after thorough research.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 299.2 Million in 2022 |
Market Size Value By |
US$ 5529.01 Million by 2031 |
Growth Rate |
CAGR of 38.4% from 2022 to 2031 |
Forecast Period |
2023-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the LiFSI for Lithium Battery Electrolyte market expected to touch by 2031?
The global LiFSI for lithium battery electrolyte market is expected to touch USD 5529.01 million by 2031.
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What CAGR is the LiFSI for Lithium Battery Electrolyte market expected to exhibit by 2031?
The LiFSI for lithium battery electrolyte market is expected to exhibit a CAGR of 38.4% by 2031.
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What are the driving factors of the LiFSI for Lithium Battery Electrolyte market?
The advent and rise of electric vehicles and the increasing use of electronic devices are the driving factors of the LiFSI for Lithium Battery Electrolyte market.
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Which are the top companies operating in the LiFSI for Lithium Battery Electrolyte market?
Nippon Shokubai, Chunbo Chem, Chem Spec, Cap Chem, Tinci, HSC Corporate, Yongtai Tech, Fortek and others are the top companies operating in the LiFSI for Lithium Battery Electrolyte market.
