Lithium Titanate (LTO) Market Size, Share, Growth, and Industry Growth, By Type (2N, 3N and others), By Application (Electric Powertrains, UPS, Solar-powered Street Lighting and Others) Regional Forecast By 2031

Updated On: 08 April 2024

Lithium Titanate (LTO) Market Report Overview

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The global lithium titanate (LTO) market size is USD 203.9 million in 2021. As per our research and analysis, the market is projected to touch USD 588.16 million by 2031, exhibiting a CAGR of 11.3% during the forecasting period.

The global COVID-19 pandemic has been unprecedented, staggering, as the lithium titanate (LTO) 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 titanate/lithium titanium oxide, also known as spinel or "LTO," is a material that makes an excellent electrode due to its outstanding electrochemical stability. For applications that demand a high rate, a long cycle life, and great efficiency, it is frequently employed as the anode in lithium ion batteries. The working temperature range of LTO-based batteries is greater, and they are thought to be safer. A form of rechargeable battery known as a lithium-titanate or lithium-titanium-oxide (LTO) battery has the benefit of charging more quickly than conventional lithium-ion batteries, but the drawback of having a significantly lower energy density.

A lithium-titanate battery is a modified lithium-ion battery that has its anode's surface covered in lithium-titanate nanocrystals rather than carbon. In comparison to carbon, which has a surface area of 3 square metres per gramme, this offers the anode a surface area of around 100 square metres per gramme, allowing electrons to enter and exit the anode quickly. Additionally, compared to Li+ intercalation into graphite, Li+ intercalation into titanium oxides has a higher positive redox potential. Because lithium dendrites are less likely to form in the case of titanate than in the case of carbon, quick charging (greater charging current) is considerably safer in the former situation.

COVID-19 Impact: The Lockdown Caused to Downfall the Market Growth

The pandemic had a negative impact on the market as key end-use industries such as construction and automotive were shut down. However, 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 lithium titanate (LTO) 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

"The High Efficiency and Mechanized Technology For Consumers to Boost the Market"

Their high-efficiency automated technology has a positive impact on welding in all areas, including production, screening, and capacity. They are very accommodating of the needs of the customer. On request, the PCM connections can be assembled on lithium titanate (LTO), and there are numerous varieties of LTO in store for sampling orders and smaller quantities. When you need them, lithium titanate batteries are always available. We are without a doubt the best energy supply partner for OEM clients and electronic design firms. As lithium titanate technology advances, it will continue to invest in research and the creation of lithium titanate batteries, enabling the producer to create more LTO with increased density capacity and various dimensions. The manufacturer can offer additional freedom in terms of mechanical design options and prototype design optimization.

Lithium Titanate (LTO) Market Segmentation

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• By Type Analysis

Based on type, the lithium titanate (LTO) market is subdivided into 2N, 3N and others.

• By Application Analysis

Based on the applications, the lithium titanate (LTO) market is subdivided into electric powertrains, UPS, solar-powered street lighting and others.

DRIVING FACTORS

"The Advent and Rise of the Electric Vehicles to Increase the Market Demand"

Certain Japanese-only models of the Mitsubishi i-MiEV electric car, the EV-neo electric bike, and the Fit EV all employ titanate batteries. They are also utilised in the Tosa electric bus concept. LTO batteries are employed in mobile medical equipment as well as in automotive audio applications due to the battery's high level of safety and rechargeability. The Tempest weather-station equipment, according to a Weatherflow Co. article, has a 1300mAh LTO battery that is powered by four solar panels and requires "at least 4 hours of suitable sunlight every two weeks."

"Increased Demand for Electronic Devices to Drive Market Growth"

The regular upgrading and thrilling challenges of new energy from the electronics sector are present every day. Our lives are made easier & more comfortable by the world of electronics. Batteries are essential to electronic equipment, and the safekeeping, dependability, and quick charging of batteries are established requirements for energy supply. The demand for these batteries is being met by the development of lithium titanate batteries. Compared to conventional lithium batteries, the Lithium Titanate Battery (LTO) is distinguished by its ability to charge quickly, extend battery life, and operate at a wider range of temperatures. The S-Pen that comes with the Samsung Galaxy Note 20 Ultra 5G also makes use of an LTO battery.

RESTRAINING FACTORS

"Disadvantages with the Lower Inherent Voltage to Restrain the Market Growth"

The lower inherent voltage (2.4 V) of lithium-titanate batteries, compared to standard lithium-ion battery chemistries, which have an inherent voltage of 3.7 V, results in a lower specific energy (about 30-110 Wh/kg). The energy density of some lithium-titanate batteries, however, can reach 177 Wh/L.

Lithium Titanate (LTO) Market Regional Insights

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"Asia Pacific to Lead Market Share as Production Demand Fuels Up"

Asia-Pacific is projected to be the largest market for lithium titanate (LTO) during the forecast period.Lithium Titanate (LTO) is primarily produced by Toshiba, BTR New Material Group, Microvast, and other companies. About 70% of the share is accounted for by the top five manufacturers. With nearly 80% of the market, Asia-Pacific is the largest region. Hence, this region is expected to dominate the lithium titanate (LTO) market share due to the booming end-use industry in countries during 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

• Shenzhen Kejing Star Technology Company (China)
• AME Energy (China)
• NEI Corporation (U.S.A)
• ISHIHARA SANGYO KAISHA,LTD. (Japan)
• Chengdu Xingneng New Material Co. Ltd (China)
• BTR New Material Group Co., Ltd (China)
• Yinlong Energy China Ltd. (China)
• SAT Nano Technology Material Co., Ltd. (China)
• Titan Kogyo(TBM) (China)
• Targray (Canada)
• American Elements (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.