Our in-depth analysis segmented the Global Lithium and Lithium Ion Battery Electrolytes Market in the following segments:
By Lithium Salts:
By Physical Form:
By End-Use Industry:
Global Lithium and Lithium Ion Battery Electrolytes Market is further classified on the basis of region as follows:
The global lithium and lithium ion battery electrolytes market is anticipated to grow at a CAGR around 12% during 2017-2027. The growth in demand from various industries such as consumer and automotive coupled with strict government regulations is anticipated to increase the market size of global lithium and lithium ion battery electrolytes market in the upcoming years.
The global lithium and lithium ion battery electrolytes market is segmented on the basis of Lithium salts, Physical form and End-Use industry. Moreover, on the basis of End-Use industry it is sub segmented into industrial equipment, consumer electronic goods and automotive industry. Consumer electronics in 2017, accounted for over 37% of global market share. Importance on utilization of movable medical devices along with increasing demand for mobile phones across various developing economies will definitely influence the business scenario. Decreasing cost of smart devices, growing adoption of IoT and increasing disposable income are some of the prominent factors which will boost the product demand in consumer electronics sub segment.
By region, global Lithium and Lithium Ion Battery Electrolytes Market is segmented into North America, Asia-Pacific, Latin America, Europe, Middle East and Africa. In Asia-Pacific region especially China is anticipated to witness the robust growth in the Lithium and Lithium Ion Battery Electrolytes Market during the forecast period as manufactures of Lithium and Lithium Ion Battery Electrolytes are increasing their manufacturing units which is a positive sign for the growing consumption of Lithium and Lithium Ion Battery Electrolytes. North America, Europe and Japan are expected to witness the substantial increase in the Lithium and Lithium Ion Battery Electrolytes consumption during the forecast period on the account of the launch of electric vehicles in this region which in turn is anticipated to lead the lithium and lithium ion battery electrolytes consumption.
Automotive manufactures are more focused on manufacturing vehicles which utilize plug-in hybrid electric vehicles, including hybrid electric vehicles and battery electric vehicles and electric drivetrains, which is leading to the growth of lithium and lithium ion battery electrolytes market. Growing use of consumer laptops, smart phones, computers and other electronic goods is increasing the consumption of Lithium and Lithium ion batteries which in turn is driving the lithium and lithium ion battery electrolyte market. Stringent government guidelines on industrial sector and automotive sector for carbon emission forcing manufacturers to incline towards lithium ion battery for industrial applications and automobiles which is anticipated to lead to the growth of lithium and lithium ion battery electrolytes market during the forecast period of time.
LiBF4 is difficult to handle on the negative side LiClO4 is explosive etc. and on the account of this nature displayed by electrolytes it is expected that it can pose restraint in the growth of Lithium and Lithium Ion Battery Electrolytes Market during the forecast period. The high cost Lithium and Lithium Ion batteries prompting the use of substitute materials in end use sectors is also expected to restrain the battery electrolyte market.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Smruti Ranjan, Rajrani Baghel