Global Battery Electrolyte Market: Overview
A battery electrolyte is a medium that is used in batteries for ion transfer. Electrolyte is usually a liquid, which is used to transfer ions from one electrode to another. Electrolytes are also available in gel and dry solid forms. Electrolyte consists of soluble salts, acids, and other bases. Battery stores electrical charge or energy in the form of chemical energy using electrolyte. Electrolyte is the chemical that stores electrical charge in a battery. It is the medium through which electrical charge is transferred between cathode and anode. This is done by oxidation reaction, wherein the chemical on anode releases electrons to the negative terminal, and ions in the electrolyte. These electrons are accepted by cathode, thus completing the circuit. Electrolyte brings different chemicals of the cathode and anode in contact with each other, and converts the stored chemical energy into electrical energy. Thus, electrolyte forms one of the major parts of battery construction and plays an important role in the battery overall functioning. Batteries are an integral part of several industries such as automotive, consumer electronics, aerospace & defense, and manufacturing. These industries, especially automotive and the consumer electronics, are among the major users of batteries. These industries are poised to expand at a rapid pace in the near future. This is likely to drive the battery market, thereby boosting the battery electrolyte market.
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Global Battery Electrolyte Market: Key Segments
Based on form of electrolyte, the battery electrolyte market can be segmented into liquid electrolyte, gelled electrolyte, and dry solid electrolyte. Lithium-ion battery uses dry polymer, gel, or liquid type of electrolyte. Lithium-ion battery with liquid electrolyte is a solution of lithium salts with organic solvents added to it. Ethylene carbonate is the organic solvent that is usually added to increase conductivity and expand temperature range of the electrolyte. Lithium-ion battery with gelled electrodes has to be added with several additives to increase its conductivity. Batteries with dry polymer are rarely used commercially. Dry polymers become conductive at elevated temperatures. Sulfuric acid and potassium hydroxide are among the commonly used liquid electrolytes. Lead acid batteries, nickel-cadmium batteries, and nickel-metal-hydride batteries use liquid electrolytes such as sulfuric acid and potassium hydroxide. Currently, the battery electrolyte market is dominated by the liquid electrolyte segment. The segment is anticipated to expand at a steady pace during the forecast period.
Based on region, Asia Pacific is likely to dominate the global battery electrolyte market during the forecast period owing to the expansion of end-user industries in the region. Automotive and consumer goods industries in Asia Pacific have been expanding at a significant pace since the last few years. This trend is estimated to continue during the forecast period. This can be majorly ascribed to the economic development in some of the developing countries such as China and India, in the region. These countries are among the major markets for automotive and consumer goods industries. Furthermore, disposable income of the people in these countries has risen since the last few years. This has supplemented the sales of automobiles and consumer goods, which are the major end-user industries of batteries.
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Global Battery Electrolyte Market: Key Players
Key players operating in the global battery electrolyte market include Mitsubishi Chemical Corporation, Shenzhen Capchem Technology Co., Ltd., Johnson Controls, BASF SE, LG Chem, Ube Industries, Guangzhou Tinci Materials Technology Co., Ltd., GS Yuasa Corporation, and American Elements.
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