Battery Additives Market To 2023 Analysis, Business Strategy, Opportunities, Tre
Posted by Market Research Future on August 14th, 2019
Battery Additives Market Overview to 2023:
Battery additives are the key components of the batteries, which regulate the functioning of the battery and boost their power performance. Battery additives such as conductive additives, porous additives, and nucleating additives are used in the batteries to increase the charge holding capacity and rate of charging.
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The battery additives are used in different kinds of batteries such as lithium-ion batteries (Li-ion) and Lead-Acid batteries. Lithium-ion batteries are largely used in consumer electronics applications such as mobile phones, smart watches, and rechargeable batteries. They consist of four components, namely electrode, cathode, anode, and separator. Battery additives are used in the electrodes, which act as conducting medium between the cathode and anode. The increasing use of smartphones and rechargeable batteries are contributing to the growth of lithium-ion batteries, which in turn is expected to boost the demand for and sale of battery additives.
In addition, the rising demand for rechargeable batteries for use in military & defense, in remote areas and the areas with the absence of electricity are contributing to the growth of the battery market. This factor is also expected to be the major contributor to the growth of the global battery additives market. Additionally, the increasing adoption of plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs), and electric vehicle (EVs) in the automotive industry is expected to fuel the growth of the global battery additives market.
Furthermore, technological advancements in the lithium-ion batteries are expected to create growth opportunities for the players operating in the global battery additives market during the forecast period. However, safety issues related to the battery additives are slightly limiting their demand, which it is expected to retrain the growth of the global battery additives market during the review period.
The global battery additives market is projected to reach USD 1.9 billion by 2023, at a CAGR of 9.1%.
The global battery additives market has been segmented on the basis of type, application, and region.
By type, the global battery additives market has been classified into conducting additive, porous additive, and nucleating additive.
Based on application, the global battery additives market has been divided into Li-ion batteries and lead-acid batteries. The Li-ion batteries segment is further sub-segmented into industrial application, portable devices, EVs, and others.
The global battery additives market has been analyzed across five regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East & Africa. The Asia-Pacific market accounted for largest share in the global battery additives market. While the North American held the second-largest share, owing to the increasing use of smartphones and EVs in the region. Europe is expected to witness high demand for Li-ion batteries, owing to its portable use and growing adoption in the manufacturing of smartphones. The Latin American market is expected to witness remarkable growth during the forecast period, due to the growing demand for lead acid batteries in the automotive industry in the region. However, the Middle East & Africa is projected to show sluggish growth during the review period.
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