Battery Electrolyte Market is Estimated to Surpass USD 27.58 Billion in 2030: Reports and Data
The global battery electrolyte market size was USD 6.56 Billion in 2021 and is expected to register a revenue CAGR of 17.3% over the forecast period, according to the latest report by Reports and Data.
Rising R&D efforts and demand for lithium-ion battery electrolytes are important factors driving market revenue growth. Researchers from the University of Tokyo and the Nagoya Institute of Technology, for example, discovered a new mechanism for maintaining lithium metal electrodes and electrolytes in lithium metal batteries. This method does not rely on traditional kinetic strategies and has the potential to dramatically enhance battery energy density. Lithium metal batteries are a feasible technology that might meet the demand for high-energy-density storage systems.
In 2021, lithium-based battery technology will dominate the battery electrolyte market for the majority of applications. Electric vehicles will consume around 225 GWh of capacity. Low-/no-lithium battery technology should lead to more cheap items with better energy densities than Li-ion batteries in the long run. However, battery manufacturers are looking for little advantages to offset large expenditures they've made in their present operations. The industry will have a major burden in developing fabs, training employees, and locating raw materials to support present supply chains in order to fulfil a forecast 20-fold increase in demand for high-performance batteries over the next 10-15 years.
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