The report “Battery Additives Market by Type (Conductive Additive, Porous Additive, and Nucleating Additive), Application (Lead Acid and Li-ion), and Region (APAC, Europe, North America, South America, and the Middle East & Africa) – Global Forecast to 2023″ The battery additives market is projected to grow from USD 1.2 billion in 2018 to USD 1.8 billion by 2023, at a CAGR of 9.0%. There is an increase in the demand for battery additives in Li-ion batteries in the consumer electronics application. Li-ion batteries are used in various consumer electronics applications such as smartphones, laptops, fitness bands, smartwatches, Bluetooth headsets, and handheld games. Li-ions are used in these devices as they are compact, small in size, offer high energy capacity, and can be easily fit into the device to be powered. Underdeveloped support infrastructure for EVs and stringent safety issues related to batteries are restraining the growth of the battery additives market.
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The battery additives market size is estimated at USD 1.2 billion in 2018 and is projected to reach USD 1.8 billion by 2023, at a CAGR of 9.0%.
The growth of the automotive and consumer electronics industries in developing countries and increasing investments in renewable energy are expected to drive the demand for battery additives during the forecast period. The key players in the battery additives market include Cabot Corporation (US), 3M (US), IMERYS (France), Orion Engineered Carbons (Luxembourg), Hammond Group (US), SGL Carbon (Germany), Borregaard (Norway), HOPAX (Taiwan), PENOX (Germany), and ALTANA (Germany). The battery additives market report analyzes the key growth strategies, such as expansion, new product launch, and acquisition, adopted by the leading market players between 2015 and 2019.
Orion Engineered Carbons is among the key players in the battery additives market. The company has adopted the strategy of acquisition to strengthen its competitiveness in the global battery additives market. For instance, in November 2018, Orion Engineered Carbons acquired acetylene carbon black manufacturer Société du Noir d’Acétylène de l’Aubette, which was initially a part of LyondellBasell Industries Holdings B.V. This acquisition added acetylene carbon black to its product portfolio which is used in Li-ion batteries and high-end electrical cables manufacturing. This will strengthen the company’s reach in the battery additives market in the US.
Cabot Corporation is one of the leading manufacturers of battery additives; the company has adopted new product launch as one of its key business strategies. For example, in February 2016 the company launched a new conductive additive, LITX 300, for Li-ion battery applications. This new additive is easy to disperse as well as incorporate in the Li-ion battery manufacturing process. It also improves conductivity, flexibility, and shelf life of Li-ion batteries. This strategy is expected to strengthen Cabot’s position in the battery additives business.
The battery additives market size is estimated at USD 1.2 billion in 2018 and is projected to reach USD 1.8 billion by 2023, at a CAGR of 9.0%. One of the major restraints of the battery additives market is the regulations and safety issues related to lead acid batteries. Lead has been recognized as hazardous, as they are highly toxic, and exposure to which can lead to adverse health effects. These effects include neurological damage, delayed mental and physical development, attention and learning deficiencies, and hearing problems.
Innovation and technology advancements in battery additives have led to various improvements in batteries in terms of higher power output and energy density, quick charging, more safety, and longer shelf life. Recently, Japan developed a transparent Li-ion battery that charges itself using sunlight, without using any solar cell. There are plans to integrate this battery as a smart window. On the exposure to sunlight, the battery becomes tinted and transmits 30% light. Currently, the battery offers an output of nearly 3.6 volts and has been successfully tested to complete 20 charges/discharge cycle. Therefore, manufacturers are investing in R&D of battery additives to attain the excellent properties of battery additives.
On the basis of application, the battery additives market is segmented into lead acid, Li-ion, and others. Lead acid is expected to have the largest share, as it offers various advantages such as extended shelf life, inexpensive and simple manufacturing process, and good performance at both low and high temperatures. It finds major applications in the automotive and industrial sectors.
APAC is projected to be the fastest-growing battery additives market. This growth is mainly driven by high demand from automotive and portable devices applications. The demand for battery additives is high in developing economies such as China and India. In recent years, APAC has emerged as a hub for automobile production. Recent infrastructure developments and industrialization activities in the emerging countries have opened new avenues and opportunities for OEMs. The increasing purchasing power of the population has stimulated the demand for consumer electronics and automobile. Recently, in February 2018, Contemporary Amperex Technology Co. Limited (CATL), the largest automotive battery maker in China, announced to open a new factory to expand its annual capacity from 17.5 GWh to 24 GWh by 2020. This expansion will be financed by an initial public offering (IPO) valued at USD 2 billion. All these developments are expected to support the growth of the battery additives market.