“The battery additives market is projected to register a CAGR of 9.0%, in terms of value, between 2018 and 2023.”
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. The growth of this market is attributed to the increasing investments in renewable energy. Another factor driving the battery additives market is the growing demand for Li-ion batteries in consumer electronics and high adoption of HEV, PHEV, and EV in the automotive industry. However, underdeveloped support infrastructure for EVs and stringent safety issues related to batteries are restraining the growth of the battery additives market. Technological advancements in Li-ion batteries are providing growth opportunities for battery additives manufacturers.
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“Lead acid application to be the largest segment of the battery additives market, in terms of value.”
The lead acid segment was the largest application of battery additives in 2017. It is the most widely used application in industries such as automotive, consumer electronics, and industrial. The most common use of lead acid batteries is for starting, lighting, and ignition (SLI) in automobiles and other vehicles with internal combustion engines. They are also used in standby applications such as telecommunication, burglar, fire alarms, and emergency lighting.
“The Electric Vehicles sub application is projected to register a higher CAGR during the forecast period.”
The EVs segment is projected to be the fastest-growing sub application in the Li-ion segment of the battery additives market during the forecast period. The demand for EVs in the automotive industry is rising as it offers better efficiency and clean and sustainable fuel. In addition, governments are promoting the adoption of alternative fuel vehicles to reduce the dependence on oil imports. Additionally, innovation and technology advancements in Li-ion batteries are the key opportunities for the market players. All major players are investing in R&D of battery additives. This has led to various improvements in batteries in terms of higher power output and energy density, quick charging, more safety, and longer shelf life, which is increasing the demand for EVs, globally.
“APAC is projected to be the largest battery additives market, in terms of value, during the forecast period.”
The APAC battery additives market is projected to register the highest CAGR during the forecast period. This growth is mainly driven by high demand in portable devices and electric vehicles applications. Rising population and growing end-use industries have led to innovation and development, making APAC an important industrial hub, globally. High growth and innovation along with industry consolidations are expected to lead to the rapid growth of the market in APAC.
This study was validated through primary interviews conducted with various industry experts worldwide. The primary sources were divided into three categories, namely, company type, designation, and region.
- By Company Type – Tier 1: 25%, Tier 2: 50%, and Tier 3: 25%
- By Designation - C Level: 30%, Director Level: 20%, and Others: 50%
- By Region - APAC: 30%, Europe: 25%, North America: 20%, South America-15%, and the Middle East & Africa-10%
The report profiles several leading players of the battery additives market that 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 report also includes detailed information about various growth strategies adopted by these key players to strengthen their position in the battery additives market.
- The report offers insights into the battery additives market in the key regions. It aims at estimating the size of the battery additives market during the forecast period and projects future growth of the market across the application, sub application, and region segments.
- The report also includes an in-depth competitive analysis of the key players in the battery additives market along with their company profiles, SWOT analysis, recent developments, and key market strategies.
Key Benefits of Buying the Report:
- The report will help leaders/new entrants in the battery additives market by providing them with the closest approximations of revenues for the overall market and its various subsegments.
- This report will help stakeholders obtain a better understanding of the competitive landscape and gain insights to enhance their businesses and devise suitable market strategies.
- The report will also help stakeholders understand the pulse of the market and help acquire information on key market drivers, restraints, challenges, and opportunities affecting the growth of the battery additives market.