Market Size of Lithium-ion Battery's Electrolyte Solvent Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 21.50 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia-Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Lithium-Ion Battery Electrolyte Solvents Market Analysis
The lithium-ion battery's electrolyte solvent market is expected to record a CAGR of more than 21.5% during the forecast period.
The COVID-19 pandemic had a negative impact on the market, owing to the lockdown in various countries across the world led to supply chain constraints that significantly obstructed the expansion of the industry. Moreover, the production of automobiles and electronics observed a temporary halt which led to a decrease in demand for its major end-user industries. However, with improvement in the pandemic situation and the restart of automobile and electronic production operations, the market is now estimated to have reached pre-pandemic levels, and it is expected to grow steadily during the forecast period.
- The increasing demand from electric vehicle manufacturers and growing demand from smartphone manufacturers are likely to drive the demand for lithium-ion battery's electrolyte solvents.
- On the flip side, potential hazards caused by using impure electrolyte solvent is expected to hinder the growth of the market.
- Factors like emerging technologies in the production of non-flammable solvents and the increasing scope of lithium-ion batteries in aerospace applications are likely to offer numerous opportunities to the manufacturers during the forecast period.
- Asia-Pacific accounted for the largest share across the world, with China clearly dominating the global demand.
