A report by Future Market Insights called “Lithium and Lithium Ion Battery Electrolytes Market” finds that the global lithium and lithium ion battery electrolytes market will experience steady growth in the next ten years, due to the use of these type batteries in automotive and consumer electronics applications.
Recent increased sales of electric vehicles has benefited lithium and lithium ion battery electrolytes manufacturers , driving them to introduce newer materials and technologies.
The global lithium and lithium ion battery electrolytes market value in 2019 is estimated at $2.7bn, increasing at a CAGR of about 13% to 2029. The progress is mainly due to the growing consumption of lithium and lithium ion battery electrolytes as battery material for electric vehicles and electronics such as laptops, cameras and personal digital assistants, among others. The power and energy industry has started using electrolytes for energy storage plants in multiple areas, increasing the usage of electrolytes for powering general industrials such as forklift, cement mixers and air filters, among others.
Although regions such Europe and North America are expected to hold significant market shares in the future, most of the current lithium and lithium ion battery electrolytes market growth is spearheaded by China, Japan and South Korea.
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