Battery Additives Market size is projected to reach USD 3.6 Billion by 2031, growing at a CAGR of 8.8%: Straits Research

New York, United States, Jan. 24, 2023 (GLOBE NEWSWIRE) — Additives are the critical components of the batteries, which reduce sulfation and corrosion of batteries and enhance the performance and life span of the battery. Additive treatments are the most effective with the older battery models, expanding their life by a few months until a replacement is on hand. The increasing demand for new technological batteries already includes additives that reduce sulfation and corrosion. The battery development has led to finding the two fronts, reflecting increased specific energy for longer runtimes and improved specific power for high-current load requirements. The growth in the market is due to increasing investment in renewable energy and the high Adoption of HEV, PHEV, and EV in the automotive industry.

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Growing Adoption of plug-in hybrid Electric vehicles in the automotive industry triggers market growth.

The demand for lead acid and Li-ion batteries are gaining considerable traction among application such as consumer electronics and high Adoption of HEV, PHEV, and E.V. in the automotive industry. The lithium-ion battery market as recently experienced strong growth owing to increasing E.V.s and solar electric systems applications. The batteries have four components: electrode, cathode, anode, and separator. Lithium has the most significant electrochemical potential and provides the most considerable specific energy per weight, thus may raise the demand for battery additives and their end user in the market.

The increasing adoption of plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs), and electric vehicles (E.V.s) in the automotive industry is expected to fuel the growth of the global battery additives market owing to the reduction of greenhouse gas emissions. According to U.S. Energy Information Administration, driving on electricity emits 54.55% fewer carbon dioxide emissions per mile than the average new gasoline car. The lithium-ion battery is safe, but with millions of consumers using batteries, failures are bound to happen. Battery key players are also focusing on the safety concerns regarding the battery.

Report Scope

Report Metric Details
Market Size USD 3.6 Billion by 2031
CAGR 8.8% (2023-2031)
Historical Data 2020-2021
Base Year 2022
Forecast Period 2023–2031
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Type, End-Users, Regions
Geographies Covered North America, Europe, Asia-Pacific, LAME and Rest of the World
Key Companies Profiled/Vendors Cabot Corporation (US), 3M (US), IMERYS (France), Orion Engineered Carbons (Luxembourg), Hammond Group (US), SGL Carbon (Germany), Borregaard (Norway), HOPAX (Taiwan), Battery Equaliser PENOX (Germany), and ALTANA (Germany).,
Key Market Drivers Growing Adoption of plug-in hybrid Electric vehicles in the automotive industry triggers market growth.

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Regional Insights

Asia Pacific is estimated to be the largest battery additives market due to the high consumption of portable devices and automotive applications in emerging nations such as China, India, and Japan. Growing population, increasing disposable incomes, and end-use industries have led to innovation and development, gaining traction in the region. China is both the biggest manufacturer and the biggest market for cars globally, the International Energy Agency(IEA) says China buys more than half of the world’s new electric cars. Though the China Association of Automobile Manufacturers (CAAM) says 601,000 NEVs were sold in the first three quarters of 2018, China accounted for about 35% of all the electric cars sold worldwide. The country has the most significant wind and solar P.V. installed capacity and is presently witnessing a continuous rise in the renewable energy installed capacity. The growth in high-speed rail networks worldwide will gain traction in lead-acid batteries in Southeast Asia.

The North American battery additives market is on an upsurging end due to the contribution of the developed economies of the United States and Canada. The primary critical players from the region, such as Battery Equalizer, expand automobile sales in these two countries mainly due to lead-acid batteries’ superior performance and longevity. The increased deployment of solar off-grid power systems uses batteries for energy storage, so their increased installments of such systems across the region will drive the lead-acid battery market.

Europe battery additives key players continue to scout for emergent and dynamic new markets to bolster their European business. Electrification and hybridization in the market offer to grow in importance for the de-carbonization of other transport modes. As per European Union, Norway aims to sell only electric cars by 2025, while India aims to be all-electric by 2031. Many factors contributed, including the ongoing headwinds for diesel technology and increasing consumer interest in E.V.s. Norway is the leading country in the E.V.s market, followed by Germany.

Latin America is expected to grow in the foreseen decades because of its developing economy. The growth in the region is coming from both the automotive and industrial sectors powered by usage in telecom, railways, power, and other industrial applications.

MEA is expected to witness steady growth in the industrial sector due to growing awareness among users of lower-quality batteries, implementing policies across emerging nations, and several initiatives by organized battery key players. Furthermore, expanding the 5th Generation-based telecommunication network and implementing vision documents in Saudi Arabia, UAE, Qatar, and Kuwait are expected to further the region’s battery additives market in the forecast period.

Key Highlights

  • The global Battery Additives market size is projected to reach a value of USD 3.6 billion by 2031, registering a CAGR of 8.8% during the forecast period (2023-2031).
  • By type, the battery additives market is segmented into conductive, porous, and nucleating additives. The conductive additive segment led the highest market share in the recent year due to its increasing use in manufacturing lead-acid batteries.
  • By application, the battery additives market is segmented into lead acid and Li-ion. Li-Ion batteries are sub-segmented into industrial applications, portable devices, E.V.s, and others. Lead acid is the most extensive application and holds the largest market share due to the increasing use of lead-acid batteries in the automotive, consumer electronics, and industries. Also, these batteries are used in standby applications such as telecommunication, burglar, fire alarms, and emergency lighting.
  • Depending on the region, the market is analyzed in North America, Asia-Pacific, Europe, and LAMEA. North America dominates the market.

Competitive Landscape

Some of the key players in the global battery additives market are

  • Cabot Corporation (U.S.)
  • 3M (U.S.)
  • IMERYS (France)
  • Orion Engineered Carbons (Luxembourg)
  • Hammond Group (U.S.)
  • SGL Carbon (Germany)
  • Borregaard (Norway)
  • HOPAX (Taiwan)
  • Battery Equaliser  PENOX (Germany)
  • ALTANA (Germany)

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Battery Additives Market Segmentation

By Type

  • Conductive Additive
  • Porous Additive
  • Nucleating Additive

By End-Users

  • Lithium-Ion Battery
    • Industrial Application
    • Portable Devices
    • EVs
    • Others
  • Lead Acid Battery

Regions Covered

  • North America
  • Europe
  • Asia-Pacific
  • Latin America
  • MEA

TABLE OF CONTENT

1          Introduction

1.1       Market Definition

1.2       Market Scope

2          Research Methodology

2.1       Primary Research

2.2       Research Methodology

2.3       Assumptions & Exclusions

2.4       Secondary Data Sources

3          Market Overview

3.1       Report Segmentation & Scope

3.2       Value Chain Analysis: Battery Additives Market

             3.2.1 Vendor Matrix

3.3       Key Market Trends

3.3.1    Drivers

3.3.2    Restraints

3.3.3    Opportunities

3.4       Porter’s Five Forces Analysis

3.4.1    Bargaining Power of Suppliers

3.4.2    Bargaining Power of Buyers

3.4.3    Threat of Substitution

3.4.4    Threat of New Entrants

3.4.5    Competitive Rivalry

3.5       Regulatory Landscape

3.6       Technological Landscape

3.7       Market Share Analysis

4          Type Overview

4.1       Introduction

4.1.1    Market Size & Forecast

4.2       Conductive Additive

4.2.1    Market Size & Forecast

4.3       Porous Additive

4.3.1    Market Size & Forecast

            4.4       Nucleating Additive

                        4.4.1    Market Size & Forecast

5          Application Overview

5.1       Introduction

5.1.1    Market Size & Forecast

5.2       Lithium-Ion Battery

5.2.1    Market Size & Forecast

5.2.2    Industrial Application

            5.2.2.1     Market Size & Forecast

5.2.3    Portable Devices

            5.2.3.1     Market Size & Forecast

5.2.4    EVs

            5.2.4.1       Market Size & Forecast

5.2.5    Others

            5.2.5.1      Market Size & Forecast

5.3       Lead Acid Battery

5.3.1    Market Size & Forecast

6          Regional Overview

6.1       Introduction

6.1.1    Market Size & Forecast

6.2       North America

            6.2.1    Market Size & Forecast

            6.2.2.   U.S.

6.2.2.1             By Type

6.2.2.2             By Application

6.2.3    Canada

6.2.3.1             By Type

6.2.3.2             By Application

6.2.4    Mexico

6.2.4.1             By Type

6.2.4.2             By Application

6.3       Europe

6.3.1    Market Size & Forecast

6.3.2    Germany

6.3.2.1             By Type

6.3.2.2             By Application

6.3.3    France

6.3.3.1             By Type

6.3.3.2             By Application

6.3.4   U.K

6.3.4.1             By Type

6.3.4.2             By Application

6.3.5    Italy

                         6.3.5.1             By Type

6.3.5.2             By Application

6.3.6    Rest of Europe

                           6.3.6.1             By Type

6.3.6.2             By Application

6.4       Asia Pacific

6.4.1    Market Size & Forecast

6.4.2    Japan

                          6.4.2.1             By Type

6.4.2.2             By Application

6.4.3    China

                           6.4.3.1             By Type

6.4.3.2             By Application

6.4.4    Australia

                           6.4.4.1             By Type

6.4.4.2             By Application

6.4.5    India

                          6.4.5.1             By Type

6.4.5.2             By Application

6.4.6    South Korea

                           6.4.6.1             By Type

6.4.6.2             By Application

6.4.7    Rest of Asia-Pacific

                           6.4.7.1             By Type

6.4.7.2             By Application

6.5       Middle East & Africa

6.5.1    Market Size & Forecast

6.5.2    Saudi Arabia

                           6.5.2.1             By Type

6.5.2.2             By Application

6.5.3    South Africa

                           6.5.3.1             By Type

6.5.3.2             By Application

6.5.4    Kuwait

                           6.5.4.1             By Type

6.5.4.2             By Application

6.5.5    Rest of Middle East & Africa

                           6.5.5.1             By Type

6.5.5.2             By Application

6.6      Latin America

6.6.1    Market Size & Forecast

6.6.2    Brazil

                           6.6.2.1             By Type

6.6.2.2             By Application

6.6.3    Columbia

                           6.6.3.1             By Type

6.6.3.2             By Application

6.6.4    Argentina

                           6.6.4.1             By Type

6.6.4.2             By Application

6.6.5    Rest of Latin America

                           6.6.5.1             By Type

6.6.5.2             By Application

7          Company Profile

7.1       Cabot Corporation

7.1.1    Company Overview

7.1.2    Financial Performance

7.1.3    Recent Developments

7.1.4    Product Portfolio

7.2       3M

7.2.1    Company Overview

7.2.2    Financial Performance

7.2.3    Recent Developments

7.2.4    Product Portfolio

7.3       IMERYS

7.3.1    Company Overview

7.3.2    Financial Performance

7.3.3    Recent Developments

7.3.4    Product Portfolio

7.4       Orion Engineered Carbons

7.4.1    Company Overview

7.4.2    Financial Performance

7.4.3    Recent Developments

7.4.4    Product Portfolio

7.5       Hammond Group

7.5.1    Company Overview

7.5.2    Financial Performance

7.5.3    Recent Developments

7.5.4    Product Portfolio

7.6       SGL Carbon

7.6.1    Company Overview

7.6.2    Financial Performance

7.6.3    Recent Developments

7.6.4    Product Portfolio

7.7       Borregaard

7.7.1    Company Overview

7.7.2    Financial Performance

7.7.3    Recent Developments

7.7.4    Product Portfolio

7.8       HOPAX

7.8.1    Company Overview

7.8.2    Financial Performance

7.8.3    Recent Developments

7.8.4    Product Portfolio

Table of Content and Figure @ https://straitsresearch.com/report/battery-additives-market/toc

Market News                     

  • Cabot Corporation will introduce its new LITX® 93 Series of conductive carbon additives for lithium-ion battery applications in November 2022.
  • Cabot Corporation will raise prices for carbon black products sold by its specialty carbons business globally starting in October 2022.
  • By early 2023, Orion will have finished its black gas expansion.
  • Orion will build only a conductive additives plant based on acetylene in the U.S.
  • In July 2022, Wirtz Manufacturing, Hammond Group, and Gridtential will begin producing biplate electrodes for silicon joule batteries.

News Media

Automotive Sector Holds the Major Market Share in Battery Additives Market

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