Battery Additives Market Size To Expand at a Notable CAGR Of 9.1%. During 2021 - 2030
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The global battery additives market has been segmented on the basis of type, application, and region.
By type, the global battery additives market has been divided into conductive additive, porous additive, and nucleating additive. The conductive additive segment held the largest share of the global battery additives market in 2017, and was the fastest growing segment, due to its increasing use in the manufacturing of lead acid batteries.
Based on application, the global battery additives technology analysis has been classified into Li-ion batteries and lead-acid batteries. Among these, the lead-acid batteries segment held the largest share of the global, whereas the Li-ion batteries was the fastest growing segment in 2017. The growth is attributed to the increasing use of lead-acid batteries in the automotive and electronics industries. The growing interest in electronic appliances such as smartphones and other electronics appliances has resulted in an increase in the use of lead acid batteries. In addition, the growing use of lead-acid batteries in automobiles, for internal combustion of engines, lighting, and starting the vehicle, is uplifting the demand of Li-ion batteries. Thus, the increasing demand for lead-acid batteries is projected to fuel the growth of the global battery additives market during the review period.
By sub-application, the Li-ion batteries segment is further divided into portable devices, industrial applications, EVs, and others. The EVs segment held the largest share and also was recognized as the fastest growing sub-segment of Li-ion batteries in the global battery additives market in 2017. The use of EVs is increasing with increasing awareness regarding environmental safety. EVs are environmentally friendly owing to which their demand is increasing.
The global battery additives market has been analyzed across five regions, namely Asia-Pacific, North America, Europe, Latin America, and the Middle East Africa. The Asia-Pacific market accounted for largest share in the global battery additives market. While the North American held the second-largest share, owing to the increasing use of smartphones and EVs in the region. Europe is expected to witness high demand for Li-ion batteries, owing to its portable use and growing adoption in the manufacturing of smartphones. The Latin American market is expected to witness remarkable growth during the forecast period, due to the growing demand for lead acid batteries in the automotive industry in the region. However, the Middle East Africa is projected to show sluggish growth during the review period.
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Cabot Corporation (US), 3M (US), Imerys (France), Hammond (US), SGL Carbon (Germany), Borregaard (Norway), HOPAX (Taiwan), PENOX (Germany), ALTANA (Germany), and US Research Nanomaterials, Inc. (US) are some of the prominent players in the global battery additives market.
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