A battery is a product which transforms stored chemical energy directly into electrical energy. The main components of battery are anode, cathode, and electrolyte. Batteries use electrolyte as the chemical source for the electricity production. Electrolyte is substance which releases ions when dissolved in solvent or liquid. The battery electrolyte market is progressing at a good rate in the recent years, and anticipated to register a significant growth during the forecast years. The growth is majorly attributed to the increasing adoption of electric vehicles, increase in automobile sales, and increase share of alternative energy sources in the energy mix.
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Asia-Pacific battery electrolyte market is expected to account for the largest share in the market. The major market growth is attributed to the increasing demand from end-user industries which include energy storage, electric vehicles, portable consumer electronics, and others. Along with that, the increasing number of telecom towers and rising electrification in the countries such as India are also driving the market growth in the region.
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Key companies are adopting various strategies such as acquisitions, expansions, mergers, research and development, and joint ventures in order to meet the increasing demand for battery electrolyte and also to expand their market presence and footprint. Some of the key players operating in the global battery electrolyte industry are Mitsubishi Chemical Corporation, Shenzhen Capchem Technology Co., Ltd., Ube Industries, Johnson Controls, Guangzhou Tinci Materials Technology Co., Ltd., 3M Company, BASF SE, LG Chem, American Elements, and GS Yuasa Corporation.
Battery Electrolyte Market by Region
- Rest of Europe
- Rest of Asia-Pacific
- Rest of Latin America
Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- Rest of MEA