Battery Additives Market is Estimated to Reach USD 2755.0 Million at a CAGR of 8.1% by 2028
The global battery additives market is forecast to reach USD 2,755.0 Million by 2028, according to a new report by Reports and Data. Battery additives are specialty chemicals that are utilized in the manufacturing and maintenance of batteries. During the normal functioning of a battery, the electrodes accumulate crystals also called sulfation. These crystals reduce the ability of the battery to charge, discharge, and depreciates the output of the batteries over time. Shading of battery plates occurs over time, which, in turn, causes sedimentation at the bottom part of the batteries, causing a short circuit. The additive treatments are mostly operational with old battery models, expanding their life by a few months until a replacement is sought for. Current batteries already contain additives that reduce sulfation and internal erosion.
The market for battery additives is influenced by the rising demand for consumer electronics, the evolution of environment friendly chemicals required by the manufacturers of electronic vehicles which creates a heavy demand for batteries. Consumer electronics involve a wide array of products like smartphones, Bluetooth headsets, fitness bands, smart-watches, laptops, and handheld games, among others.
Top Companies Operating in the Global Battery Additives Market:
3M Co., Cabot Corporation, Hammond Group, Colonial Chemical Corp., Orion Engineered Carbons, Altana AG, Zircon Industries, Atomized Products Group Inc., Prince International Corporation, and SGL Group
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Further key findings from the report suggest
- The porous additive segment is set to observe the highest CAGR of 10.2% during the forecast period. This is owing to the high utility in electric vehicles and the cheap manufacturing cost of this type of batteries.
- Lead-acid batteries held the largest market share of 49.5% in the year 2018, owing to its increased utility in the automotive segment. They are being utilized highly in regions where the infrastructure for electric vehicles has developed in the previous years. Usage of additives in this segment allows the batteries to last longer against corrosion, self-discharging and overcharging.
- The conductive segment for battery additives held the largest market share of 32.9% in the year 2018. This is owing to the rapid research in the scope of this additive type. The development of solid-state batteries is directly relatable to the advancement in the conductive segment for batteries.
- Asia Pacific is forecasted to observe the highest CAGR of 11.3% during the forecast period. Countries like India and China are rapidly catching on with the growth in the battery additive market. The advent of electric vehicles owing to their environment-friendly nature is boosting the market growth in this region.
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Key Regional Markets Covered in the Report:
- North America (U.S.A., Canada, Mexico)
- Europe (Italy, U.K., Germany, France, Rest of Europe)
- Asia Pacific (India, China, Japan, South Korea, Australia, Rest of Asia Pacific)
- Latin America (Chile, Brazil, Argentina, Peru, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)
Battery Additives Market Segmentation
By Additive Type Outlook:
By Application Outlook:
- Nickel ion
By End-Use Outlook:
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