Wilmington, Delaware, United States, Dec. 13, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global solid electrolyte market was estimated at a value of US$ 23.4 million in 2022. It is anticipated to register a 12.3% CAGR from 2023 to 2031 and by 2031, the market is likely to attain US$ 66.4 million by 2031.
One of the main drivers of the growth of the solid electrolyte market globally is the emergence of electric vehicles (EVs). Modern batteries with greater energy density, quicker charging times, and enhanced safety are becoming more and more necessary as the demand for electric vehicles rises.
There are a number of benefits that solid-state batteries with solid electrolytes have over conventional lithium-ion batteries, making them a potentially useful technology for electric vehicles. For example, solid-state batteries have a better energy density than other battery types, enabling smaller battery packs and a longer driving range. These may also be charged more quickly, cutting down on the amount of time needed for charging.
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Key Findings of the Market Report
- Rising investment in research and development in the sector are driving up demand for lithium-ion battery electrolytes.
- A novel method for stabilizing lithium metal electrodes and electrolytes in lithium metal batteries has been found by researchers from the University of Tokyo and the Nagoya Institute of Technology.
- Lithium metal battery development may be able to satisfy the increasing need for energy storage devices with extended lifespans and high energy densities.
- Better options for energy storage systems with excellent performance and dependability are being made possible by advancements in the battery sector.
Market Trends for Solid Electrolytes
- The thin-film battery category held the highest proportion of the global solid electrolyte market in terms of application in 2022. Compared to traditional Li-ion batteries, thin film batteries provide a number of benefits, such as an ultra-thin profile, high density of energy, and a long cycle life.
- These batteries are perfect for use in low-power electronics and other thinner products like smart cards and medical equipment. With the growing desire for lighter and smaller electronic gadgets, thin film batteries are expected to become increasingly commonplace in the market.
- The two main uses of thin film batteries are in cardiac pacemakers to treat patients with abnormal heart rhythms and RFID tags for shipping and inventory control.
Global Market for Solid Electrolyte: Regional Outlook
Various reasons are propelling the growth of the solid electrolyte market throughout the region. These are:
- Throughout the projection period, the market in Asia Pacific is anticipated to expand quickly. In the coming years, Japan, South Korea, China, and India are probably going to be the most important markets in the area. In 2022, China held a market share of over 55% in the worldwide solid electrolyte market.
- With a 17% share in the worldwide solid electrolyte market in 2022, North America is a desirable location. Because of the U.S.'s increased investment in bio-oil projects, the region's solid electrolyte sector has grown robustly.
- Europe has a 17% market share globally in 2022. This is attributed to the region's EV industry's rapid expansion. In the upcoming years, the market in other rising economies—like Brazil, South Africa, and Chile—should expand at a reasonable rate.
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Global Solid Electrolyte Market: Key Players
To provide environmentally friendly products, companies are heavily spending on research and development. Prominent companies are working together to broaden their business lines and innovate new products faster in local and global marketplaces.
Due to the rise in market income brought about by the commercialization of solid electrolyte, major businesses have expanded their manufacturing facilities into previously unexplored areas, especially in developing nations. The following companies are well-known participants in the global solid electrolyte market:
- Solid Power
- ProLogium
- Ilika
- Cymbet Corporation
- Excellatron Solid State
- QuantumScape
- Ionic Materials
- Panasonic Corporation
- Toyota Motor Corporation
- Hyundai Motor Company
- Samsung SDI
- Hitachi Zosen Corporation
- Mitsui Mining & Smelting Co. Ltd.
- Taiyo Yuden Co., Ltd.
- Murata Manufacturing Co. Ltd.
Key developments by the players in this market are:
- The sixth-largest steelmaker in the world, POSCO Group, stated on March 15, 2022, that it has begun building a solid electrolyte production plant in Yangsan city, which is located around 420 kilometers southeast of Seoul. The South Korean factory is anticipated to begin producing up to 24 tons of the components needed to make 1,000 electric vehicles (EVs) each year in the second half of the year.
- A group of investors from the government, energy, and automotive sectors helped BASQUEVOLT, a new solid-state technology firm in Europe, finish its first round of seed fundraising in 2021, with a total value of EUR 10 million. BASQUEVOLT is creating cost-effective and environmentally friendly technologies that will enable the widespread use of electric vehicles, fixed energy storage, and cutting-edge portable applications.
Global Solid Electrolyte Market Segmentation
Type
- Inorganic Solid Electrolyte (ISE)
- Solid Polymer Electrolyte (SPE)
- Composite Polymer Electrolyte (CPE)
Rechargeablity
- Primary Battery
- Secondary Battery
Application
- Thin Film Batteries
- Electric Vehicle Batteries
- Energy Harvesting
- Medical Devices
- Wireless Sensors
- Others
End Use
- Telecom
- Automotive
- Consumer Electronics
- Aerospace & Defense
- Others
Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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