Battery Binders Market Size Expected to Reach USD 8.20 Bn by 2033

Ottawa, April 22, 2024 (GLOBE NEWSWIRE) -- The global battery binders market size was estimated at USD 3.60 billion in 2023 and is projected to surpass around USD 7.55 billion by 2032, According to Precedence Research. The battery binders market is driven by new technologies, a rise in demand for electric vehicles, changing consumer preferences, and R&D initiatives.

The battery binders market is the industry that produces, distributes, and sells binders used in battery manufacturing. Binders are critical components in battery systems because they serve to keep coated particles together, bind to metal or separator membranes, aid in film development, form particle dispersion, and remain stable in severe environments. They can be either water-based or solvent-based, with solvent-based binders incurring additional expenses for recovery and environmental compliance. When selecting a binder, examine its ability to execute jobs, withstand severe environments, and improve battery performance. Furthermore, binders must be pliable to avoid cracking or flaws during production or assembly.

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Key Insights

• Asia-Pacific has accounted for more than 40% of the market share in 2023.
• North America is expected to expand at the fastest CAGR during the forecast period.
• By type, the polyvinylidene fluoride segment led the market in 2023.
• By application, the electric vehicle segment has generated more than 33% of the market share in 2023.
• By end-use insight, the automotive segment dominated the market in 2023.
  

Regional Stance

Asai-Pacific dominated the battery binders market in 2023 due to increased research initiatives and technological advancements in batteries. The Asia-Pacific battery binders market size is calculated at USD 1.56 billion in 2024 and is anticipated to hit around USD 3.28 billion by 2033 at a CAGR of 8.60% from 2024 to 2033.

The market is predicted to grow because of the increased usage of styrene-butadiene copolymer (SBR) battery binders in grid-scale energy storage solutions. SBR binders improve performance and lifespan by providing adhesive and mechanical properties for connecting electrode components. The growing popularity of renewable energy storage systems, such as solar and wind, will drive up product demand.

The electronics end-use industry, which accounts for a sizable percentage of the market, is driving the production of battery binders to ensure the safety, performance, and longevity of electronic devices, including smartphones and laptops. The car sector accounts for around 7% of India's GDP and is a vital pillar of the expanding economy and battery binder market. The government has implemented schemes such as Production Linked Incentives (PLI) and Fast Adoption and Manufacturing of (Hybrid) and Electric Vehicles (FAME), which have encouraged both legacy businesses and entrepreneurs to enter the electric car market. India has surpassed Japan as the world's third-largest auto market, after only the United States. When it comes to electric vehicle usage, China is the largest market for that. China significantly contributes to the growth of the battery binders market due to EVs and electronics production on a large scale.

• In March 2023, BASF, a German chemical corporation, intends to grow its polymeric dispersions manufacturing facility in Guangdong, China, with a second line scheduled to begin operations in 2024. The development will boost production capacity in the architectural coatings, construction, and battery binder sectors, as well as support advanced innovations using acrylics and styrene butadiene-containing dispersions. The expansion is consistent with BASF's strategy of investing in emerging Asian markets.
  

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Scope of Battery Binders Market

Report Highlights

Type Insights

The polyvinylidene fluoride segment dominated the battery binders market in 2023. PVDF (Polyvinylidene Fluoride) is essential for powering batteries, particularly lithium-ion batteries, because of its high thermal and electrochemical stability and great adhesion between electrode sheets and collectors. PVDF, made of vinylidene difluoride, is utilized in applications that need purity and resistance to solvents, hydrocarbons, and acids. PVDF serves as a link between electrode species, enhancing their lifespan and energy density. Its chemical resistance guarantees durability in hostile conditions with lithium salts.
  
Application Insights

The electric vehicle segment dominated the battery binders market. Lithium-ion batteries (LIBs) are becoming increasingly popular due to their high energy density-to-weight ratios, which outperform lead-acid and NiMH battery technologies. They use a typical anode and cathode setup, which allows for simple charging and discharging of electrons from Li+ ions. LIBs are the most common secure source of power for EVs, with automobile manufacturers such as Tesla Motors using them on a large scale.

• In April 2024, researchers created a complex binder for silicon oxide electrodes in lithium-ion batteries. This binder improves their electrochemical efficiency and longevity, revolutionizing EV batteries. This novel binder addresses concerns like poor conductivity and excessive expansion when charging, resulting in better performance and durability.
  

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End Use Insights

The automotive segment dominated the battery binders market in 2023. The automobile sector is a key market for battery binders due to the large number of batteries used in hybrid and electric vehicles. Manufacturers are investing in R&D to improve battery performance, minimize production costs, and gain a competitive advantage in the automobile market by developing innovative materials and manufacturing techniques.

Market Dynamics

Drivers

Rise in the automotive industry

The automobile business changed dramatically due to advances in hybrid and completely electric vehicles, self-driving automobiles, and the rise of the semiconductor sector. Materials used in automobile manufacture include glass, steel, plastic, textiles, rubber, and electronics, as well as expertise in materials planning, logistics, robotics, manufacturing systems, tool design, final assembly tests, shipping, and packaging.

The development of power-efficient and sustainable technology is a difficult scientific problem, and with energy consumption projected to rise, organic materials are emerging as a possible alternative. Organics provide low-cost, diverse synthesis methods, lightweight features, and sustainable production. Organic electrode materials (OEMs) have been presented as potential electrodes in Li-ion and Na-ion batteries, with comparable performance, raising the demand for battery binders market.

These materials' performance is determined by the electrochemical processes that occur during battery cycling. Organic compounds can be classified as n-, p-, or bipolar-type based on their charge states in redox processes. P-type materials necessitate a dual-ion battery design, but n-type materials are suitable with typical Li-ion battery topologies and exhibit a larger range of redox potentials.

Restraint

Binder migration

Various factors, including active material expansion and contraction during cycling, electrolyte-induced swelling, and the inclusion of solvents and plasticizing agents in the binder formulation, impact binder migration in lithium-ion batteries (LIBs). Binder migration can cause inadequate bonding between active materials and current collectors, raising contact resistance and lowering electrochemical activity. It can also obstruct ion transport routes, reducing the conductivity of ions and capacity loss.

Increased binder migration can cause higher resistance, lower battery performance, and obstructed ion diffusion, resulting in reduced rate capability and increased resistance within the battery. Temperature, pressure, and other changes can cause the binder to separate from the active material, resulting in voids in the electrode structure. These voids can reduce the electrode's surface area, lowering total capacity and potentially causing battery failure.

Browse More Insigts:

• Styrene Butadiene Latex Market: The global styrene butadiene latex market size accounted for USD 11.60 billion in 2023 and is expected to hit around USD 16.66 billion by 2032, poised to grow at a CAGR of 4.10% during the forecast period from 2023 to 2032.
  
  
• Synthetic Rubber Market: The global synthetic rubber market size was estimated at USD 36.87 billion in 2023 and is expected to hit around USD 59.69 billion by 2032 with a registered CAGR of 5.5% during the forecast period 2023 to 2032.

• Butadiene Market: The global butadiene market size was valued at USD 10.5 billion in 2022, and it is expected to reach around USD 25.43 billion by the end of 2032, poised to grow at a CAGR of 9.3% from 2023 to 2032.
  
  
• Polymethyl Methacrylate (PMMA) Market: The global polymethyl methacrylate (PMMA) market size was estimated at USD 4.9 billion in 2022 and it is expected to hit around USD 8.33 billion by 2032 and is poised to grow at a CAGR of 5.5% during the forecast period 2023 to 2032.
  
  
• Styrene-Butadiene Rubber (SBR) Market: The global styrene-butadiene rubber (SBR) market size was estimated at USD 10.72 billion in 2023 and is projected to hit around USD 17.51 billion by 2032, registering a CAGR of 5.60% during the forecast period from 2023 to 2032.

• Carboxymethyl Cellulose Market: The global carboxymethyl cellulose market size was valued at USD 1.57 billion in 2023 and is anticipated to reach around USD 2.40 billion by 2033, growing at a CAGR of 4.36% from 2024 to 2033.
  
  
• Styrene Market: The global styrene market size was estimated at USD 53.12 billion in 2022 and is expected to be worth around USD 97.31 billion by 2032, poised to grow at a CAGR of 6.24% during the forecast period 2023 to 2032.
  

Opportunity

Advanced technologies

The advancement of artificial intelligence, machine learning, and renewable energy technology has made human life easier. Batteries and other energy storage devices are critical components of electronic gadget functionality. However, the key difficulty is to improve longevity, energy density, and efficiency. Lithium-ion batteries (LIBs) are widely utilized but have drawbacks such as environmental effects, poor electrical conductivity, high cost, and short cycle life. Zinc ion batteries (ZIBs) have been designed for high energy density, efficiency, and environmental friendliness.

Na-ion batteries (NIBs) have been discovered to outperform lithium-ion batteries in terms of stability, safety, cost, and environmental protection. NIBs use Na ions for cathode and anode transport; however, they are heavier and have less energy density than LIBs. LIB binders are typically polyvinylidene fluoride (PVDF), a non-reacting thermoplastic fluoropolymer with moderate density, great heat stability, and chemical inertness. Further research programs have significant opportunities in the battery binders market.

Recent Developments

• In April 2024, AM Batteries, a pioneer in lithium-ion dry-electrode technology, is collaborating with Tokyo-based Zeon Corp. to create dry battery electrodes utilizing a unique binder. Zeon Ventures, a chemical firm, partnered with AM Batteries in December 2022 to help its commercialization.
• In December 2023, A UNIST research team led by Professors Seok Ju Kang and Hyun-Wook Lee created a revolutionary binder technique that greatly increases battery performance by mixing PEDOT: PSS and PEG polymers, opening novel opportunities for high-performance lithium-ion batteries.
• In December 2023, Berkeley Lab scientists created a Quick-Release Binder to make recycling lithium-ion batteries easier, cheaper, and more environmentally friendly. The binder enables the extraction of materials for reuse, solving the shortage of cobalt and nickel in batteries. Recycling is critical to meeting market demands and avoiding resource depletion in the coming decade.
  

Battery Binders Market Companies

• Arkema
• Solvay
• LG Chem
• ENEOS Corporation
• Zeon Corporation
  

Segment Covered in the Report

By Type

• Polymethyl Methacrylate
• Polyvinylidene Fluoride
• Carboxymethyl Cellulose
• Styrene Butadiene Copolymer
• Others
  

By Application

• Electric Vehicle
• Portable Electronics
• Grid Energy Storage System
• Industrial
• Others
  

By Battery Type

• Lead Acid
• Nickel Cadmium
• Lithium-ion
• Others
  

By End Use

• Automotive
• Electronics
• Power Grid
• Consumer Goods
• Others
  

By Regions

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East and Africa
  

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