New York, Oct. 08, 2019 (GLOBE NEWSWIRE) -- The development of battery powered vehicles owing to the rise in demand for consumers and growth in population are propelling the market growth.
The global battery additives market is forecast to reach USD 2.59 Billion by 2026, 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.
The previous-mentioned factors collectively create drivers for the market growth while factors such as unfavorable effects of battery additives pose limitations in the market. These restricting factors include stringent policies regarding the use of hazardous chemicals and the underdeveloped scenario of electric vehicles. Consistent advancements in the electronics and batteries sector owing to innovative efforts have enhanced the efficiency of battery additives.
The population of Asia Pacific has shifted towards the youth, and the purchasing capacity of this population is also increasing. The developing countries are looking at South Korea and China as the global leaders in the battery additives market. These countries consist of over 30% population across the globe, and the application of batteries in this region will experience growth at a very high rate owing to urbanization and demand for electronic products.
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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.
- Key participants are 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, among others.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/battery-additives-market
Segments covered in the report:
For the purpose of this report, Reports and Data have segmented into the global Battery Additives Market on the basis of additive type, application type, end-users, and region:
Additive Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Conductive
- Porous
- Nucleating
- Others
Application Type Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Lithium ion
- Lead acid
- Nickel ion
- Others
End-Users Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- Automotive
- Electronics
- Others
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Regional Outlook (Volume, Kilo Tons; Revenue, USD Billion; 2016-2026)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of the Europe
- Asia Pacific
- China
- India
- Japan
- Rest of Asia-Pacific
- Middle East & Africa
- Latin America
- Brazil
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