Non-Aqueous Electrolyte Market is Anticipated to Reach USD 12.03 Billion by 2031

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According to the latest research by InsightAce Analytic, the Global Non-Aqueous Electrolyte Market is valued at US$ 3.67 Bn in 2023, and it is expected to reach US$ 12.03 Bn by 2031, with a CAGR of 15.9% during the forecast period of 2024-2031.

Jersey City, NJ, April 12, 2024 (GLOBE NEWSWIRE) — The non-aqueous electrolyte is used to describe electrolyte solutions completely devoid of water. It uses organic solvents or molten salts as an alternate solvent to dissolve the electrolyte components, often ions or salts. The demand for non-aqueous electrolytes is expected to surge from end-use industries like energy storage, consumer electronics, and the automotive sector. The increase in vehicle production substantially impacts the expansion of the non-aqueous electrolyte market. At the same time, the increasing demand for lithium-ion batteries is a significant factor propelling the demand for organic and inorganic non-aqueous electrolytes.

In addition, the worldwide non-aqueous electrolyte industry faces the problem of price sensitivity, where changes in the cost of raw materials could reduce customer acceptance. Moreover, the need for non-aqueous electrolytes and lithium-ion batteries is driven by the increasing popularity of electric vehicles and the worldwide push towards electric transportation. Incentives and laws aimed at reducing carbon emissions by governments throughout the world are driving the market for electric vehicles in an expansion of the non-aqueous electrolyte industry.

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List of Prominent Players in the Non-Aqueous Electrolyte Market:

  • Ampcera
  • Electrovaya
  • GS Yuasa International Ltd.
  • LG Chem
  • POSCO
  • American Elements
  • NEI Corporation
  • Targray
  • Amprius Technologies
  • Mitsubishi Gas Chemical Company, Inc.
  • Solid Power
  • CAPCHEM
  • Mitsui Chemicals, Inc.
  • UBE Corporation
  • Contemporary Amperex Technology Co., Limited



Market Dynamics:

Drivers:

The need for non-aqueous electrolytes fuels the growing demand for the non-aqueous electrolyte market, which is the increasing number of applications for high-performance lithium-ion batteries. These applications can be found in electric vehicles, portable devices, and renewable energy storage methods. An essential component of these batteries is non-aqueous electrolytes, which are able to function well at higher voltages and deliver improved energy density.

Moreover, non-aqueous electrolytes are seeing increased demand due to the increasing number of portable electronic gadgets, which in turn increases the need for small, high-energy-density batteries. In addition, the market’s expansion is driven by the development of new energy storage technologies, which enhance battery performance and safety standards while decreasing their prices, which is growing the demand for the non-aqueous electrolyte market.

Challenges:

There are several obstacles in the non-aqueous electrolyte industry. These challenges include the high expense of non-aqueous electrolytes as a result of the high cost of the raw ingredients and the complexity of the production processes, which in turn drives up the price of the finished products, such as batteries. Moreover, there are substantial obstacles related to safety. Non-aqueous electrolytes, in particular those utilized in lithium-ion batteries, have the potential to be volatile, increasing the risk of thermal runaway and fires under specific circumstances. As a result, advanced safety mechanisms and materials are required, which can substantially raise costs, further slowing down market growth.

Regional Trends:

The North American non-aqueous electrolyte market is anticipated to register a major market share in terms of revenue. It is projected to grow at a high CAGR in the near future due to an increasing number of people in the area opting for more environmentally friendly modes of transportation, which has contributed to the electric vehicle industry’s rapid expansion and the region’s strong commitment towards electrification and sustainable energy solutions. Besides, Europe had a substantial share in the market due to strong technical development, and substantial investments in energy storage R&D have led to the creation and improvement of non-aqueous electrolytes and incentives that encourage the development of clean energy sources in this region.

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Recent Developments:

  • In January 2024, Ampcera Inc., a frontrunner in the development of next-generation solid-state batteries and solid-state electrolytes, announced that it had achieved a first: it can charge its all-solid-state battery (ASSB) technology to 80% SOC in under 15 minutes at a high C-rate of 4C.
  • In February 2024, Extensive testing confirmed that Electrovaya’s batteries are compatible with wireless chargers. Tech and manufacturing company Electrovaya Inc., which focuses on lithium-ion batteries, announced that it has joined up with two major wireless charger providers to integrate and test its latest battery systems.

Segmentation of Non-Aqueous Electrolyte Market-

By Application

  • Lithium-ion Battery
  • Sodium-ion Battery
  • Solid-State Battery
  • Others

By End-Use Industry

  • Automotive
  • Consumer Electronics
  • Energy Storage
  • Others

By Type

  • Organic
  • Inorganic

By Region

North America-

  • The US
  • Canada
  • Mexico

Europe-

  • Germany
  • The UK
  • France
  • Italy
  • Spain
  • Rest of Europe

Asia-Pacific-

  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific

Latin America-

  • Brazil
  • Argentina
  • Rest of Latin America

 Middle East & Africa-

  • GCC Countries
  • South Africa
  • Rest of the Middle East and Africa

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