Especially, the energy produced by solar and wind sources can be stored in batteries for future consumption. All these factors and the establishment of favourable government norms are expected to steepen the promising growth curve of the global battery additives market. In the recent past, battery technology has witnessed notable innovations and paced employment of lithium-ion batteries. These batteries have a wide range of applications including smartphones, digital cameras, electric and hybrid cars, laptops, and computers among others. For instance, over 11.3 million battery electric cars (BEVs) were being used across the globe in 2021. These batteries offer significantly better energy efficiency, range, power output, and scalability. Moreover, impending environmental concerns are creating an urgent need to curtail carbon emissions and adopt renewable sources of energy. In such a business landscape, batteries are emerging as a reliable medium of energy storage
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Thriving Consumer Electronics Industry to Multiply Growth Prospects
Batteries have emerged as one of the safest, most reliable, and most scalable energy technologies in the past few decades. The application of batteries is growing across the consumer electronics domain. This is set to bode well for the global battery additives market in the coming years. The demand for efficient battery additives is primarily fueled by the need to control battery temperature, faster discharge rates, and an overall surge in battery consumption. The user base of smartphones and features phones is growing like clockwork. Moreover, the growing trend of remote working culture and wireless devices is creating tailwinds for the global battery additives market.
Focus on Adopting Renewable Energy to Prolong Healthy Growth Trajectory
Growing environmental concerns due to high carbon emissions are coming under scrutiny. The necessity to adopt renewable and sustainable sources of energy is creating tremendous business opportunities across the global battery additives market. Many government bodies, environmental agencies, and other regulatory entities are pushing to adopt cleaner energy solutions such as batteries. Batteries are emerging as a pivotal technology in the success of these efforts and more R&D is expected in the technology in future. They are used to store energy provided by sustainable means such as solar or wind energy. These efforts are expected to increase the real-world viability of renewable energy in the study period.
Asia Pacific to Dominate Battery Additives Market Amidst Mounting Demand for Electric Vehicles
The abundance of natural and human resources, focus on renewable energy adoption, and large regional consumer electronics industry are aiding the Asia Pacific in leading the battery additives market. Many favourable government norms are being proceeded to support the manufacturing and automotive industries in India, and China. The latter is also one of the leading electric vehicle (EV) markets in the world with over 40% of total EV sales share in 2020. Many regional economies are also pushing to adopt sustainable sources of energy and installation of grids with use batteries and contribute to the demand creation of battery additives.
Leading Market Players
The most competitive players who are participating in the global battery additives market include PENOX, Hammond Group, SGL Group, MERYS, 3M, ALTANA, Orion Engineered Carbons, Borregaard, HOPAX, and Cabot Corporation.
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