Battery Additives Market

Battery Additives Market size reached USD 1.5 billion in 2021 and is estimated to reach USD 2.9 billion in 2029 and the market is estimated to grow at a CAGR of 8.4% from 2022-2029 owing to the surging adoption of hybrid electric vehicles and plug-in-hybrid vehicles across the automotive industry.

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Major Battery Additives Market Drivers

Primary factors driving battery additives market are growing demand for Li-ion batteries in consumer electronics, increasing adoption of EV and HEV in automotive industry and investments in renewable energy worldwide. Lithium ion-batteries are widely used in electric vehicles (EVs) owing to its and owing to its higher power-to-weight ratio, high energy storing efficiency and long lifecycle. Due to growing environmental concerns, consumers are preferring to adopt electric vehicles. As per U.S Energy Information Administration, electric vehicles emits around 54.5% less Co2 as compared to gasoline vehicles. Demand for electric vehicles will increase in the future, as governments worldwide are promoting the adoption of electric vehicles by giving incentives to make electric vehicles more affordable to consumers and at the same time, governments are taking initiatives to boost renewable energy sector to boost the combat climate change, which will create lucrative growth opportunities for battery additives manufacturing companies to expand their business.

Numerous manufacturer’s focuses have been highlighting on bringing innovative technological advancements in the Li-ion based batteries to capture the changing demand of the end-users. In addition, surge in demand for electricity generation, and government regulations promoting the usage of greener energies like solar and hydropower, are propelling the growth of battery additives market.
Widespread application of lead-acid batteries for starting, lighting, ignition in the automobile, and other types of vehicles having internal combustion engines will further strengthen the market growth in the coming years. On the other end of the spectrum, the significant increase in regulations and safety issues related to lead-acid batteries is likely to have a negative impact on the battery additives market. The high-cost battery additives production hampers the growth of the market.

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Based on Application, Lead Acid Battery is projected to hold the largest market share.

Lead acid batteries find their application in ignition and lighting processes of automobiles. Additionally, lithium ion-batteries are gaining traction in the battery additives market owing to its increasing usage in smartphones, tablets, laptops, and wearable devices. The battery additives used in li-ion batteries enables to increase the storage stability, safety, and improves the performance of batteries. emerging need for storage and power backup has augmented the demand for the solar power, manufacturing, and energy industries, owing to the lightweight features. The improved functioning of lithium-ion batteries can be attributed to the presence of additives with features like improved storage stability and safety.

Type Segment Analysis

On the basis of type, the market is segmented into conductive additive, porous additive, and nucleating additive. The conductive additives are increasingly used for the manufacturing of lead-acid batteries. Moreover, the emerging application of lead-acid batteries in various aspects, such as automotive, consumer electronics, and industrial purposes, is indirectly surging the demand of the conductive additives segment in the market.

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Based on region, Asia-Pacific region is expected to lead the global battery additives market. during the forecast period.

Asia-Pacific battery additives market is driven by growing demand for portable devices, coupled with the increasing application of battery additives in electric vehicles in the Asian countries. Additionally, the drastic rise in the population rate and the significant increase in the number of end-use industries is encouraging the global manufacturers of battery additives to bring innovation and development. Continuous innovation, and the industry consolidation is helping in making the Asia-Pacific region as the industrial hub for the world. China is the biggest manufacturer and is emerging as the largest car market worldwide. As per the International Energy Agency (IEA), China and Europe together accounted for over 85% of the global electric car sales in 2021. Furthermore, rapid growth in the development of high-speed railway networks, especially in developing nations including, will boost the demand for lead-acid battery, thereby complementing the growth of the market.

North America battery additives market is propelled by growing adoption of solar off-grid power systems that uses batteries for energy storage, The growing adoption of battery additives across United States and Canada is forecast to offer enormous opportunities to the market. Reduction in the cost of Li-ion battery, growing deployment of consumer electronics, and expansion of renewable sector are some of the major factors fueling the demand for electric vehicles in the North American region.

Top Market Players

Various notable players operating in the global battery additives market are Cabot Corporation, Hammond Group, Orion Engineered Carbons, IMERYS, 3M, Altana AG, Borregaard, HOPAX, PENOX, and SGL Carbon, among others.

Key Developments:

• • In November 2022, Cabot Corporation announced the launch of LITX 93 Series of Conductive Carbon Additives. This product is designed to be used in lithium-ion batteries for electric vehicles (EV) and consumer electronic products.
  • In July 2022, Gridtential Energy announced its partnership with Hammond Group and Wirtz Manufacturing Co., for producing biplate inside Silicon Joule battery.
  • In May 2022, Orion, a speciality chemical company, unveiled its plans to build plant in the United States. This plant will produce acetylene-based conductive additives. Company will spend USD 120 million to USD 140 million in the plant and this plant is set to be operational by second half of 2024.
  • In March 2021, Imerys, a major manufacturer of graphite & carbon solutions, unveiled its plans to expand its carbon black production capacity, to cater the increasing demand for speciality conductive additives for li-ion batteries.
  • In January 2020, Cabot Corporation, a major speciality chemicals company based out of United States completed the acquisition of Shenzhen Sanshun Nano New Materials Co, for USD 115 million. Through this acquisition, company plans to strengthen its position in the electric vehicle market of China.
  • In 2018, 3M, a major American a major American conglomerate dealing in various industries like healthcare and consumer goods introduced Glass Bubbles S32HS, an additive for Sheet Moulded Composites (SMC). This new product is designed to help OEMs to reduce 40% weight of composite parts.

Segments covered in the Report:

The global Battery Additives market has been segmented on the basis of Type, Application and Region. Based on Type, the market is segmented into Conductive Additive, Porous Additive and Nucleating Additive. Based on Application, the market is segmented into Lithium-Ion Battery, Lead Acid Battery, and Others.

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Market Segmentation:

Global Battery Additives Market by Type

• • Conductive Additive
  • Porous Additive
  • Nucleating Additive

Global Battery Additives Market by Application

• • Lithium-Ion Battery
    • Portable Devices
    • Electric Vehicles
    • Industrial
    • Others
  • Lead Acid Battery
    • Automotive
    • Industrial
  • Others

Global Battery Additives Market by Region

• • North America Battery Additives Market (Option 1: As a part of the free 25% customization)
    • By Type
    • By Application
    • United States of America (US) Market All-Up
    • Canada Market All-Up
  • Europe Battery Additives Market (Option 2: As a part of the free 25% customization)
    • By Type
    • By Application
    • United Kingdom (UK) Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific Battery Additives Market (Option 3: As a part of the free 25% customization)
    • By Type
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW Battery Additives Market (Option 4: As a part of the free 25% customization)
    • By Type
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Global Battery Additives Leading Market Players (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Cabot Corporation
  • Hammond Group
  • Orion Engineered Carbons
  • IMERYS
  • 3M
  • Altana AG
  • Borregaard
  • HOPAX
  • PENOX
  • SGL Carbon