Seattle, Sept. 15, 2022 (GLOBE NEWSWIRE) -- The global lithium ion battery market is estimated to be valued at US$ 46.5 Bn in 2021, and is expected to exhibit a CAGR of 17.0% during the forecast period (2022-2030).
Key Trends and Analysis of the Global Lithium Ion Battery Market:
The growing advancement in battery technologies in terms of efficiency is expected to propel the market growth of Li-ion batteries. These batteries are lightweight and environmentally friendly which makes them an ideal source of power in electronic appliances. Moreover, these batteries can last more than 500 repeated charges and discharges. Furthermore, the Li-ion battery maintains its full capacity even after a partial recharge. Thus increasing advancement in the battery technologies are projected to propel the market growth.
The increasing adoption of lithium cobalt oxide in electric bikes and power tools due to its low cost is contributing to market growth. They have longer cycle life and higher energy density due to which they are gaining popularity in the market. Moreover, they offer high-performance and also high capacity and power. Thus, the growing popularity of lithium cobalt oxide is projected to foster the market growth of the Li-ion battery technology over the forecast period.
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Key Market Takeaways:
The global lithium ion battery market is expected to exhibit a CAGR of 17.0% over the forecast period (2022-2030). Polymer is a key component in Li-ion batteries. In February 2020, Nouryon, manufacturer of specialty chemicals begun the first deliveries of AkuPure, a carboxymethyl cellulose (CMC) polymer. Specifically for the fast-growing lithium-ion battery market. AkuPure is an ultra-high-purity CMC that improves the electrode coating process, making the battery more efficient by helping it to retain and deliver power more effectively.
Growing innovation in the Li-ion batteries by key manufacturers in order to cater to evolving demand is expected to bring new market opportunities. For instance, in January 2020, Kyocera, a leading supplier of solar power generating systems announced the launch of the world's first SemiSolid lithium-ion battery. The SemiSolid lithium-ion battery has a higher energy density, lower manufacturing costs, and improved safety, the companies claim that SemiSolid is the new standard for lithium-ion cells. Thus, growing innovation in Li-ion batteries will uplift the market growth over the forecast period.
Competitive Landscape:
Major players operating in the global lithium ion battery market include Sony, LLC, Automotive Energy Supply Corporation (AESC), China BAK Battery, Inc, GS Yuasa Corporation, Hitachi Chemical Co. Ltd., Johnson Controls, Inc., LG Chem Power, Inc., Panasonic Corporation, Samsung SDI Co. Ltd., and Toshiba Corporation
Key players operating in the lithium ion market are focusing on various strategies such as partnerships in between key players in order to strengthen their market presence and expand their product portfolio. For instance, in August 2021, Nissan Motors, automobile manufacturer headquartered in Nishi-ku, Yokohama, Japan, announced that it will build a lithium-ion battery plant in Japan to support EV (Electric Vehicle) production as part of a joint investment project with battery manufacturer, Envision AESC.
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Market Segmentation:
- Global Lithium-Ion Battery Market, By Type:
- Cathode
- Anode
- Electrolytic solution
- Others (Separator, binder, etc.)
- Global Lithium-Ion Battery Market, By Application:
- Automotive
- Industrial
- Consumer electronics and products
- Others (Energy, Medical and Military)
- Global Lithium-Ion Battery Market, By Region:
- North America
- By Country
- U.S.
- Canada
- By Country
- Latin America
- By Country
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country
- Europe
- By Country
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country
- GCC
- Israel
- Rest of Middle East
- By Country
- Africa
- By Region/Country
- South Africa
- Central Africa
- North Africa
- By Region/Country
- North America
Related Market Intelligence Reports:
Lithium Market, By Type (Metal, Compound, Alloy), By Application (Battery, Grease, Air Treatment, Pharmaceuticals, Glass/Ceramic (Including Frits), Polymer, Other Applications), By End-User (Industrial, Consumer Electronics, Energy Storage, Medical, Automotive, Other End-user Industries), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030
Silicon Anode Battery Market, By Application (Consumer Electronics (3G/4G Cell Phones, Laptops, Tablets, MP4 Players, Digital Cameras, Other Microelectronic Devices),Automotive (Plug-in Hybrid Electric Vehicles, Hybrid Electric Vehicles, Electric Vehicles, Electric Bicycles), Industrial, Grid and Renewable Energy), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2020 – 2027
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