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Liquid Electrolyte creates an electrolyte solution, when mixed in a polar solvent. The diluted electrolyte is evenly split into cations and anions that spread through the solvent. The demand for the liquid electrolyte have been increased owing to its versatility for different applications. The electrolyte needs to be used with non-flammable materials to avoid any chance of fire attributed to the prevalence of organic solvents that are generally flammable.
The global liquid electrolyte market is driven by the diverse features such as discharge range properties, self-discharge intensity, low temperature discharge performance and a wider operating temperature range. This makes it the desired solution to incorporate in Li battery. With growing demand for modern energy storage systems, liquid electrolytes are extensively adopted in batteries across the world. However, the huge investment cost of electrical vehicles is limiting the growth of the demand for lithium-ion battery thus negatively impacting the growth for liquid electrolytes.
Key Market Driver -
The increased demand for Lithium ion batteries and electric vehicles is likely to drive the market growth.
Key Market Restraint -
High investment costs of the lithium ion battery due to lack of recyclability is likely to restrict the market growth.
On the basis of solvent types, it is classified into dimethyl carbonate, diethyl carbonate, propylene carbonate, ethylene carbonate, ethyl methyl carbonate and others. Based on application, the market for liquid electrolyte is further segmented Lithium-ion batteries, capacitors and others. From a geographical standpoint, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
The global & regional players operating in the liquid electrolyte market includes, Mitsubishi Chemical Corporation, Ube Industries, Shenzhen Capchem Technology Co., Ltd., Johnson Controls, Guangzhou Tinci Materials Technology Co., Ltd., GS Yuasa Corporation, 3M, BASF SE, LG Chem, and American Elements.
Asia Pacific dominates the global market for liquid electrolytes. The market is primarily driven by the increased application in batteries as one of the key components in electric vehicles. Batteries are an important application for a variety of markets, such as automotive and consumer electronics. Thus strong demand from these industries have propelled the market growth in the region. In North America, the liquid electrolyte demand is growing with the increased demand for electric vehicles. Owing to zero carbon emissions, consumer acceptance of electric vehicles is growing. This has further stimulated the market growth for the electrolytes in the region. Europe held a decent share in the global market. This growth can be primarily attributed to economic development in certain developed countries, such as the UK and Germany. The automotive and consumer electronic industries have grown considerably and represents the main markets for the liquid electrolyte in Europe. However, lack of production infrastructure and investments has impacted the growth of the market in Latin America, Middle East & Africa.
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