New York, July 22, 2021 (GLOBE NEWSWIRE) -- Advanced Lithium-Ion Batteries Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Advanced Lithium-Ion Batteries Market Research Report, Material, Component, End-Use and Region - Forecast till 2027” the market grow at a rate of 15.90% during the forecast period 2020-2027.
Several Factors Contributing to Market Growth
The rising use of electric devices is the primary driver of the advanced lithium-ion batteries industry. Furthermore, the expanding energy storage industry is expected to increase the use of advanced lithium-ion batteries in a variety of industries. Furthermore, the increased production of wearable electronics, implanted medical devices, and flexible electronics is likely to boost the advanced lithium-ion battery market growth. Likewise, advanced lithium-ion batteries offer a significantly better energy storage density that demands a smaller size, opening up new applications for these batteries in a variety of industries. These factors will almost certainly increase the demand for advanced lithium-ion batteries.
Moreover, the global advanced lithium-ion batteries market is expected to expand at a rapid pace during the forecast period, owing to increased demand for advanced lithium-ion batteries in a variety of end-use industries such as healthcare, consumer electronics, and energy storage. In 2019, USD 350 million was invested in advanced lithium-ion technologies. Future battery price reductions are predicted to be driven by significant increases in battery energy density and developments in commercializing advanced lithium-ion technologies as demand for lithium-ion batteries grows.
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The key players in the global advanced lithium-ion batteries market are –
Johnson Battery Technology
US Army Research Lab
The advanced lithium-ion batteries industry is undergoing a number of strategic initiatives such as expansion, collaboration, mergers, and acquisitions. The fundamental goal of battery manufacturers is to consolidate significant material sources in order to reduce battery costs.
Browse In-depth Market Research Report (111 pages) on Advanced Lithium-Ion Batteries
COVID-19 Pandemic to Impact the Global Market
Due to the decline of electric and electronic items, the COVID-19 pandemic has increased demand for advanced lithium-ion batteries. The development issues experienced by the energy, automotive, and consumer electronics sectors in terms of shipment and production can have a detrimental impact on market demand. China, one of the world's largest producers of advanced Li-ion batteries, has closed its borders and restricted production in order to slow the spread of the disease. Alternative raw material sources in Taiwan, South Korea, and Japan are prohibitively expensive, with manufacturers capable of reaching only short-term goals.
The global advanced lithium-ion batteries market has been segmented on the basis of material, component, and end-use.
By material, the global advanced lithium-ion batteries market has been segmented into anode materials and cathode materials.
By component, the global advanced lithium-ion batteries market has been segmented into separators, current collectors, binders, solvents, and solid-state electrolytes.
By end-use, the global advanced lithium-ion batteries market has been segmented into consumer electronics, automotive, industrial, and others.
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North America to Dominate the Global Market
North America is anticipated to dominate the global advanced lithium-ion batteries market share due to the rising automotive sector and the need for advanced Li-ion batteries for battery stations, inverters, and automobiles. In order to remain stable, battery manufacturers intend to streamline the supply chain of battery production in Asia and get their raw material needs from sources other than China. Incentives granted by the US Department of Energy to jumpstart innovation in research laboratories can drive market growth.
Europe to Follow North America
Due to favorable government policies and the region's deployment of EVs and battery storage devices, Europe will take second place in the advanced lithium-ion battery industry. Sustainability goals by countries in the European Union (EU), as well as their emphasis on lowering carbon emissions levels, may increase demand for advanced batteries. The COVID-19 outbreak had impacted numerous automakers' supply chains, prompting several of them to seek alternative sources of raw material. A nearly USD 1 billion investment in Germany to cut battery prices has resulted in other investments in various countries.
As prominent battery manufacturers compete to be the top supplier for end-use industries such as automotive, consumer electronics, and other sectors, research and development funding is projected to be abundant. A team from Japan's Advanced Institute of Science and Technology (JAIST) created a new binding copolymer called bis-imino-acenaphthenequinone-paraphenylene (BP) for bonding electrodes in a battery. It can increase the battery's capacity and allow it to run 1,700 charge-discharge cycles. Subsequent manufacturing of electric vehicles by various countries in the next years in an effort to minimize carbon emissions may benefit the worldwide market. This can guide its success and widespread use.
Amara Raja, an Indian auto battery manufacturer, has decided to establish a research center for the development of lithium-ion cells for the country. This may make it a potential supplier following the successful spread of electric vehicles and the Indian government's electrification plans.
Segmentation of Market covered in the research:
Information by Material (Anode Materials and Cathode Materials), Component (Separators, Current Collectors, Binders, Solvents and Solid-State Electrolytes), End-Use (Consumer Electronics, Automotive, Industrial and Others) and Region) and Region (North America, Europe, Asia-Pacific and Rest of the World)
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