Lithium-ion Battery Binders Market likely to reach beyond USD 3.7 Billion by 2027 at a CAGR of 18.7%
The global "Lithium-ion Battery Binders Market is projected to grow from USD 1.6 billion in 2022 to USD 3.7 billion by 2027, at a CAGR of 18.7% during the forecast period. Growing demand for batteries in electric vehicle and consumer electronics along with the growing usage in energy storage devices is expected to drive the market during the forecast period.
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Browse 178 market data Tables and 59 Figures spread through 205 Pages and in-depth TOC on "Lithium-ion Battery Binders Market”.
The lithium iron phosphate segment, by battery chemistry is estimated is estimated to grow at the highest rate in 2021.
By battery chemistry, the lithium iron phosphate segment is estimated is expected to grow at the highest CAGR during the forecast period in 2021. Lithium iron phosphate batteries suitable for use in high-power applications such as electric vehicles and power tools due to their high charge and discharge rates. These batteries have longer life spans, require lower maintenance, and are cost-effective and lightweight. These batteries have high use for end users in automotive and power generation, among other industries.
The polyvinylidene fluoride segment is estimated to account for the largest share of the lithium-ion battery binders market by material in 2021.
By material, the polyvinylidene fluoride segment accounted for the largest share of the lithium-ion battery binders market in 2021. It is a specialty plastic material in the fluoropolymer family widely used in applications such as chemical processing, construction, oil & gas. PVDF is widely used in lithium-ion batteries as a binder due to its high level of electrochemical and thermal stability and its excellent adhesion between electrode films and collectors.
The industrial segment is estimated to account for the largest share of the lithium-ion battery binders market by end-use in 2021.
By end-use, the industrial segment accounted for the largest share of the lithium-ion battery binders market in 2021. Lithium-ion batteries are used as the power source in off-the-road vehicles such as golf carts, data centers, forklift trucks, mining vehicles, and construction and industrial equipment. There is a continuous requirement for power supply for telecom data centers. Over the past few years, there has been a significant increase in the number of data centers, leading to an increase in demand for power. Thus, companies are shifting toward lithium-ion batteries as a power source for data centers. This is expected to drive the market for industrial segment during the forecast period.
Europe is estimated to account for the second largest share of the global lithium-ion battery binders market in 2021
The Europe region accounted for the second largest share of the lithium-ion battery binders market in 2021. European region is hub to various growing manufacturing industries such as automotive, consumer electronics and others. Lithium-ion batteries are widely used in these industries and its growth helps to contribute the larger demand for lithium-ion battery binders in the region.
Arkema (US), Solvay (Belgium), LG Chem (South Korea), ENEOS Corporation (Japan), and Zeon Corporation (Japan) are some of the leading players operating in the lithium-ion battery binders market. These players have adopted the strategies of expansions, new product development, partnership, and joint ventures to enhance their position in the market are some of the leading players operating in the lithium-ion battery binders market.
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