Global Lithium-ion Battery Binders Market Report 2023: Sector to Reach $3.7 Billion by 2027 at a CAGR of 18.7%
DUBLIN, March 23, 2023 /PRNewswire/ -- The "Lithium-ion Battery Binders Market by Type (Anode and Cathode), Material (PVDF, CMC, PMMA, SBR), Battery Chemistry, End Use (Automotive, Consumer Electronics, Energy Storage, Industrial), and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The 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% from 2022 to 2027. The rise in demand for EVs and growing demand for consumer electronics, are driving the market.
The lithium iron phosphate by battery chemistry is projected to grow at the highest CAGR during the forecast period, in terms of value.
Based on battery chemistry, lithium iron phosphate is projected to grow at the highest CAGR during 2022 to 2027, by value. Lithium iron phosphate batteries (LFPs) are used in high-power devices and equipment. LFPs have long life cycles, high current ratings, good thermal stability, and enhanced safety due to better tolerance.
All these characteristics of lithium iron phosphate battery is expected to enhance its usage in electric components, enhancing the market for lithium-ion battery binders.
The industrial segment of the lithium-ion battery binders market by end-use is expected to account for the largest market share during the forecast period.
Based on end-use, the industrial segment of the lithium-ion battery binders market is projected to have the largest market share during the forecast period that is from 2022 to 2027, by value. Lithium-ion batteries are used in industries such as construction, aerospace, and telecommunications.
The use of bateries provides a competitive edge over combustion engine equipment in terms of carbon emissions and safety in underground environments. This is expected to drive the market for this segment.
The Asia Pacific is projected to account for the largest market share by region during the forecast period, in terms of value.
Asia Pacific accounts for the largest market share for the lithium-ion battery binders market during the forecast period. The lithium-ion battery binders market in Asia pacific is highly driven by China and South Korea.
Huge investments have been done in the automotive electronics industry in China which has driven the demand for lithium-ion battery, enhancing the market for lithium-ion battery binders.
South Korea is also witnessing considerable growth in the lithium-ion battery binders market due to its global expansion of domestic brands and government support for electric vehicles. Such factors are expected to bolster the market for lithium-ion battery binders in the region.
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SOURCE Research and Markets