Pune, March 10, 2021 (GLOBE NEWSWIRE) -- Global Advanced Lithium-ion Batteries Market Overview
Advanced lithium-ion batteries are modern batteries with an extended lifespan designed for portable battery stations, electric vehicles, and electronic devices. Cost, performance, safety, and cycle life are parameters used for assessing the performance of batteries. The global advanced lithium-ion batteries market can expand at 15.90% CAGR over the forecast period (2020-2026), according to Market Research Future (MRFR). Its compatibility with hybrid vehicles can drive its demand.
The global market growth is driven by investments in research on flexible lithium-ion batteries and increasing use of electronic devices. The expansion of the energy storage industry in developed countries can drive the installation of advanced Li-ion batteries. Manufacture of flexible electronics, wearables, and implantable medical devices can trigger a constant demand from the market. The decline in battery prices accompanied by improvements in battery capacity can favor the market in the coming years.
But the waning capacity of the battery over time can hamper the market growth.
COVID-19 Impact:
The COVID-19 pandemic has glutted the demand of advanced lithium-ion batteries due to decline of electric and electronic products. Development challenges faced by energy, automotive, and consumer electronic sectors on fronts of shipment and production can negatively affect the market demand. China, one of the biggest producers of advanced Li-ion batteries, has closed its borders and restricted production for curbing the spread of the disease. Alternative sources of raw material in Taiwan, South Korea, and Japan are highly priced with manufacturers capable of meeting only short-term goals.
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Industry Trends:
Research and development funding is expected to be in surplus as leading battery makers vie for being the top supplier for end-use industries such as automotive, consumer electronics, and other sectors. A team at the Japan Advanced Institute of Science and Technology (JAIST) have discovered a new binding copolymer called bis-imino-acenaphthenequinone-paraphenylene (BP) for gluing electrodes in a battery. It can extend the capacity of the battery and allow it to run 1,700 charge-discharge cycles. Subsequent production of electric vehicles in the coming years by various countries in a bid to reduce carbon emissions can work favorably for the global market. This can guide its success and its high usage.
Segmentation:
By material, it is divided into anode materials and cathode materials. The anode materials segment is expected to garner huge interest in the market owing to change in design of carbon materials and development of metal organic frameworks. Composite anode materials that have a higher resistance to electricity and chemicals are likely to be in high demand due to a surge in production of electric vehicles (EVs). Scientists at the International Advanced Research Centre for Pwoder Metallurgy and New Materials in India have developed a new material for anodes called carbon nanohorns.
By component, the global advanced lithium-ion batteries market is segmented into solid-state electrolytes, separators, binders, solvents, and current collectors. The binder segment is bound to generate huge demand for the market owing to its need for joining electrodes of advanced batteries. On the flip side, the separators are likely to accumulate huge interest in the global advanced lithium-ion batteries market owing to being critical in separating the electrodes. Separators can ensure the safety of the device and prevent the growth of dendrites and other problems affecting the overall performance. Separators reduce the risk of short circuits or explosions.
By end-use, the market is catering to automotive, industrial, consumer electronics, and others. The consumer electronics segment is deemed to dominate the market till the end of the forecast period. This is attributed to procurement of consumer electronic devices in China and the U.S. Growing complexities in device design and need for efficiency can lead the sector to be its biggest end-user. The automotive sector, on the other hand, is set to capture a significant market share owing to use in electric and hybrid vehicles. Rise in government funding and incentives provided by governments for deploying passenger and commercial EVs can drive the segment growth.
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Regional Segmentation:
The advanced lithium-ion batteries market covers regions of North America, Europe, Asia Pacific (APAC), and Rest-of-the-World (RoW).
North America is poised to reign in the global market due to the growing automotive sector and demand for advanced Li-ion batteries for battery station, inverters, and automobiles. Battery manufacturers are planning to streamline the supply chain of battery production in Asia and source their raw material needs from other than China in order to be stable. Incentives provided by the U.S Department of Energy for kickstarting innovation among research laboratories can stimulate market growth.
Europe can assume the second position in the advanced lithium-ion batteries market owing to favorable government policies and deployment of EVs and battery storage devices in the region. Sustainability goals by countries in the European Union (EU) and their focus on lowering carbon emission levels can boost the demand for advanced batteries. The COVID-19 pandemic had disrupted the supply chain of various automakers with many of them opting for other sources of the raw material. Infusion of nearly USD 1 billion in Germany for lowering battery prices has led to several investments in various countries.
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Competitive Analysis:
The advanced lithium-ion batteries market is experiencing several strategical implementations such as expansion, collaboration, mergers, and acquisitions. Consolidation of major material sources by manufacturers for bringing down battery costs is the primary priority of battery manufacturers.
Key players involved in the market are US Army Research Lab, Energous, Unienergy Technology, Johnson Battery Technology, NGK, Voltaiq, Nano Nouvelle, PARC, 24M, SiNode Systems, Broadbit Batteries, and Tanktwo.
Industry News
Amara Raja, an Indian automotive battery maker, has decided to open a research hub for development of lithium-ion cells for the country. This can make it a suitable supplier after successful rollout of electric vehicles and plans for electrification by the Indian government.
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