Sulfide Electrolytes Market Size Worth USD 959.2 Million in 2032 | Emergen Research

Sulfide electrolytes market revenue growth is driven by factors such as rising demand for high-energy-density batteries from various industries

Vancouver, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The global sulfide electrolytes market size was USD 292.8 Million in 2022 and is expected to register a revenue CAGR of 12.50% during the forecast period. Sulfide electrolytes market revenue growth is driven by factors such as rising demand for high-energy-density batteries from various industries, advantages in solid-state batteries, research and development efforts by leading market players are being focused on sulfide electrolytes, and increasing Electric Vehicle (EV) adoption among people.

Solid sulfide electrolytes play a crucial role in all-solid-state lithium batteries owing to their exceptional characteristics, including high lithium-ion conductivity and deformability. These properties enable connection of the lithium-ion pathway across grain boundaries of the material under pressure at ambient temperature. However, it is imperative to exercise caution in the synthesis of sulfide electrolytes due to high vapor pressures and sensitivity to moisture exhibited by sulfur species. Thoughtful planning is necessary to ensure the successful synthesis of sulfide electrolytes.

With rising demand for energy storage technologies that offer high energy density and enhanced safety, there has been considerable interest in the field of All-Solid-State Lithium Metal Batteries (ASSLMBs), encompassing All-Solid-State Lithium-Ion Batteries (ASSLIBs) and All-Solid-State Lithium-Sulfur Batteries (ASSLSBs). Rapid advancements are witnessed in development of diverse solid-state electrolytes, among which Sulfide Electrolytes (SEs) have emerged as particularly noteworthy. SEs exhibit highest level of ionic conductivity (>10 mScm-1) and possess optimal mechanical properties, distinguishing them from other solid-state electrolyte options. In addition, using a sulfur-based compound as primary component of a lithium-ion battery's positive electrode might result in considerable performance gains and cost savings.

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Among the various types of secondary batteries, Lithium-Ion Batteries (LIBs) have played a pivotal role in the success of Electric Vehicles (EVs) owing to their remarkable energy densities and extended operational lifetimes. Researchers and manufacturers are working hard to create LIBs with better power and energy densities to attain EV performances that are equivalent to those of cars powered by internal combustion engines.  Advanced materials for optimal performance and a thorough comprehension of inner workings of the cells, informed by numerous analytical methods, are required for the development of high-energy-density All-Solid-State Batteries (ASSBs).

Primary difficulties for their utilization in ASSBs have been interfacial problems between sulfide electrolytes and electrodes. Lithium dendrites during charge/discharge cycling, poor solid-solid contact, and side reactions of sulfides with electrodes are expected to contribute to the interfacial instabilities. These factors are restraining revenue growth of the market.

Segment Insights

Type of Electrolytes Insights:

Based on type of electrolytes, the global sulfide electrolytes market is segmented into Li2S, Sodium Sulfide (Na2S) electrolytes, Potassium Sulfide (K2S) electrolytes, and other sulfide electrolytes.

The Lithium Sulfide (Li2S) electrolytes segment accounted for a major revenue share in 2022. The advantages of lithium-sulfur electrolyte batteries are more specific energy, greater safety, and lower mass density. These attributes can all be used to power autonomous undersea vehicles. The National Oceanography Center has created a lithium-sulfur battery that can withstand pressure and power marine autonomous underwater vehicles down to depths exceeding 6000 m. Extreme pressure can be supported by a Li-S battery at 4 °C. Therefore, it can be claimed that Li-S technology is the best choice for usage in offshore oil and gas applications as well as deep-sea mining. The sulfur cathode material in lithium sulfur batteries is one of the attractive choices for next-generation energy storage devices due to its low cost, nontoxicity, and extremely high theoretical energy density.

Application Insights:

Based on application, the global sulfide electrolytes market is segmented into electric vehicles, consumer electronics, and others.

The electric vehicles segment accounted for largest revenue share in 2022.  Given its great thermal stability and comparative safety and longevity to conventional electric car batteries, solid-state batteries are among the most promising options for next generation of batteries. Unlike the polymer gel or liquid electrolyte used in conventional lithium-ion batteries for Electric Vehicles (EVs), the electrolyte in solid-state batteries is made of glass, ceramics, solid polymers, or sulfites. Compared to high-density solid-state batteries, modern lithium-ion batteries for electric cars generally endure between 2,000 and 3,000 cycles before degrading noticeably. Lithium-ion batteries in electric vehicles can be swapped out for solid-state batteries.

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Regional Insights:

Asia Pacific market accounted for largest revenue share in 2022. The Asia Pacific market is dominated by eighteen countries that account for 59.76% of the global population. The region is dominated by China and India, whose export and import bills are valued at the highest levels. The region has greatest population nearly 4.6 billion people aside from trade. The majority of people in this region are in China and India, where there are also more electric car users. In 2021, there were more than 1.2 million electric cars combined in China and India. Furthermore, on 31 August 2022, SVOLT Energy Technology Co., Ltd. (SVOLT), a Chinese-based multinational high-tech corporation, is making great strides in the creation of solid-state batteries.

North America market accounted for second-largest revenue share in 2022 due to rising expenditures made by numerous businesses in creation of cutting-edge battery electrolytes. For instance, a U.S.-based firm called Solid Power is developing SSBs using lithium-metal and silicon anodes, both of which will use sulfide electrolytes. A total of 130 million USD has been invested in this company by partners and investors, including BMW, Ford, Hyundai, and Samsung. In North America, the business plans to begin commercial production in 2026. In addition, battery electrolyte demand will increase throughout the forecast period due to the widespread usage of lithium-ion batteries in battery energy storage systems in EVs and solar Photovoltaic (PV) installations.

Scope of Research

Report DetailsOutcome
Market Size in 2022USD 292.8 Million
CAGR (2023–2032)12.50%
Revenue Forecast to 2032USD 959.2 Million
Base Year for Estimation2022
Historical Data2019–2021
Forecast Period2023–2032
Quantitative UnitsRevenue in USD Million and CAGR in % from 2023 to 2032
Report CoverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments CoveredType of electrolytes, application, and region
Regional ScopeNorth America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country ScopeU.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies ProfiledSAMSUNG SDI CO., LTD, LG Chem., NEI Corporation., OHARA INC, Empower Materials, Ampcera, IONIC MATERIALS, INC, TOSHIMA MANUFACTURING CO., LTD, BYD North America., Johnson Controls
Customization Scope10 hours of free customization and expert consultation

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Major Companies and Competitive Landscape

The global sulfide electrolytes market is fairly fragmented, with a number of large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective solutions.

Some major companies included in the global sulfide electrolytes market report are:

  • LG Chem.
  • NEI Corporation.
  • Empower Materials
  • Ampcera
  • BYD North America.
  • Johnson Controls.

Strategic Development

  • On 1 August 2022, Ganfeng Lithium planned to construct the biggest solid-state battery manufacturing facility in China. The project's primary focus is on cells, modules, BMS, and pack system solutions, to become China's largest solid-state battery production base.
  • On 12 July 2022, The University of Houston created an electrolyte that permits reversible sodium plating. The electrolyte can be used to manufacture sodium ion batteries commercially and on a bigger scale. It allows for higher current density reversible sodium plating and stripping.

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For the purpose of this report, Emergen Research has segmented the global sulfide electrolytes market based on type of electrolytes, application, and region:

  • Type of Electrolytes Outlook (Revenue, USD Million; 2019-2032)
    • Lithium Sulfide (Li2S) Electrolytes
    • Sodium Sulfide (Na2S) Electrolytes
    • Potassium Sulfide (K2S) Electrolytes
    • Other Sulfide Electrolytes
  • Application Outlook (Revenue, USD Million; 2019-2032)
    • Electric Vehicles
    • Consumer Electronics
    • Others
  • Regional Outlook (Revenue, USD Million; 2019–2032)
    • North America
      1. U.S.
      2. Canada
      3. Mexico
    • Europe
      1. Germany
      2. France
      3. U.K.
      4. Italy
      5. Spain
      6. Benelux
      7. Rest of Europe
    • Asia Pacific
      1. China
      2. India
      3. Japan
      4. South Korea
      5. Rest of APAC
    • Latin America
      1. Brazil
      2. Rest of LATAM
    • Middle East & Africa
      1. Saudi Arabia
      2. UAE
      3. South Africa
      4. Turkey
      5. Rest of MEA

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