How Has The Lithium-ion Battery Binders Market Size Evolved In Recent Years?
The lithium-ion battery binders market has seen considerable growth due to a variety of factors.
•The market size for lithium-ion battery binders has seen significant growth in the past few years. The market is predicted to expand from $2.48 billion in 2024 to $2.91 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 17.5%.
Factors contributing to this increased growth during the historic period include a boosted adoption of electric vehicles, an enhancement in the spread of portable electronic appliances, rising growth in renewable energy storage, mounting demand for consumer electronics, and the incorporation of lithium-ion batteries in the aerospace sector.
What Are The Estimated Market Size And Expected Annual Growth Rates For Global Lithium-ion Battery Binders Market?
The lithium-ion battery binders market is expected to maintain its strong growth trajectory in upcoming years.
• In the upcoming years, the lithium-ion battery binders market is set to witness sharp growth. This market is predicted to expand to a value of $5.36 billion by 2029 with a compound annual growth rate (CAGR) of 16.5%.
The estimated growth during the forecast period can be attributed to enhancements in batteries' energy density, the rise in applications of electric grids, the incorporation of lithium-ion batteries into medical apparatus, the demand for lightweight battery solutions, the incorporation of such batteries in smart devices, and the customization of binders to suit specific battery chemistries. The predicted market trends for the forecast period encompass novel technological inventions in battery materials, advancements in lithium-ion battery technologies, the collaboration of battery manufacturers with vehicle makers, the creation of sustainable and environmentally-friendly binders, and the incorporation of artificial intelligence into battery production.
Which Key Drivers Are Propelling The Lithium-ion Battery Binders Market's Growth?
The lithium-ion battery binders market is anticipated to flourish due to the increased uptake of electric vehicles (EVs). Electric vehicles, which run on electric motors powered either by rechargeable batteries or an external source, heavily rely on lithium-ion batteries. These batteries are favored for their high energy density, dependability, and ability to power vehicles over extended distances on a single charge. They have transformed the EV industry and are the top pick for automakers. For instance, data from the U.S. Energy Information Administration in November 2023 indicate that battery-electric vehicles (BEVs) composed 17.7% of new light-duty vehicle sales in the third quarter of 2023. For the year to date, BEVs made up 16.0% of all new vehicle sales, a significant increase from the 12.5% seen in 2022 and 9.0% in 2021 respectively. As such, the lithium-ion battery binder market is experiencing growth triggered by the rising adoption of electric vehicles.
What Are The Key Segments Within The Global Lithium-ion Battery Binders Market?
The lithium-ion battery binders market covered in this report is segmented –
1) By Type: Anode Binders, Cathode Binders
2) By Battery Chemistry: Lithium Iron Phosphate, Lithium Nickel Manganese Cobalt, Lithium Titanate Oxide, Other Battery Chemistries
3) By Material: Polyvinylidene Fluoride, Carboxymethyl Cellulose, Polymethyl Methacrylate, Styrene Butadiene Copolymer, Other Materials
4) By Application: Automotive, Consumer Electronics, Industrial, Energy Storage, Other Applications
Subsegments:
1) By Anode Binders: Polyvinylidene Fluoride (PVDF), Carboxymethyl Cellulose (CMC), Styrene-Butadiene Rubber (SBR), Other Anode Binders
2) By Cathode Binders: Polyvinylidene Fluoride (PVDF), Acrylate Binders, Polyacrylic Acid (PAA), Other Cathode Binders
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How Are New Trends Impacting The Size Of The Lithium-ion Battery Binders Market?
Major corporations involved in the lithium-ion battery binder industry are concentrating on developing enhancements to binders such as high-capacity styrene-butadiene rubber (SBR) compositions, in order to improve battery performance and meet the increasing need for electric vehicles and energy storage systems. Second-generation styrene-butadiene rubber (SBR) is a superior version of SBR that provides better performance in use-cases such as lithium-ion batteries, enabling increased silicon content in anodes, which elevates battery capacity and effectiveness. For example, in June 2022, BASF, a German chemical corporation, introduced Licity 2698 X F, a second-generation styrene-butadiene rubber (SBR) anode binder for the production of lithium-ion batteries that supports silicon content over 20%. This innovative binder upgrades battery performance by expanding capacity, prolonging charge/discharge cycles, and cutting down the charging duration, while also being manufactured with a biomass balance method for enhanced sustainability.
Who Are the Key Players in the Lithium-ion Battery Binders Market?
Major companies operating in the lithium-ion battery binders market include:
• Mitsui Chemicals Inc.
• BASF SE
• Dow
• SABIC
• LG Chem
• Covestro AG
• Solvay SA
• Sumitomo Chemical Co. Ltd.
• Asahi Kasei Corporation
• DuPont
• Arkema SA
• Toray Industries Inc.
• UBE Corporation
• Zeon Corporation
• Denka Company Limited
• Dongyue Group Limited
• JSR Corporation
• Ashland Inc.
• Kureha Corporation
• Topsoe
• Targray Technology International Inc.
• Mitsubishi Chemical Corporation
• Shanghai 3F New Materials Co. Ltd.
• Suzhou Crystal Clear Chemical Co. Ltd.
• APV Engineered Coatings
What are the Regional Insights into the Lithium-ion Battery Binders Market?
Asia-Pacific was the largest region in the lithium-ion battery binders market in 2024. The regions covered in the lithium-ion battery binders market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
