Meticulous Research®—a leading global market research company, published a research report titled, ‘Battery Binders Market by Type (Anode Binder, Cathode Binder), Battery Type (Lithium-ion Batteries, Ni-Cd Batteries), Material (PVDF, CMC), Application (Electric Vehicles, Consumer Electronics), Sector, and Geography - Global Forecast to 2030'.
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In its latest publication, Meticulous Research® forecasts that the global battery binders market will surge to $6.4 billion by 2030, marking a robust CAGR of 8.7% from 2023 to 2030. This growth is primarily attributed to the increasing demand for versatile battery binders and the rapid adoption of electric vehicles (EVs). Technological advancements in battery binders, coupled with the expansion of EV charging infrastructure, are expected to create significant growth prospects. However, challenges such as the rising demand for solid-state lithium-ion batteries and underdeveloped EV infrastructure in certain regions pose constraints.
Anode binders and cathode binders are the primary segments. Anode binders are projected to dominate the market in 2023 due to their crucial role in enhancing battery performance across various applications.
Materials used in battery binders comprise polyvinylidene fluoride (PVDF), carboxymethyl cellulose (CMC), polymethyl methacrylate (PMMA), styrene-butadiene copolymer (SBR), and others. PVDF is anticipated to hold the largest market share due to its high thermal and electrochemical stability, making it suitable for lithium-ion batteries.
Sectors covered include automotive, electronics, energy & utilities, consumer goods, aerospace, marine, medical, and others. The energy & utilities sector is expected to lead the market, driven by the need for efficient energy storage systems. However, the automotive sector is anticipated to witness the highest CAGR due to the growing adoption of EVs and supportive government policies.
Regional Insights
Asia-Pacific is forecasted to lead the global battery binders market, supported by a robust lithium-ion battery market in countries like China, Japan, India, South Korea, and Australia. The region's focus on EV adoption and energy storage system development further strengthens market growth.
North America is expected to register the highest CAGR during the forecast period, driven by established battery binder manufacturers, increasing EV sales, and investments in renewable energy sector battery installations.
Key Market Players
Key players in the battery binders market include Arkema (France), ENEOS Holdings, Inc. (Japan), Zeon Corporation (Japan), BASF Group (Germany), UBE Corporation (Japan), Asahi Kasei Corporation (Japan), Kureha Corporation (Japan), Mitsui Chemicals, Inc. (Japan), Solvay SA (Belgium), Sumitomo Chemical Co., Ltd. (Japan), Toray Industries, Inc. (Japan), Synthomer plc (U.K.), Trinseo PLC (U.S.), Targray Technology International Inc. (Canada), and Sicona Battery Technologies (Australia).
Conclusion
The global battery binders market is poised for significant growth, driven by advancements in battery technology and the expanding EV market. While challenges such as underdeveloped infrastructure and competition from alternative technologies exist, the market offers substantial opportunities for stakeholders to innovate and grow in the coming years.
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