PUBLISHER: BIS Research | PRODUCT CODE: 1269572
PUBLISHER: BIS Research | PRODUCT CODE: 1269572
Global Binders in Battery Market to Reach $6,057.1 Million by 2031
Global Binders in Battery Market Overview
The global binders in battery market is projected to reach $6,057.1 million by 2031 from $2,265.9 million in 2022, growing at a CAGR of 11.54% during the forecast period 2022-2031. The growth in the binders in battery market is expected to be driven by an increase in sales of electric vehicles and growing investment toward the installation of batteries in the renewable energy sector. However, the development of binder-free electrodes and pressure to maintain quality are some of the factors hindering the growth of the market.
Market Lifecycle Stage
The global binders in battery market are in a growing phase. New trends, such as the focus on the development of water-based binders, are expected to offer opportunities in the coming years.
Industrial Impact
With an increased worldwide focus on reducing carbon emissions, the shift toward the adoption of electric vehicles has brought a surge in demand for batteries, thereby creating demand for battery binders. The shift is more prominent in regions such as North America and Europe.
Market Segmentation
Segmentation 1: by End-Use Industry
Based on end-use industry, the automotive and transportation segment dominated the binders in battery market in 2021 and was the largest segment due to the rising sales of electric vehicles across the globe.
Segmentation 2: by Process
Based on process, solvent-based binders held the majority share in the binders in battery market in the year 2021. This is mainly because binders such as PVDF and PTFE are solvent based and currently are majorly consumed in batteries.
Segmentation 3: by Binder Chemistry
Based on binder chemistry, polyvinylidene fluoride (PVDF) held the majority share in the binders in battery market in the year 2021 as it is suitable for various batteries because of its superior properties.
Segmentation 4: by Battery Type
Based on battery type, the lithium-ion segment held the majority share in the binders in battery market in 2021.
Segmentation 5: by Region
China dominates the binders in battery market due to the presence of a large electric vehicle industry, leading industry players across the supply chain, and a fast-developing economy.
Recent Developments in Global Binders in Battery Market
Demand - Drivers and Limitations
Following are the demand drivers for the global binders in battery market:
The market is expected to face some limitations too due to the following challenges:
How can this report add value to an organization?
Product/Innovation Strategy: The product segment helps the reader to understand the different types of binders available for batteries and their potential globally. Moreover, the study provides the reader with a detailed understanding of the different binder chemistry, namely, polyvinylidene fluoride, styrene-butadiene rubber, carboxymethyl cellulose, polytetrafluoroethylene, and others.
Growth/Marketing Strategy: Business expansion, partnership, collaboration, and joint venture are some key strategies adopted by key players operating in the space. For instance, in June 2022, Solvay announced the completion of its polyvinylidene fluoride (PVDF) capacity expansion project at the Changshu site in China. The company doubled its production capacity for this high-performance polymer before the expected time to meet the growing customer demand for EV batteries.
Competitive Strategy: Key players in the global binders in battery market analyzed and profiled in the study involve binder providers. Moreover, a detailed competitive benchmarking of the players operating in the global binders in battery market has been done to help the reader understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
Key Companies Profiled