Battery Binders Market Size

Battery Binders Market size was valued at USD 1.6 billion in 2022 and is estimated to observe 16.7% CAGR from 2023-2032. The significant developments in battery technologies to cater to uses in various applications, ranging from smartphones to electric vehicles will anchor the market growth.

With the surging adoption of batteries in multiple industries, the focus on recycling as well as sustainable battery production has increasingly grown. The growing emphasis of researchers and manufacturers on developing eco-friendly and recyclable battery materials and processes will also prove favorable for the market growth. For instance, in April 2032, Arkema launched Incellion™, its new range of sustainable waterborne acrylic binders to allow battery manufacturers optimize their formulations of separator and electrode solutions made for existing and next-generation cell components.

Battery Binders Market Growth Drivers & Restraints

Rising advances in the electric vehicle (EV) sector across the globe will contribute to the market expansion. As per the IEA (International Energy Agency), the share of electric cars in overall sales more than tripled in three years, reaching 14% in 2022 from around 4% in 2020. However, the surging R&D costs related to production of battery binders and the growing demand for performance and safety may hamper the industry development to some extent.

COVID-19 Impact

The COVID-19 pandemic negatively influenced the market growth driven by the disruptions in global supply chains. The temporarily closed manufacturing facilities brought by the lockdowns and restrictions made way for delays in the supply of the finished products and raw materials. The plummeted demand for EVs & consumer electronics and their decreased dependency along with the hindered R&D activities related to battery binders and advanced battery technologies also limited the market expansion. However, the influx of government stimulus packages and policies for boosting economic recovery played a pivotal role in influencing product adoption in the pandemic.

Battery Binders Market Trends

The growing focus on renewable energy storage will have a positive impact on the demand for battery binders. As per the International Energy Agency, the worldwide energy storage capacity is expected to grow by 56% in the next five years, recording 270 GW by 2026. The rising focus of several companies and research institutions has led to the increased introduction of new types of binders to enhance safety, improve battery performance, and reduce costs. The surging advancements in energy storage solutions for renewable sources will thereby drive the market expansion through 2032.

Battery Binders Market Analysis

The polyvinylidene fluoride (PVDF) segment recorded significant share of the battery binders market in 2022 and will witness substantial expansion between 2023 and 2032. The growth can be attributed to the growing usage of PVDF in lithium-ion batteries that are widely incorporated in electric vehicles, portable electronics, and energy storage systems. The increasing trend of electrification in vehicles, mainly in the U.S. will also drive the segment growth. For instance, in November 2022, Solvay formed a joint venture with Orbia, a leading chemical firm, to build an $850 million unit in the southeastern U.S. for producing PVDF for enhancing energy density and safety of EV batteries.

Battery binders market size from the electric vehicles segment is estimated to hold 32% business share by the end of 2032. In EVs, batteries act as critical components that are responsible for storing as well as supplying electrical energy for powering the vehicle's electric motor. To that end, battery binders are largely adopted in lithium-ion batteries as they are responsible for holding the electrode materials, including the cathode and anode, together for improved battery performance, safety, and lifespan. The growing focus of researchers and battery manufacturers on exploring new binder materials will also add to the segment growth.

North America battery binders market size recorded USD 0.6 billion in 2022 and is set to foresee significant traction through 2032 due to the rising adoption of EVs and the rapid advances in battery technologies. As per S&P Global Mobility, the EV sales in the U.S. may reach 40% of total passenger car sales by 2030. The surging focus of governments and consumers on prioritizing sustainability and limiting carbon emissions has led to the growing integration of renewable energy sources, including solar and wind into power grids. The significant expansion of the consumer electronics sector, including tablets, smartphones, laptops, and wearables coupled with the escalating demand for high-performance as well as long-lasting batteries will add to the regional market growth.

Battery Binders Industry Leaders

Some prominent players in the battery binders market include:

• DuPont
• BASF SE
• Asahi Kasei Corporation
• Daikin Industries 
• Arkema
• Zeon Corporation
• Targray
• Solvay S.A
• Mitsubishi Chemical Corporation
• The Lubrizol Corporation
• SYNTHOMER PLC
• Industrial Summit Technology Corp
• LG Chem
• Trinseo S.A. 

These players concentrate on strategic partnerships, new product launches, and commercialization efforts for market growth. Furthermore, they make huge investments in research & development to launch advanced products and gain maximum market revenue.

Battery Binders Industry News

• In May 2023, BASF invested in two new production plants for producing Licity® and Basonal Power®, a wide range of high-performance anode binders for lithium-ion batteries.
  
• In June 2022, Trinseo showcased VOLTABOND™, its new binders product portfolio that deploys safe and non-toxic aqueous-based coatings processes, at the Battery Show Europe held in Stuttgart, Germany.
  

The battery binders market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue (USD Billion) & volume (Kilo Tons) from 2018 to 2032, for the following segments:

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By Type

• Polymethyl Methacrylate (PMMA)
• Polyvinylidene Fluoride (PVDF)
• Carboxymethyl Cellulose (CMC)
• Styrene-butadiene Copolymer (SBR)
• Others

By Application

• Electric Vehicles
• Portable Electronics
• Grid Energy Storage Systems
• Industrial
• Others

By End Use

• Automotive
• Electronics
• Power Grid
• Consumer Goods
• Other

The above information is provided for the following regions and countries:

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
• Asia Pacific
  • China
  • Japan
  • India
  • Australia
  • South Korea
  • Indonesia
  • Malaysia 
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Egypt