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.