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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.
What is the battery binders market worth?
Market size for battery binders was USD 1.6 billion in 2022 and will observe 16.7% CAGR from 2023-2032 due to the significant developments in battery technologies to cater to uses in various applications, ranging from smartphones to electric vehicles.
How is the demand for battery binders driven by electric vehicles?
Battery binders industry size from the electric vehicles segment is estimated to hold 32% share by the end of 2032 owing to the growing focus of researchers and battery manufacturers on exploring new binder materials.
What factors are boosting the North America battery binders industry?
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.
Who are the major battery binders business players?
Some prominent players in the battery binders industry include DuPont, BASF SE, Asahi Kasei Corporation, Daikin Industries, Ltd., Arkema, Zeon Corporation, Targray, Solvay S.A., Mitsubishi Chemical Corporation, The Lubrizol Corporation, SYNTHOMER PLC, LG Chem, and Trinseo S.A.