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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.
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.
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.
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.
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.