Global Battery Additives Market: Overview
Battery additives are components that enhance the performance of the batteries and improve their service life. Additionally, they enhance a battery’s charge holding capacity too. Battery additives have numerous applications and can manly be categorized into lead acid and lithium-ion types. The global battery additives market is expected to grow exponentially in the forecast period owing to the recent developments in the market.
The forthcoming Transparency Market Research report highlights the recent developments occurring in the global battery additives market. It shares reliable data on the current competitive landscape and market dynamics. Further, it sheds light on the strategies adopted by the major players in the market. In addition to this, the report also talks about the market segmentation and several applications of battery additives.
Global Battery Additives Market: Drivers and Restraints
In recent times, there has been an increase in the adoption of battery-powered electric vehicles. This has led to a rise in the demand for lithium-ion batteries as they have high energy density. Such a demand has resulted in an increase in the production of these batteries, thereby supporting the growth of battery additives market. The lithium-ion battery segment is perceived to see tremendous expansion in future owing to the multiple benefits it offers.
Furthermore, advancements in battery technology and the penetration of battery additives in the end-use industries have led to a spur in the global battery additives market. Also, lead acid batteries are finding several applications in consumer electronics and automotive industry. This has positively impacted the battery additives market favorably leading to its expansion.
In addition to this, initiatives taken by governments to promote the use of alternative fuel vehicles have fuelled the global battery additives market. An increasing environmental awareness and rise in demand for renewable energy sources have further driven the industry’s growth. Moreover, extensive use of rechargeable batteries has boosted the sale of battery additives resulting in the market’s expansion.
However, along with the drivers there are a certain restraints posing a threat to the market’s growth.
An inadequate support infrastructure for electric vehicles and safety issues related to battery additives may hamper growth of the global battery additives market. Nonetheless, companies are working on enhancing the durability and efficiency of battery additives. This factor will broaden its scope of use, consequently leading to an expansion in the market.
Global Battery Additives Market: Geographical Distribution
Regionally, Asia Pacific holds the highest market share in the global battery additives market. In this region, emerging economies such as India, China, and Indonesia have contributed to the market’s growth. The growth in this region can be attributed to a high demand of electric vehicles. The market in the U.S. is expected advance significantly during the forecast period owing to an increasing adoption of electric forklift technologies. The battery additives market in Europe is expected to grow moderately. Strict environmental regulations and increasing electric vehicle sales majorly contribute to the market’s growth in Europe.
Global Battery Additives Market: Competitive Dynamics
Key players operating in the global battery additives market include 3M, Cabot Corporation, HOPAX, SGL Carbon, PENOX, Hammond and Imerys. These companies are investing in R&D activities to improve the shelf life of their products, consequently increasing their revenue share in the market. They are also adopting new marketing strategies to increase product awareness and improve their customer base.
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