Gel Lithium difluoro(oxalato)borate Market Forecast and CAGR
According to the latest research by Fact MR., lithium difluoro(oxalato)borate market is set to register sizeable growth during 2021-2031 with a CAGR of 7.8%. Demand for the lithium difluoro(oxalato)borate will witness substantial growth recovery in the short term, with an optimistic growth outlook in the long run.
An upsurge in demand from the electric vehicle industry will generate extensive growth opportunities in near future. Besides, sales of Lithium difluoro(oxalate)borate in the electronics industry will provide momentum.
What is Driving Demand for Gel Lithium difluoro(oxalato)borate?
Upsurge in the use of consumer electronics, such as, smartphones, laptops and other portable equipment is driving the market demand for lithium-ion batteries which in turn increasing the demand for battery electrolytes. Gel Lithium difluoro(oxalato)borate is a high-performance lithium-ion battery material, so with the increased demand for battery electrolytes, the demand for LiDFOB is increasing.
The most important factor of increasing requirement for LiDFOB is the growing adoption of electric vehicles which includes hybrid electric vehicles and plug-in hybrid electric vehicles. With growing awareness of the pollution incurred by the fuel combustion engine, the world is already started shifting towards electric vehicles. The lithium-ion battery is the main power component of an EV so the growing adoption of EVs among consumers is directly increasing the demand for Lithium-ion batteries followed by battery electrolytes.
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Demand for Lithium-Ion Battery Likely to Elevate Gel Lithium difluoro(oxalato)borate Sales
Problems of energy security and environmental pollution, the rise of 5G, and the continuous increase in demand for energy storage, are causing an increase in overall energy requirements. Smartphones, tablets, laptops, home energy storage and solar energy, wind power generation, and other distributed power system energy storage continue to grow rapidly.
It is predicted that the global demand for lithium batteries will increase from 271 GWh in 2020 to 1000 GWh in 2025, with an average compound growth rate of about 29%. The demand for lithium-ion battery electrolytes reaches 1 million tons yearly, and the demand for lithium battery additives, one of the key materials of lithium-ion battery electrolytes, will also increase rapidly over the forecast years.
Owing to the afore-mentioned factors, the demand for lithium difluoro(oxalato)borate is also increasing significantly.
US and Canada Gel Lithium difluoro(oxalato)borate Market Outlook
North America is one of the fastest-growing regions in terms of the adoption of electric vehicles. The United States is already among the top countries leading the market in terms of electric vehicle manufacturing and sales. The automotive sector in North America especially in the US is one of the major end-users of lithium-ion batteries. Additionally, the material handling industry is showing an upsurge in demand for lithium-ion batteries in the US which in turn is opening up the demand for lithium difluoro(oxalato)borate.
Although US companies assemble lithium-ion batteries, the battery cells going into them are mostly manufactured by Asian manufacturers. In terms of export US is the largest exporter of lithium batteries and accounted for over 15.8% of the global exports, and was valued over US$ 422.9 million in 2020.
Canada has already begun the electrification of its public transportation infrastructure, which in turn is intensifying the demand for lithium-ion batteries in the country.
Considering the above facts of lithium-ion battery adoption, manufacturing and export, North America Leading by the US is one the prominent business destination for Gel Lithium difluoro(oxalato)borate manufacturers.
Asia Pacific Demand Outlook for Gel Lithium difluoro(oxalato)borate
The production of battery electrolytes is dominated by the Asian manufacturers. China is leading in terms of production followed by Japan and South Korea. China manufactured over 77% of all lithium batteries used in the global marketplace as of 2020.
Additionally, China and Japan are considered as the second and third largest markets for electric vehicles. As of 2020, China remained the largest market for electric vehicles, and had a fleet of over 4.5 million electric vehicles.
Owing to the growing automobile sectors and a motive to shift towards hybrid and electric vehicles, is anticipated to drive the demand for lithium-ion batteries in future. Thus the extensive deployment of batteries in the developing countries creates a large regional market for lithium difluoro(oxalato)borate across the region.
Who are the Key Manufacturers and Suppliers of Gel Lithium difluoro(oxalato)borate?
Some of the leading manufacturers and suppliers of lithium difluoro(oxalato)borate include
- American Elements
- Shanghai Zhuoye Chemical Technology Co. Ltd
- Nanjing Chemlin
- Chemical Industrial Co. Ltd
- Yurui (Shanghai) Chemical Co. Ltd.
- Simagchem Corp.
- BaoJi GuoKang Bio-Technology Co. Ltd.
- Dayang Chem (Hangzhou) Co. Ltd.
Globally the lithium difluoro(oxalato)borate business is considered moderately fragmented and the leading players account for more than 37% of the overall market share. The majority of the leading manufacturers and suppliers have focused on investment, expansion, acquisitions, and brand development in the past years. Such initiatives adopted by manufacturers keep the market competitive in nature.
- Battery Grade
- Electron Grade
- Industrial Grade
- North America
- US & Canada
- Latin America
- Brazil, Mexico, Argentina & Rest of Latin America
- Germany, France, Italy, Spain, U.K., Benelux, Russia, and Rest of Europe
- East Asia
- China, Japan, South Korea
- South Asia
- India, Thailand, Malaysia, Indonesia and Rest of South Asia
- Australia and New Zealand
- Middle East and Africa
- GCC Countries, Turkey, South Africa, and Rest of Middle East & Africa
- North America
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