Published on : May 28, 2020
The global lithium and lithium ion battery electrolytes market is expected to capture new territories in the years to follow. The growing relevance of lithium ion batteries in a range of industries has transcended as the leading driver of market demand. Moreover, the high quotient of efficiency associated with the use of lithium ion batteries has also helped in driving market demand. Several research centers and laboratories are involved in studying the effectiveness of lithium ion batteries. Moreover, electrode analysis has also witnessed the lithium ion batteries in recent times. Owing to the factors mentioned above, the global lithium and lithium ion battery electrolytes market is slated to expand at a sturdy pace in the years to follow.
A report added by Research Moz (Rmoz) on the global lithium and lithium ion batteries market sheds value on some of the leading factors responsible for market growth.
Unfurling New Avenues for Research
A new research conducted at John Hopkins Applied Physics Laboratory has led to the development of safer and more resilient lithium-ion batteries. The researchers have been involved in generating a battery prototype that is immune to failure. The new development is an advanced version of the battery developed by these researchers in 2017. It was a rugged battery that could be bent, cut, or even soaked without any interruptions in power. The John Hopkins group has now gone a notch higher by developing lithium ion batteries that are fireproof. Moreover, the voltage levels of this battery are comparable to those of commercial products. The new development has come at a time when electric vehicles have become the watchword for the automobile industry. It would be interesting to witness the rate of adoption for the new batteries.
Some of the leading vendors in the global lithium and lithium ion battery electrolytes market are Guangzhou Tinci Materials Technolgy Co, Shenzhen Capchem Technology Co Ltd, and Mitsubishi Chemical Company. These vendors are expected to focus on research and innovation in order to improve their growth dynamics.
Popularity of Electric Vehicles to Drive Market Demand
Electric vehicles are the latest advancement in the automobile industry, and this is an important consideration from the perspective of market growth. Fuel cells and lithium ion batteries are under the scanner of research across the automobile industry. The ability to integrate these technologies with electric vehicles has played a pivotal role in driving sales across the global market. Moreover, successful execution of several automobile engines powered by lithium ion batteries has generated fresh opportunities for growth within the global market. Investments in automotive research and development have trickled down to the global lithium and lithium ion battery electrolytes market.
Growing Demand for Rechargeable Electronics
The growing popularity of rechargeable electronics has created a plenitude of opportunities for market growth. Mobile phones and laptops are amongst the most widely used electronic devices across the residential, commercial, and industrial sectors. Furthermore, the need for high-performance electronic devices has also become a key propensity across the market. Lithium ion batteries fulfil the aforementioned criteria, and this is an important standpoint from the perspective of market growth.
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Regional Dynamics of Market Growth
Several regional territories have invested in development of smart and energy-efficient technologies. South Korea has been at the helm of innovation in the energy sector, and this factor has propelled demand for lithium ion batteries in the region. Moreover, development of premium electric vehicles in Germany has given a thrust to the growth of the Europe market. The Scandinavian countries have performed outstandingly well in integrating energy-efficient technologies. Adoption of lithium ion batteries is expected to gain momentum across the Scandinavian countries.