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The development of battery powered vehicles owing to the rise in demand for consumers and growth in population are propelling the market growth.

NEW YORK CITY, NEW YORK, USA, May 1, 2023 /EINPresswire.com/ -- Market Overview:

The global battery additives market is predicted to register a CAGR of 9% during the forecast period, with the market size expected to increase from USD 2 Billion in 2022 to USD 4.34 Billion in 2032. The market is being driven by increasing investment in renewable energy storage systems and the growing demand for Electric Vehicles (EVs). Moreover, the rising use of battery-powered gadgets, such as smartphones, laptops, and wearable technology, is also boosting demand for battery additives.
One of the significant factors driving revenue growth of the battery additives market is the increasing demand for EVs. To combat climate change, governments worldwide are implementing policies to promote the use of EVs. Battery additives play a crucial role in enhancing the efficiency and durability of EV batteries, making them essential to the industry. In addition, the growing demand for renewable energy storage systems, such as solar and wind power, is driving revenue growth of the market for battery additives, as these systems require high-performance batteries.
Lithium-ion batteries are in high demand in the battery additives market due to their high energy density and longer lifespan. These batteries are widely used in energy storage systems, portable electronic devices, and electric vehicles. Battery additives play a crucial role in improving the performance and durability of lithium-ion batteries, making them an essential component of the market.

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Battery Additives Market: Segmentation

The report provides a comprehensive analysis of the battery additives market, including revenue forecasts, company rankings, competitive landscape, growth factors, and trends. The base year for estimation is 2022, and the historical data covers the period of 2020-2021.
The increasing investments in renewable energy storage systems and rising demand for electric vehicles are major factors driving the market revenue growth. To reduce carbon emissions and combat climate change, governments worldwide are implementing regulations and incentives to promote EV adoption. Battery additives play a crucial role in enhancing the efficiency and durability of EV batteries, driving market growth. Additionally, the desire for high-performance batteries is driving the demand for renewable energy storage systems such as solar and wind power.
The report covers various segments of the battery additives market, including product type outlook, application outlook, and regional outlook. The rising demand for lithium-ion batteries is a significant factor in the battery additives market, with energy storage systems, portable electronic devices, and electric vehicles frequently using them. Lithium-ion batteries have a higher energy density and longer lifespan than other battery types. The performance and durability of lithium-ion batteries can be greatly enhanced with battery additives, further driving market growth.
Overall, the global battery additives market is expected to see significant growth in the forecast period, driven by rising demand for EVs, increasing investments in renewable energy storage systems, and the need for high-performance batteries. The report provides a comprehensive analysis of the market and covers various segments, offering valuable insights for industry players and stakeholders.

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Battery Additives Market: Strategic Development
Several key players in the battery industry have announced strategic moves in recent years. For example, in 2021, BASF SE partnered with Chinese company Contemporary Amperex Technology Co. Limited (CATL) to develop high-performance battery materials to meet the increasing demand for electric vehicle batteries. This collaboration will focus on next-generation battery materials such as cathode active materials, high-nickel cathodes, and solid-state electrolytes.
In 2020, Cabot Corporation announced plans to expand its manufacturing capacity for black synthetic graphite products used in lithium-ion batteries, in response to growing demand for electric vehicle batteries and energy storage applications. The company aims to increase its production capacity to cater to this rising demand.
Also in 2020, LG Chem acquired Sepion Technologies, a U.S.-based lithium-ion battery separator developer. This strategic move aimed to strengthen LG Chem's position in the global battery market by enhancing its research and development capabilities. These companies are among the major players in the battery industry and their strategic moves demonstrate their commitment to innovation and growth in this sector.

Battery Additives Market: Competitive Landscape

The global battery additives market is witnessing intense competition among major players and small to medium-sized companies. The market is characterized by a few key players accounting for a significant share of the market revenue. These players are implementing various strategies, such as mergers and acquisitions, innovative product development, and strategic collaborations, to maintain their market position and expand their customer base.
Some of the major players operating in the global battery additives market include 3M, Asahi Kasei Corporation, Cabot Corporation, Evonik Industries AG, BASF SE, LG Chem, Dow Chemical Company, UBE Industries, Ltd., Solvay, and Arkema Group. These companies are investing in research and development to develop new products that cater to the growing demand for efficient and high-performance batteries.

Moreover, strategic collaborations, such as the partnership between BASF SE and China-based Contemporary Amperex Technology Co. Limited (CATL), are further driving growth in the global battery additives market. These partnerships aim to accelerate the development of next-generation battery materials and support the increasing demand for electric vehicle batteries.

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