A report explores the lithium and lithium ion battery electrolytes market and provides the reader analytical insights for the forecast period of 2019-2029. As per the findings of the report, the global lithium and lithium ion battery electrolytes market is projected to experience steady growth over the forecast period, due to multiple driving factors, such as increasing battery applications in automotive and consumer electronic manufacturing activities across geographies.
Ascending sales of electric vehicles in recent times has been working to the advantage of the lithium and lithium ion battery electrolytes market players. In order to win in the innovation game, manufacturers are continuously leveraging newer materials and novel technologies, according to the report's analysis.
The global lithium and lithium ion battery electrolytes market value in 2019 is estimated at ~US$ 2.7 Bn, and is expected to increase at a CAGR of ~13% over the forecast period of 2019-2029. This progress in the market is majorly propelled by the growing consumption of lithium and lithium ion battery electrolytes as battery material for electric vehicles and electronics such as laptops, cameras, and personal digital assistants, among others. The power and energy industry has started using electrolytes for energy storage plants in multiple areas, increasing the usage of electrolytes for powering general industrials such as forklift, cement mixers, and air filters, among others.
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