Lithium-ion batteries are a type of rechargeable batteries. In this battery, lithium ions move from anode to cathode during discharge and get back to the anode point while charging. There are three functional components of a lithium-ion battery namely, the cathode, anode, and electrolyte. They are available in different shapes and sizes such as a large cylindrical, cylindrical, pouch, and prismatic.
The global lithium-ion battery market is expected to surpass US$ 139.3 bn in terms of value by the end of 2028.
The growing advancement in battery technologies in terms of efficiency is expected to propel the market growth of Li-ion batteries. These batteries are lightweight and environmentally friendly which makes them an ideal source of power in electronic appliances. Moreover, these batteries can last more than 500 repeated charges and discharges. Furthermore, the Li-ion battery maintains its full capacity even after a partial recharge. Thus increasing advancement in the battery technologies are projected to propel the market growth.
Growing innovation in the Li-ion batteries by key manufacturers in order to cater to evolving demand is expected to bring new market opportunities. For instance, in January 2020, Kyocera announced the launch of the world's first SemiSolid lithium-ion battery. The SemiSolid lithium-ion battery has a higher energy density, lower manufacturing costs, and improved safety, the companies claim that SemiSolid is the new standard for lithium-ion cells. Thus growing innovation in Li-ion batteries will uplift the market growth over the forecast period.
Global Lithium-Ion Battery Market: Recent Developments
In August 2021, Nissan Motor announced that it will build a lithium-ion battery plant in Japan to support EV production as part of a joint investment project with battery manufacturer Envision AESC
In June 2021, Schlumberger announces collaboration with Panasonic for sustainable lithium production.
In December 2020, GS Yuasa Corpora announced the launch of its LIM30HL series of industrial lithium-ion battery modules.
The risk associated with lithium-ion batteries such as a fire in cars and electronic devices is expected to hinder the market growth. For instance, a lithium-ion battery caught fire in Boeing’s 787 Dreamliner and the plane had to be grounded. Another incident when Nokia replaced BL-5C batteries in its mobile phones in India due to increasing incidents of overheating. Thus, rising prevalence of such fire related accidents in electronic device is projected to inhibit the market growth.
Global Lithium-Ion Battery Market - Impact of Coronavirus (Covid-19) Pandemic
The Covid-19 outbreak has had an adverse impact on various industries around the globe. Due to the strict rules and regulations undertaken by government to curb the spread of the infection, companies are looking to function remotely. Moreover, various companies are looking to implement strict measures to operate at minimum risks. Additionally, various companies had shutdowns their manufacturing units which had an adverse impact on lithium-ion battery market.
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Li-ion polymer battery is gaining traction in the market. For this various manufacturer polymer ingredient for Li-ion battery. For instance, in February 2020, Nouryon has begun the first deliveries of AkuPure™, a carboxymethyl cellulose (CMC) polymer. Specifically for the fast-growing lithium-ion battery market. AkuPure is an ultra-high-purity CMC that improves the electrode coating process, making the battery more efficient by helping it to retain and deliver power more effectively.
The increasing adoption of lithium cobalt oxide in electric bikes and power tools due to its low cost is contributing to market growth. They have longer cycle life and higher energy density due to which they are gaining popularity in the market. Moreover, they offer high-performance and also high capacity and power. Thus, the growing popularity of lithium cobalt oxide is projected to foster the market growth of the Li-ion battery technology over the forecast timeframe.