Battery additives are used in different kinds of batteries such as lithium-ion batteries (Li-ion) and lead-acid batteries. They regulate the functioning of the battery and boost their power performance. Electrolyte additives is one of the most economic additives and effective methods for the improvement of Li-ion battery performance. Increasing the service life of an aging battery can be useful as additives are cheap, easily available and worth the experiment for a handyman. These additives may reduce the internal resistance in battery to give a sulfated battery a few extra months of life. Commonly used additives are magnesium sulfate (Epsom salt), caustic soda and EDTA.
Geographically, the global battery additives market is segmented into five regions: North America, Europe, Asia Pacific, Latin America and Middle East & Africa.
Asia Pacific is expected to lead the growth for this battery additives market owing to rising population, and rapid indutrialization have led to innovation and development, making APAC an important industrial hub, globally. The major players from the APAC region are investing and expanding their units at domestic as well as international level. This has led to many developments in batteries in terms of higher power output and energy density, quick charging, more safety, and longer shelf life, which is growing the demand for EVs. Electric vehicle is the largest and fastest-growing application in the region, where Li-ion owing to reliable, cost-efficient, and good torque and lower emission control characteristics.
North America and Europe are expected to witness exponential rise in the market owing to larger demand of EVs. Presence of a significant number of key players in these regions can lead to a significant growth for this market. The additives used in the batteries helps to reduce reduce power consumption by improving performance in ageing motive power and stand-by power batteries, and reduce the replacement cost of batteries especially expensive industrial batteries.
Global battery additives market is segmented by type, and application.
Lead acid battery application segment is expected to grow the fastest for battery additives market owing to a rapidly growing automotive sector coupled with a growing population has also increased the growth of battery additives market in the region. The lead-acid battery market is driven by the increasing disposable income of the consumer which leads to an increase in demand for vehicles and electronic items, globally. The energy-to-weight ratio of the lead acid battery is low, but it can supply large surge currents, indicating a high power-to-weight ratio. According to key players, Lead acid batteries in automotive applications contribute to more than 62% of the market. Renewable application is the one of the recent developing trends for stationary lead-acid batteries to employ in off-grid renewable energy generation. Various emerging countries are focusing towards renewable power generation. This is likely to increase the size of the lead acid battery market.
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Battery Additives market segmentation