The unexpected shifts in the global markets because of the sudden outbreak of the COVID-19 virus have brought many major and minor tremors to industries of all sizes including the Battery Additives Market.
It was estimated prior to this unanticipated outbreak that the Battery Additives Market was expected to grow at a CAGR of 7.8% during the forecast period. However, the gradual slowing down of industries will undoubtedly impose limits on the previously estimated growth rate.
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Battery additives are used in batteries to enhance their performance and improve their service life. Further, these additives also enhance a battery’s charge holding capacity.
Battery additives are of different types, such as conductive additive, porous additive, and nucleating additive that are used in various applications, such as lithium-ion batteries and lead acid batteries.
This report studies the market covering a period of 12 years of trend and forecast. The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.
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Based on the application type, the market is segmented as lithium-ion battery, lead acid battery, and others. The lead acid battery segment held the largest share of the market in 2019, whereas lithium-ion battery is expected to be the fastest-growing application type during the forecast period. Lithium-ion batteries are majorly used in various applications, such as smartphones, tablets, laptops, wearable devices, and other home applications. The performance of lithium-ion batteries is enhanced by the presence of additives which possess various properties such as increased storage stability and offer safety.
In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing battery additives market during the forecast period, with China and India being the major countries with lucrative growth opportunities. The growth of the market is driven by factors such as increasing demand for battery additives as they are used in various applications such as portable devices and electric vehicles, increasing population, the presence of a large number of battery additive manufacturers, and growing end-use industries, which have led to innovation and development, generating a huge demand for battery additives in the Asia-Pacific region. North America and Europe are also expected to offer substantial growth opportunities during the forecast period.
Some of the major players in the battery additives market are-