Solid Electrolyte Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Solid Electrolyte Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The solid electrolyte market is expected to grow at a CAGR of around 15% during the forecast period. Factors such as the increasing demand for an energy storage system with high energy density and longer cycle life is likely to drive the market. Increasing uses of electronic devices and electric vehicles are expected to increase the uses of solid-state batteries and solid electrolytes in the upcoming years. However, the high cost of a solid-state battery is likely to hinder the solid electrolyte market during the forecast period.

• With significant uses of thin-film batteries in electronic devices such as pacemakers, and radio-frequency identification (RFID), it is expected to dominate the market during the forecast period.
• Electric vehicles (EV) are expected to account for nearly 10-12% of the total vehicle sales by 2030. Multiple factors such as government regulations in various regions of the world and technology developments in batteries are likely to boost the EV market. Moreover, as per the industry experts, existing lithium-ion battery technology used in electric vehicles is expected to maintain a high price in the upcoming years. Additionally, drawbacks such as lower energy density and limited safety features of a lithium-ion battery are likely to create an opportunity for the markets like solid-state battery and solid electrolyte in the near future.
• Asia-Pacific is expected to dominate the market, with most of the solid electrolyte demand coming from countries like China and India.

• Thin-film batteries are one of All-Solid-State Battery (ASSB) that utilize ceramic solid electrolytes such as Lithium phosphorous oxy-nitride (LiPON) to transfer the ions in between cathode and anode.
• Cathode materials are often made of lithium-oxide such as LiCoO2, LiMn2O4, and LiFePO4, while anode materials are typically made of graphite, Li metal, or other metallic materials.
• The majority of thin-film battery applications are directed towards improving current consumer and medical products. Thin-film batteries are used in thinner electronic devices, as the thickness of the battery is much less than that of conventional Li-ion batteries.
• With the increasing use of RFID tags in shipping and inventory control and a cardiac pacemaker to treat irregular heart rhythm of patients, it is likely to have a high use of solid-state battery and solid electrolyte during the upcoming years.
• During 2018, North America exported nearly USD 638.2 billion products (consumer goods, fuels, capital goods, etc), while it imported nearly USD 565 billion. With increasing population demand for products such as consumer goods are like to increase all over the globe, which is likely to expand the RFID market, and thus the solid battery market and solid electrolyte market during the upcoming years.

• Asia-Pacific market majorly consists of 18 countries, with 59.76% of the world’s population, and accounts for nearly USD 925.5 billion export and USD 508.7 billion import in 2018. China and India dominate the region, with the highest valuation of export and import bills.
• Apart from trade, the region has the highest population of nearly 4.6 billion. China and India have the highest population in the region, with a higher number of the electric vehicle population. Cumulatively, China and India had near 1.2 million electric vehicle populations in 2018.
• High trade value indicates high shipments and high uses of RFID, a high population indicates higher chances of heart diseases and implantation of cardiac pacemakers, and a high population of EV indicates high uses of rechargeable batteries.
• To boost the future market of rechargeable battery, companies like Toyota is expected to launch its solid-state battery-based electric vehicle in 2020. Toyota and Panasonic formed a joint venture to produce the batteries.
• Moreover, Hyundai, and Samsung, along with a few other companies, have invested USD 20 million in 2018 to develop a solid-state battery for uses in electric vehicles and consumer electronics.
• Thus, developments of solid-state battery for electric vehicles and increasing population, along with growing trade and cardiac patients in the region is likely is expand the solid-state battery and solid electrolyte market in the near future.

The solid electrolyte market is consolidated. Some of the key players in the market include NEI Corporation, Ohara Inc, Empower Materials, Ampcera Corp, Iconic Material Inc, and Toshima Manufacturing Co. Ltd. among others.

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