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The binder market for lithium-ion batteries is estimated to increase by USD 3.70 billion at a CAGR of 25.42% between 2022 and 2027. The binder market for lithium-ion batteries experiences significant growth due to various driving factors. The automotive sector's transition towards electric vehicles (EVs) is a primary catalyst, as the demand for sustainable transportation solutions increases. Additionally, the expanding market for smart devices, such as laptops, smartphones, and wearable technology, fuels the need for efficient and high-performing batteries. Furthermore, government initiatives and subsidies aimed at promoting EV adoption and reducing carbon emissions contribute to the market's expansion. These factors collectively create a robust demand for lithium-ion batteries and their binding materials, ensuring continued growth for the binder market.
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In the realm of food production, non-sweet food binders such as corn syrups, eggs, and starches serve as essential components in creating a wide array of products, including meat analogs, meat products, and ready-to-eat food products. These food binders ensure proper texture and cohesion, enhancing the appeal of packaged food products for both exterior applications and consumption. Similarly, in the field of paints, pigment particles are crucial for achieving desired colors and finishes, especially for exterior applications where durability and weather resistance are paramount. From enhancing the aesthetic appeal of buildings to providing essential nutritional elements in food, these pigment particles and food binders play vital roles in their respective industries, catering to the needs and preferences of consumers. Whether it's adding vibrancy to a building facade or ensuring the structural integrity of a meat substitute, these components contribute significantly to the quality and functionality of the final products.
The automotive industry's transition to electric vehicles is a key factor driving the growth of the global lithium-ion battery binders market. The objective of moving toward a sustainable ecosystem in the automotive industry has led to a spurt in demand for EVs and HEVs. Stringent regulations are being imposed, which ensure compliance with the Paris Agreement on Climate Change. Electric cars are the most suitable way to reduce the carbon footprint. They are considered an environmentally friendly solution to reduce carbon dioxide emissions in the transport sector.
Moreover, on average, electric cars emit half the greenhouse gases emitted by traditional vehicles. HEVs combine the benefits of both gasoline and electric engines and can be configured to meet specific goals, such as better fuel economy, more power, or extra power for tools and electronics. Sales of electric cars have been steadily increasing since 2016. To further promote their sales, governments in many countries set targets and provide incentives in the form of monetary and non-monetary benefits. This will increase the confidence of producers and other stakeholders in future policy frameworks and investment mobilization. The increase in sales of electric cars increases the demand for lithium-ion batteries and thus accelerates the growth of the market during the forecast period.
The rising adoption of wearable technology is a major trend in the global market. Wearable technology includes smart electronic gadgets and devices that can be combined into clothing or worn as an accessory or implant. Some of the most commonly used wearable devices are smartwatches and activity trackers. The wearable market is expected to experience advancements in wearable technology in applications such as in professional sports, healthcare, fashion, and others over the forecast period.
Some of the major companies of lithium-ion batteries are introducing new products for use in smart wearables. In January 2019, VARTA Microbattery GmbH launched new flat lithium-ion cell micro batteries that can be used in the wearables CP 0854, CP9440, and CP7840. Thus, the availability and adoption of new lithium-ion batteries for wearable products are likely to positively impact the growth, which will support the demand for binders in lithium-ion batteries during the forecast period.
The presence of multiple substitutes for Li-ion batteries is a major challenge to the growth of the global market. Lithium-ion batteries are widely used in automotive, consumer electronics, and energy storage applications mainly due to their lightweight and high energy storage. However, there are many substitutes for Li-ion batteries in the market, which is likely to hinder the growth of the market. These substitute batteries have applications in almost all major end-user industries, such as automotive, consumer electronics, and energy storage.
However, several other battery technologies are being developed for use in the automotive industry, such as solid-state and sodium batteries. Sodium is a more abundant raw material than lithium. In addition, significant R&D efforts are underway to develop solid-state batteries because they have a high energy density and are safer than lithium-ion batteries. However, production costs are higher than other batteries, such as lead-acid batteries and nickel-metal hydride batteries. Therefore, the cost and availability of many substitutes affect the use of Li-ion batteries and thus hinder the growth of the Li-ion battery connector market during the forecast period.
Key Customer Landscape
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Customer Landscape
companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
APV Engineered Coatings LLC - The company offers binders for lithium-ion batteries made up of high-speed reactors, dual shaft mixers, three roll mills, horizontal mills, and ball mills. Also, the company offers products such as water-based and solvent-based adhesives.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Based on type, the market is segmented into cathode binders and anode binders. The global lithium-ion battery binders market share growth by the cathode binders segment will be significant during the forecast period. Cathode binders are bonding materials used to hold the active cathode materials in lithium-ion batteries. These materials have high adhesion properties. Lithium-ion batteries are mainly used in the automotive industry and electronic equipment due to their high specific energy-to-weight ratio. Cobalt, nickel, lithium manganese oxide, phosphate, and nickel-cobalt manganese are the most common cathode active materials in lithium-ion batteries.
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The cathode binders segment was valued at USD 645.44 million in 2018. Active material, solvent, additives, and binders are used in the manufacture of the lithium-ion battery cathode electrode. A mixed slurry of these materials is passed through a coating machine to form a uniform slurry on the aluminum foil. The coated aluminum foil is calendered to produce a more uniform electrode. Choosing the right cathode binder is critical for Li-ion batteries, as binders play a key role in the electrical control and mechanical stabilization of Li-ion batteries. Hence, such factors are fuelling the growth of this segment during the forecast period.
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APAC is estimated to account for 62% of the global market share growth during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. The heating, ventilation, and air conditioning equipment market in APAC is expected to grow rapidly during the forecast period. The major revenue contributors include China, Japan, and India. APAC accounts for the largest share in the market as the region is a major manufacturing hub for both mobile products and EVs. Some of the largest automotive manufacturers globally, such as Mitsubishi Motors Corporation, Toyota Motor Corporation, and Honda Motor Company, Ltd, are based in the region. The market for automotive applications is highly reliant on the adoption of EVs. Governments and automotive manufacturers in the region are making collective efforts to shift to EVs because of growing environmental concerns and the need to reduce the dependence on fossil fuel-powered vehicles.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments.
In the realm of architectural coatings, polymeric binders are pivotal for formulating weatherproof coatings with optimal cohesion, flexibility, and gloss for both exterior and interior applications. These coatings not only enhance aesthetic appeal but also contribute to environmental sustainability by utilizing acrylic formulations and other materials sourced from recycling and raw materials. Concerns for animal welfare and lifestyle choices drive the demand for meat substitutes and vegan ingredients, prompting companies like Archer Daniels Midland to innovate with edible bean blends and vital wheat gluten. In the food industry, the rise of ready-to-eat products and packaged food items emphasizes the importance of nutrition bars, granola, and snack pieces incorporating protein from plant-based sources like collagen and gelatin. Beyond food, social events and non-governmental organizations advocate for environmental impact assessment, import-export analysis, and production analysis to ensure sustainability and ethical sourcing. As industries pivot towards emerging technologies and market entry strategies, considerations for market segmentation, competitive pricing, and collaborations become paramount in navigating market consolidation and seizing growth opportunities in niche markets and emerging economies.
The market is integral to enhancing battery performance across various applications, from electric vehicles (EVs) to renewable energy storage systems. Key factors driving this market include advancements in battery technology, such as lithium metal oxide and lithium cobalt oxide electrodes, which require robust binders like polyvinylidene fluoride (PVDF) for adhesion strength and mechanical stability in high-temperature environments. The market landscape depends on Nickel-cadmium batteries, Electrochemical performance, Increased power, Excellent efficiency, Low self-discharge, Players in the market, Stationary energy storage applications, Multitasking battery binders, Rising adoption of electric vehicles, Solid state lithium-ion batteries, Electric cars market, EV charging stations. As demand grows in the automotive sector and stationary energy storage, binders must exhibit properties like ionic conductivity, electrochemical stability, and cycling stability. Innovations in conductive polymer binders and nanomaterials enhance electronic conductivity and electrochemical reaction reversibility, crucial for battery capacity and efficiency.
Environmental concerns drive the need for cleaner, pollution-free binders using aqueous base materials and reducing dependency on NMP solvents. Government incentives and initiatives from organizations like the International Energy Agency support the expansion of renewable energy storage and electric vehicle infrastructure, influencing binder choices. Challenges such as range anxiety and lack of charging infrastructure propel research into high-power applications and solid-state lithium-ion batteries with improved thermal stability and power density. Industry leaders in binder production, including styrene butadiene copolymer and Xydar liquid crystal polymers (LCP), focus on developing materials like Xydar LCP G-330 HH for superior abrasion resistance and environment-friendliness. Overall, the binder market plays a critical role in shaping the future of battery technology, addressing key concerns in efficiency, sustainability, and performance across diverse global markets.
Market Scope |
|
Report Coverage |
Details |
Page number |
174 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 25.42% |
Market growth 2023-2027 |
USD 3.70 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
23.39 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 62% |
Key countries |
US, China, South Korea, Japan, and Germany |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
APV Engineered Coatings LLC, Arkema Group, Ashland Inc., BASF SE, Crystal Clear Electronic Material Co. Ltd., Daikin Industries Ltd., DuPont de Nemours Inc., FUJIAN BLUE OCEAN Co. Ltd., Fujifilm Corp., Indigo Technology Co. Ltd., JSR Corp., Kureha Corp., MTI Corp., NANOGRAFI Co. Inc., Sinochem Group Co. Ltd., Solvay SA, Targray Technology International Inc., Ube Corp., AOT Battery Equipment Technology Co. Ltd., and Zeon Corp. |
Market dynamics |
Parent market analysis, Market forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Application
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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