Lithium-ion Battery Binders- Growing Demand for Electric Vehicles, Consumer Electronics, and Utility Sector

A lithium-ion battery binder is a substance that is used in the manufacture of lithium-ion batteries. It is used to bind and hold the anode and cathode of the battery together, as well as to provide electrical insulation. In addition, the binder aids in the prevention of short circuits, corrosion, and leakage. It's typically made of an organic polymer and an inorganic oxide material like graphite, alumina, or silica. The growing use of lithium-ion batteries in consumer electronics, wearable devices, and electric vehicles is driving up demand for lithium-ion battery binders. The global Lithium-ion Battery Binders Market is projected to grow from USD 1.6 billion in 2022 to USD 3.7 billion by 2027, at a CAGR of 18.7% from 2022 to 2027. Growing demand of various applications such as automotive, consumer electronics, and industrial is expected to drive the global lithium-ion battery binders market.

Some of the leading players operating in the lithium-ion battery binders market are 

LG Chem (South Korea), ENEOS (Japan), Zeon Charging (Japan), Solvay .A.,  Zeon Specialty Materials Inc.,  Arkema S.A,  Ashland Global Holdings Inc.,  DuPont de Nemours, Inc.,  JSR Corporation , Kureha Corporation ,  APV Engineered Coatings, Inc. ,  FUJIFILM Wako Chemicals USA ,  JSR Micro NV and others.

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By battery chemistry, the lithium iron phosphate segment is estimated is expected to grow at the highest CAGR during the forecast period in 2021. Lithium iron phosphate batteries suitable for use in high-power applications such as electric vehicles and power tools due to their high charge and discharge rates. These batteries have longer life spans, require lower maintenance, and are cost-effective and lightweight. These batteries have high use for end users in automotive and power generation, among other industries.

By material, the polyvinylidene fluoride segment accounted for the largest share of the lithium-ion battery binders market in 2021. It is a specialty plastic material in the fluoropolymer family widely used in applications such as chemical processing, construction, oil & gas. PVDF is widely used in lithium-ion batteries as a binder due to its high level of electrochemical and thermal stability and its excellent adhesion between electrode films and collectors.

By end-use, the industrial segment accounted for the largest share of the lithium-ion battery binders market in 2021. Lithium-ion batteries are used as the power source in off-the-road vehicles such as golf carts, data centers, forklift trucks, mining vehicles, and construction and industrial equipment. There is a continuous requirement for power supply for telecom data centers. Over the past few years, there has been a significant increase in the number of data centers, leading to an increase in demand for power. Thus, companies are shifting toward lithium-ion batteries as a power source for data centers. This is expected to drive the market for industrial segment during the forecast period.

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Over the projected period, Asia Pacific is anticipated to hold the greatest market share for lithium-ion battery binders worldwide. This is a result of the region's rising need for lithium-ion batteries for use in consumer electronics, transportation, and energy storage systems. Furthermore, it is projected that the market in the region will be driven by the rising use of lithium-ion batteries in electric vehicles and renewable energy storage systems.

The Europe region accounted for the second largest share of the lithium-ion battery binders market in 2021. The European region is a hub to various growing manufacturing industries such as automotive, consumer electronics and others. Lithium-ion batteries are widely used in these industries and their growth helps to contribute to the larger demand for lithium-ion battery binders in the region.