Battery Separators Market to exceed $19.8 billion by 2027
Published Date: March 3, 2021 Authors: Kiran Pulidindi, Sayan Mukherjee
According to a new research report by Global Market Insights Inc., the Battery Separators Market size is estimated to surpass USD 19.8 billion by 2027.
The proliferating consumer electronics coupled with strong economic growth across developing nations will drive the demand for battery separators throughout the assessment period. Moreover, the governments in the developing regions are emphasizing shifting toward the use of electric vehicles. This shift in trend is projected to generate huge revenue gains for the global battery separators market throughout the assessment period.
The penetration of electric vehicles will boost the overall market demand
The constantly evolving electric vehicles scenario, mainly in the developing regions, is anticipated to create huge revenue gains throughout the assessment period. China accounts for over 50% of the overall electric vehicles market, thereby creating huge revenue gains for the battery separators market growth in the region. China, Japan, and India are the major markets in the Asia Pacific region.
Lithium-ion batteries are widely used in electric vehicles owing to their efficient-energy density compared to their weight. These batteries extensively use polyolefin separators including polypropylene and polyethylene, among others.
Lithium-ion separators accounted for over 42% in 2020 and are projected to grow at a CAGR of over 16.2% through 2027. The use of a battery separator in a circuit is of the utmost importance as it helps the circuit to exclude the risk of a short circuit. Lithium-ion battery separators act as an internal fuse and also aids in regulatory scenarios for the testing of dangerous goods. Various lithium-ion batteries use a triple-layer separator for industrial applications. Large size industrial batteries require efficient thermal shutdown to avoid short circuits; hence, are often installed with double- or triple-layer polyolefin separators.
The global economic slowdown is due to the COVID-19 pandemic and a temporary halt in the manufacturing & automotive industries, which are the largest end-users of the battery separators market. The imposition of nationwide lockdown in various countries has restricted global trade, impacting the overall market.
China is the largest manufacturer of battery separators. The country has undergone a huge period of manufacturing halt, creating a major discrepancy in the demand & supply of battery separators in 2020. The overall market is projected to slow down at over 10% in the same year. North America & Europe also witnessed demand-supply discrepancies in 2020. Furthermore, fluctuating product demand and raw materials cost will further restrain the market in 2020. However, by the end of 2021, the market is projected to exhibit its normal course.
Browse key industry insights spread across 250 pages with 220 market data tables & 7 figures & charts from the report, “Battery Separators Market, By Product (Polypropylene, Polyethylene, Ceramic, Nylon), By Battery (Lithium-ion, Lead Acid), By End-user (Automotive, Consumer Electronics, Industrial, Power Storage,) Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The consumer electronics and automotive industries to exhibit moderate growth during the assessment period
The consumer electronics industry segment held more than 28% share by volume in 2020 and is expected to witness a CAGR of over 16.5% from 2021 to 2027. Consumer electronics generated a revenue of over USD 2,312 million in 2020. The growing demand for consumer electronics mainly in the Asia Pacific region will drive the growth of battery separators market segment throughout the assessment period.
The consumer electronics industry mainly uses polypropylene and polyethylene separators owing to their excellent mechanical and chemical stability. Moreover, consumer electronic applications require highly efficient and low-weight separators for specific applications; hence, polyolefins are widely used in this industry. Power storage systems held a market share of over 5.6% in 2020 and are projected to grow at a CAGR of over 10.3%.
Latin America held a market share of over 4% in 2020 and is projected to grow at a CAGR of 16.2% during the assessment period. Latin America generated a revenue of over USD 300 in 2020. Growing demand for consumer electronics in the region will complement the market growth during the assessment period. North America is another major region and shall contribute over USD 9 billion in 2027. The presence of a huge technological infrastructure in the region coupled with the presence of major manufacturers is anticipated to generate huge revenues by 2027.
Key manufacturers operating in the battery separators industry include Asahi Kasei, Celgard, Toray Industries, Inc., UBE, Sumitomo, SK Innovation, Freudenberg, Entek International, W-Scope Industries, Bernard Dumas, and others
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