Battery Separators Market is Expected to Garner $19.8 Billion by 2027, Says Global Market Insights Inc.
The growing demand for battery separators in the automotive and consumer electronics industry will boost the battery separators market during the forecast period, says this report.
SELBYVILLE, Del., March 4, 2021 (Newswire.com) - Based on Global Market Insights Inc.'s report, the Battery Separators Market size was estimated at $6.6 billion in 2020 and is slated to surpass $19.8 billion by 2027, registering a CAGR of 16.1% from 2021 to 2027. The report provides a comprehensive analysis of the top winning strategies, wavering industry trends, drivers & opportunities, top investment avenues, competitive scenarios, market estimations & size.
Battery separators are extensively used in the consumer electrical and automotive industry. Lithium ion batteries are widely used in the automotive and consumer electronics industry owing to their excellent mechanical properties. Moreover, the decline in lithium battery manufacturing cost in the recent times is anticipated to further propel the demand for polyolefin separators in the coming years.
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Among various product segments, polypropylene and polyethylene are projected to generate substantial gains during the forecast period. Nylon is another major segment, with a market share of over 5%, and is projected to exhibit a CAGR of over 15.2% through 2027.
Based on batteries, lithium ion battery held the largest market share, followed by lead acid battery with a market share of over 30% in 2020. Lithium acid batteries are widely used in consumer electronics. The other batteries include nickel metal hydride battery and nickel cadmium battery. The other segment held a market over 22% in terms of revenue and is projected to exhibit a CAGR of over 16%. The growing penetration of electric vehicles across the globe is projected to augment the battery separators market share for lithium ion batteries in the coming years.
On the basis of end users, the automotive industry was the most revenue-generating industry in 2020 and is projected to follow the same trend throughout the forecast period. Moreover, the penetration of electric vehicles mainly in the Asia Pacific region is anticipated to further augment the battery separators market growth.
The European business will showcase a moderate growth rate at a CAGR of around 15.0% from 2021 to 2027. The presence of major manufacturing companies coupled with huge automotive and consumer electronics industry will propel the battery separators market demand in this region. On the other hand, Asia Pacific was the largest region in 2020 is projected to grow at the fastest CAGR of over 16.6 %. China, India, and Japan are the largest countries contributing to this growth.
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The major companies are hugely investing in research and development to cater to the growing demand from the electronic vehicle sector. For instance, in March 2019 Asahi Kesai invested over USD 30 billion in the expansion of its battery separator plant with completion schedules by 2021.
Key manufacturers operating in the battery separators industry include Asahi Kesai, Celgard, Toray Industries, UBE, Sumitomo, SK Innovation, Freudenberg, Entek International, W-Scope Industries, Bernard Dumas, and others. Industry players are focused on product development, geographic expansion, mergers & acquisitions, strategic collaborations with several innovations, and cost optimization strategies over the long-run.
About Global Market Insights, Inc.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider. Offering syndicated and custom research reports, growth consulting and business intelligence services, Global Market Insights, Inc. aims to help clients with penetrative insights and actionable market data that aid in strategic decision-making.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision makers.
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Source: Global Market Insights Inc.
Tags: Automotive Industry, Battery Separators Market, Ceramic, Consumer Electronics Industry, Lead Acid Battery, Lithium-ion Battery, News, Nylon, Polyethylene, Polypropylene, Power Storage Industry, Press Release