The solid electrolyte market is projected to reach $56.6 million by 2030, at a CAGR of 12.1% from 2021 to 2030. Solid electrolytes are safer, more stable, and have higher energy densities as compared to conventional Li-ion batteries with liquid electrolytes. They are used in a wide range of applications, including consumer electronics, electric vehicle, energy harvesting, medical devices, smart cards, and wireless communication. The global market has been analyzed based on revenue generated from the sales of commercialized solid state batteries.
Increase in application of solid state batteries in the healthcare, wearable, and drone sectors is one of the major factors responsible for the growth of the global solid state batteries market. In addition, surge in need for solid state batteries in electric vehicles plays an important role in escalating the market growth.
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The solid electrolyte market analysis has been done on the basis of application, type, and region. By type, the solid electrolyte market is divided into ceramic and solid polymer. Solid polymer electrolyte (SPE) has tremendous advantage over other technologies since polymeric backbone of SPE offers mechanical flexibility needed for such batteries. This drives the growth during the solid electrolyte market forecast period.
Based on application, the solid electrolyte market is divided into thin-film battery and electric vehicle battery. Multiple factors, such as government regulations in various regions of the world and technology developments in batteries, are expected to boost the EV market. This acts as the major driving factor for the global solid electrolyte market during the forecast period.
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By region, North America is expected to dominate the market, with most of the solid electrolyte demand coming from the U.S. and Canada.
The major companies profiled in this report include Ampcera Corp, Brightvolt, Inc., Cymbet Corporation, Empower Materials, lonic Materials Inc., NEI Corporation, Ohara lnc., StmicroElectronics N.V., Toshima Manufacturing Co. Ltd., and Toyota Motor Corporation
Key findings of the study
- By region, the North America solid electrolyte market is projected to grow at the highest CAGR of nearly 12.7%, in terms of revenue, during forecast period.
- By type, the solid polymer segment accounted for the largest solid electrolyte market share in 2020.
- By application, the electric vehicle battery segment garnered the largest market share in 2020.
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Impact of COVID-19 on the solid electrolyte market:
- Economies such as France, the UK, Germany, Spain, Italy, and Norway suffered a lot due to the COVID-19 pandemic.
- Many industries had to shut production due to a shortage of raw material, disrupted supply chain, and prolonged lockdowns. This caused a decline in demand for solid electrolytes.
- The constraints of the COVID-19 pandemic have affected the global solid electrolyte market negatively. However, the market is expected to grow as the restrictions continue to ease in North America and Asia-Pacific.