Portland, OR, Oct. 04, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global solid electrolyte market generated $17.8 million in 2020, and is expected to reach $56.6 million by 2030, manifesting a CAGR of 12.1% from 2023 to 2030. In-depth information about restraints, opportunities, key drivers, and their impact analysis on the market is offered in the report.
Factors including increase in the use of solid-state batteries, and a surge in demand for solid-state batteries in the electric vehicles sector drive the global solid electrolyte market growth. On the other hand, the market growth can be hampered by the complicated manufacturing process of solid electrolytes. However, the opportunity for market growth lies in the form of increase in demand for zero-emission vehicles.
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Covid-19 Scenario:
- 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.
The report offers detailed segmentation of the global solid electrolyte market based on type, application, and region.
Based on type, the solid polymer segment is accounted for the largest market share in 2020, contributing to more than three-fifths of the total share. On the other hand, the ceramic segment is estimated to witness the fastest CAGR of 13.2% from 2023 to 2030.
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Based on application, the electric vehicle battery segment contributed to the largest share in 2020, accounting for nearly three-fifths of the global solid electrolyte market and is projected to dominate the market during the forecast period. However, the thin-film battery segment is expected to manifest the highest CAGR of 12.7% from 2023 to 2030.
Based on region, North America contributed to the highest share in 2020, holding more than one-third of the total market share, and is expected to maintain the lead throughout the forecast period. On the other hand, Europe is expected to portray the fastest CAGR of 13.4% during the forecast period.
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Leading players of the global solid electrolyte market analyzed in the research include Toyota Motor Corporation, NEI Corporation, StmicroElectronics N.V., Ohara lnc., Toshima Manufacturing Co.Ltd., and lonic Materials Inc.
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