Battery Binder Market to Garner $7.5 Billion, Globally, By 2032 at 7.9% CAGR, Says Allied Market Research

The global battery binders market is experiencing growth due to several factors, such as the mechanical binding of battery binders, the rise in demand for multifunctional battery binders, and the increase in demand for battery binders in electric vehicles.

PORTLAND, Ore., June 7, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Battery Binder Market by Battery Type (Lithium-Ion, Lead Acid, Nickel Cadmium, Others), by Material (Polyvinylidene Fluoride, Carboxymethyl Cellulose, Polymethyl Methacrylate, Styrene-Butadiene Copolymer, Others): Global Opportunity Analysis and Industry Forecast, 2023-2032." According to the report, the global battery binder industry was estimated at $3.5 billion in 2022 and is projected to reach $7.5 billion by 2032, growing at a CAGR of 7.9% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.

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Prime determinants of growth:

The global battery binders market is experiencing growth due to several factors, such as the mechanical binding of battery binders, the rise in demand for multifunctional battery binders, and the increase in demand for battery binders in electric vehicles. However, the affinity of binders to liquid electrolytes hinders market growth to some extent. Moreover, advancements in next-generation batteries offer remunerative opportunities for the expansion of the battery binders market.

Report Coverage & Details:

The lithium-ion segment is expected to maintain its leadership status throughout the forecast period:

Based on battery type, the lithium-ion segment held the highest market share in 2022, accounting for more than half of the global battery binder market revenue and is estimated to maintain its leadership status throughout the forecast period.  The same segment is projected to manifest the highest CAGR of 8.2% during the forecast period. This is due to lithium-ion batteries being widely used in various applications, including electric vehicles, portable electronics, and energy storage systems.

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The carboxymethyl cellulose is expected to maintain its dominance by 2032:

Based on the material, the polyvinylidene fluoride segment held the largest market share in 2022, accounting for nearly three-fourths of the global battery binder market revenue and is expected to maintain its dominance during the forecast period. This can be attributed to the fact that polyvinylidene fluoride battery binder is responsible for holding together the active materials, such as the cathode and anode, in the battery cell. However, the carboxymethyl cellulose segment would display the highest CAGR of 8.3% from 2023 to 2032, as carboxymethyl cellulose binder helps maintain the structural integrity of the electrode during the charge-discharge cycles by bonding the active materials to the current collector.

Asia-Pacific garnered the major share in 2022:

Based on region, Asia-Pacific held the highest market share in 2022, garnering more than half of the global battery binder market revenue, and is projected to rule the roost by 2032. Simultaneously, the same segment would also showcase the fastest CAGR of 8.3% from 2023 to 2032. China, as the leading global producer of lithium-ion batteries, has witnessed a substantial surge in demand for battery binders. The prevalent battery binders employed in China include polyvinylidene fluoride (PVDF), carboxymethyl cellulose (CMC), and styrene-butadiene rubber (SBR). This rise in demand can be primarily attributed to the increasing popularity of electric vehicles (EVs) and the growing need for renewable energy storage systems.

Leading Market Players:

• The Lubrizol Corporation
• Targray
• Solvay S.A.
• BASF SE
• Daikin Industries
• Zeon Corporation
• Trinseo S.A.
• Arkema
• SYNTHOMER PLC, Ltd.
• Industrial Summit Technology Corp.

The report provides a detailed analysis of these key players in the global battery binder market. These players have adopted different strategies, such as new product launches, collaborations, expansion, joint ventures, agreements, and others, to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolios, and strategic moves of market players to showcase the competitive scenario. 

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