LiPF6 Market Size to Grow USD 5467.9 Million by 2029 at a CAGR of 9.7% | Valuates Reports
LiPF6 Market is Segmented by Type (Purity: More than 99.9%, Purity: More than 99.98%), by Application (Electrical Vehicles & Transportation, Consumer Electronics, Industrial Energy Storage).
BANGALORE, India, March 13, 2024 /PRNewswire/ -- The global LiPF6 Market is projected to grow from USD 3134.1 Million in 2023 to USD 5467.9 Million by 2029, at a Compound Annual Growth Rate (CAGR) of 9.7% during the forecast period.
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Major Factors Driving the Growth of LiPF6 Market
Due to the worldwide move towards clean energy and the growing use of electric mobility, the market for lithium-ion batteries, particularly those used in electric vehicles (EVs) and portable electronic gadgets, is expected to rise at a significant rate. Furthermore, government programmes encouraging the usage of electric cars and developments in battery technology fuel the need for LiPF6, a crucial electrolyte material, which in turn propels market expansion.
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TRENDS INFLUENCING THE GROWTH OF LiPF6 MARKET
The rising need for lithium-ion batteries across a range of sectors is the main driver propelling the LiPF6 market's expansion. Because of these batteries' high energy density, extended cycle life, and quick charging times, they are frequently used in consumer devices, energy storage systems, and electric vehicles (EVs). LiPF6 is necessary for the creation of these high-performance energy storage devices since it is a crucial part of the electrolyte used in lithium-ion batteries. LiPF6 is in high demand due to the electric car market's explosive growth. The use of electric cars is rising as governments over the world put rules into place to lower greenhouse gas emissions and encourage sustainable transportation options.
The spread of portable electronics including laptops, tablets, smartphones, and wearable technology is fueling the LiPF6 market's expansion. The power requirements of these devices are met by lithium-ion batteries, which are frequently filled with LiPF6-based electrolytes because of their excellent performance and safety features. The need for LiPF6 to assist battery manufacture is growing along with the global demand for portable devices. Demand for LiPF6 is being driven by the increasing need for energy storage solutions to assist grid stabilization, backup power systems, and integration of renewable energy. Since lithium-ion batteries are scalable, dependable, and efficient, they are frequently utilized in energy storage applications.
Battery chemistry technological developments are propelling innovation and expansion in the LiPF6 industry. New materials and formulas are always being investigated by scientists and producers in an effort to enhance the efficiency, security, and affordability of lithium-ion batteries. In order to further increase market potential, this entails creating sophisticated electrolyte formulations based on LiPF6 derivatives. These formulations provide increased thermal stability, greater conductivity, and improved cycle life. The regulatory landscape, which includes laws, requirements, and incentives from the government, is a major factor propelling the LiPF6 market's expansion. The use of energy storage devices, renewable energy technologies, and electric cars is encouraged by several national and regional laws, which has created a favorable business climate for LiPF6 producers and battery makers.
The LiPF6 market is expanding as a result of rising investments in the infrastructure used in battery manufacture. Significant resources are being allocated by governments, businesses, and investors to enhance the efficiency and augment the production capacity of lithium-ion battery manufacturing plants. This includes spending on R&D, automation of manufacturing, supply chain optimisation, and the acquisition of raw materials, all of which help LiPF6 providers and spur market expansion.
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LiPF6 MARKET SHARE ANALYSIS
With a share of around 70%, the largest sector of LiPF6 globally is ≥ 99.9% LiPF6 in terms of product.
With a market share of more than 85%, electrical vehicles and transportation represent the largest application category globally.
China is the world's top producer of LiPF6, with Japan coming in second.
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Key Players:
- foosung co.
- Shandong Shida Shenghua
- Yongtai Technology
- Kanto Denka
- Stella Chemifa
- Duofuduo
- Tinci Materials
- Jiangsu Jiujiujiu
- Hubei Hongyuan
- Ningbo Shanshan
- Xintai Material
- Morita New Energy
- Jiangxi Shilei Fluorine Material
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