(EMAILWIRE.COM, October 17, 2021 ) The global battery additives market size is estimated at USD 1.2billion in 2018 and is projected to reach USD 1.8billion by 2023, at a CAGR of 9.0%.One of the major restraints of the battery additives market is the regulations and safety issues related to lead acid batteries. Lead has been recognized as hazardous, as they are highly toxic, and exposure to which can lead to adverse health effects. These effects include neurological damage, delayed mental and physical development, attention and learning deficiencies, and hearing problems.

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Innovation and technology advancements in battery additives have led to various improvements in batteries in terms of higher power output and energy density, quick charging, more safety, and longer shelf life. Recently, Japan developed a transparent Li-ion battery that charges itself using sunlight, without using any solar cell. There are plans to integrate this battery as a smart window. On the exposure to sunlight, the battery becomes tinted and transmits 30% light. Currently, the battery offers an output of nearly 3.6 volts and has been successfully tested to complete 20 charges/discharge cycle. Therefore, manufacturers are investing in R&D of battery additives to attain the excellent properties of battery additives.

On the basis of application, the battery additives market is segmented into lead acid, Li-ion, and others. Lead acid is expected to have the largest share, as it offers various advantages such as extended shelf life, inexpensive and simple manufacturing process, and good performance at both low and high temperatures. It finds major applications in the automotive and industrial sectors.

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APAC is projected to be the fastest-growing battery additives market.This growth is mainly driven by high demand from automotive and portable devices applications. The demand for battery additives is high in developing economies such as China and India.In recent years, APAC has emerged as a hub for automobile production. Recent infrastructure developments and industrialization activities in the emerging countries have opened new avenues and opportunities for OEMs. The increasing purchasing power of the population has stimulated the demand for consumer electronics and automobile. Recently, in February 2018, Contemporary Amperex Technology Co. Limited (CATL), the largest automotive battery maker in China, announced to open a new factory to expand its annual capacity from 17.5 GWh to 24 GWh by 2020. This expansion will be financed by an initial public offering (IPO) valued at USD 2 billion. All these developments are expected to support the growth of the battery additives market.

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