lithium ion battery manufacturers in india - The market for lithium-ion battery (LIB) separator is expected to grow at a CAGR of 18.01% during the forecast period of 2019 – 2024. Major factors driving the market studied are the increasing adoption of lithium-ion batteries that significantly complements the growth of lithium-ion battery separator market, as separators are an essential part of batteries. Adding to this, hassle-free government norms and declining prices of lithium-ion batteries, primarily due to improving economies of scale, are expected to drive the growth of the market studied. The increasing demand-supply mismatch of raw materials is likely to hinder the growth of the market studied.
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- Electric vehicle (EV) manufacturers are emerging as a significant customer base for these batteries. The EVs primarily use lithium-ion batteries. The declining lithium-ion battery costs are impacting the cost of EV manufacturing. The EV industry is expected to witness a monumental growth. This, in turn, is expected to drive the lithium-ion battery separator market†s growth.
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- Off-grid solar utilization gained immense popularity, as much as conventional solar power. The cost effectiveness of LIB battery storage systems emerged as an attractive proposition for the off-grid solar system consumers. Thus, it is providing a growth opportunity to the LIB battery component manufacturers, such as the battery separator manufacturers.
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- North America is one of the largest markets for lithium-ion battery separators and is one of the largest consumers of batteries, owing to factors, such as increased electric vehicle deployment and spending on consumer electronics, along with significant improvement in consumer and manufacturing activities.
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