Major factors driving the growth of Lithium-ion battery separator market size are, increasing adoption of lithium-ion batteries, government regulations that support the adoption of Lithium-ion batteries, and declining lithium-ion battery price
The global Lithium-Ion Battery Separator market size is projected to reach $15,390 Million by 2026, from $8,084.2 Million in 2020. This represents a CAGR of 11.3 per cent during 2021-2026.
“Major factors driving the growth of Lithium-ion battery separator market size are, increasing adoption of lithium-ion batteries, government regulations that support the adoption of Lithium-ion batteries, and declining lithium-ion battery price,” read a research by Valuates Reports.
Off-grid solar use gaining popularity
The increasing use of Lithium-ion batteries in the automotive industry is expected to drive the growth of the Lithium-ion battery separator market size. As a result of strict government guidelines on automotive and mechanical parts for carbon discharge, manufacturers are moving towards lithium batteries in automobiles, which contributes to the growth of the lithium-ion battery separators market.
Off-grid solar use has gained tremendous popularity, as has traditional solar power. The cost-effectiveness of Lithium-ion battery storage systems has emerged as an appealing proposition for users of off-grid solar systems. This, in turn, is expected to drive the growth of lithium-ion battery separator market size during the forecast period.
Volatility in raw material prices and high competition in the lithium-ion battery separator market is anticipated to affect producer profit margins. Lithium-ion battery separator manufacturers are expected to extend their geographical scope to attract customers from niche markets and reduce their reliance on third-party suppliers.
Many regional lithium-ion battery separator vendors offer updated solutions at lower prices than foreign vendors to expand their presence in the global lithium-ion battery separator market. New vendors entering the lithium-ion battery separator market find it difficult to compete with foreign lithium-ion battery separator vendors on the basis of pricing, features, functionality and services.
The Asia Pacific is expected to be the fastest-growing market for battery separators in the forecast period. Based on the region, North America is expected to hold the largest lithium-ion battery separator market share