The global battery separators market is poised to gain remarkable traction in the coming years, owing to the surging demand for consumer electronics amid the COVID-19 pandemic. Favorable government policies towards digitalization and the shift to work-from-home environments is expected to foster industry growth.
In addition, numerous battery separator manufacturers are focusing on investment initiatives for the expansion of their businesses. For instance, in April 2021, SK IE Technology Co., and SK Innovation Co., raised a sum of 2.25 trillion, won in the IPO of the battery material unit. At $2 billion, the initial public offering will be the largest in South Korea since a sum of $2.4 billion was secured by the mobile game-maker Netmarble Corp., in the year 2017.
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Citing another exemplar, in March 2019, Asahi Kesai invested more than $30 billion in the expansion of its battery separator plant. The plant was scheduled to be completed by the year 2021.
Such initiatives are expected to impel the demand for battery separator manufacturing processes through the coming years.
This growth is due to the rising efforts of industry players towards mergers & acquisitions, product development, strategic collaborations, several innovations, geographic expansion, and cost optimization strategies. Prominent battery separator manufacturers comprise Sumitomo, Asahi Kesai, Celgard, Freudenberg, Toray Industries, Bernard Dumas, UBE, SK Innovation, W-Scope Industries, Entek International, and others.
Speaking of the recent industry trends, lithium ion battery accounted for a dominating share in the overall market revenue in 2020 and will record lucrative growth through 2027. This growth is attributed to the extensive usage of lithium ion batteries in the consumer electronics and automotive industries due to their excellent mechanical properties. The decline in the cost of lithium battery manufacturing through recent times is expected to further stimulate polyolefin separators demand over the ensuing years.
Looking at another trend, lead acid battery separators held a value of more than 30% during the same year. Other batteries which are in high demand in the market comprise nickel cadmium battery and nickel metal hydride battery. The other segment was valued at more than 22% of the total industry size and is projected to record a substantial CAGR of over 16% through the analysis period.
Considering the regional prospects of industry expansion, Europe battery separator market size will depict a substantial CAGR of nearly 15% between 2021 and 2027. Huge automotive and consumer electronics sector coupled with the presence of major manufacturing companies will boost battery separators industry growth in the region.
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Furthermore, Asia Pacific recorded the largest share in terms of regional expansion in 2020 and is projected to grow at a CAGR of more than 16.6% through the assessment period. This upsurge is prominently contributed by countries such as India, China, and Japan. The penetration of electric vehicles mainly in the Asia Pacific region is expected to augment battery separators industry growth.
However, strict environmental norms associated with the disposal of e-waste will hinder market expansion to a certain extent.
In a nutshell, the rising electric vehicle spending at the global level will escalate the growth of the battery separators industry share through the projected period.
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