TAGS: Automotive Coatings
The battery coating market is projected to grow from USD 329 million in 2022 to USD 658 million by 2027, at a CAGR of 14.9% from 2022 to 2027. The market growth is driven by the high production of EVs, HEVs, and PHEVs and the growing demand for smart devices and other consumer electronics.
Fastest-growing Segments of Battery Coating Market
By battery component, the electrode coating segment is estimated to be the fastest-growing segment of battery coating market during 2022 to 2027. By material type, the PVDF segment is estimated to be the fastest-growing segment of battery coating market during 2022 to 2027.
By battery component, electrode coating segment is projected to witness the highest growth rate during the forecast period due to the increasing demand for electrode coatings in lithium-ion batteries for use in electric vehicles (EVs).
By material type, the PVDF segment s projected to witness the highest growth rate during the forecast period. PVDF (polyvinylidene fluoride) is a good organic coating choice for traditional polyolefin separators due to its special functional group structure. The growth of this segment is due to the increasing use of PVDF in battery coatings, especially for lithium-ion batteries that go into EVs.
By battery type, the graphene battery segment is estimated to be the fastest-growing segment of battery coating market during 2022 to 2027. The graphene battery segment is projected to witness the highest growth rate during the forecast period due to its increasing demand in various end-use industries such as consumer electronics, automotive, industrial, and power. Asia Pacific is estimated to be the fastest-growing region in the battery coating market during the forecast period.
The battery coating market in Asia-Pacific is expected to grow at the highest CAGR from 2022 to 2027. The rising demand for new energy storage applications in vehicles and grid-connected energy storage and the high requirement for consumer gadgets are expected to increase the need for more sustainable batteries, thereby driving the growth of the battery coating market.
Massive economic expansion and the flourishing electronics and electric vehicle industries in some Asia Pacific countries, such as China, Japan, South Korea, are responsible for the market’s high growth rate in the region.
Arkema SA (France), Solvay SA (Belgium), Asahi Kasei Corporation (Japan), Mitsubishi Paper Mills Ltd. (Japan), Ube Industries Ltd.(Japan), PPG Industries, Inc. (US), Tanaka Chemical Corporation (Japan), Dürr Group (Germany), Ashland Global Holdings Inc. (US), Axalta Coating Systems Ltd. (US), Targray Technology International Inc. (Canada), APV Engineered Coatings (US), Unifrax (US), SK Innovation Co., Ltd. (South Korea), and Samco Inc. (Japan) are some of the leading players in the battery coating market.
Source: M&M