The global battery separators market is projected to grow from USD 5.3 billion in 2022 to USD 11.4 billion by 2027, at a CAGR of 16.4% during the forecast period. The market is witnessing growth due to the growing adoption of EVs and plug-in vehicles. Also, the increasing adoption of lithium-ion batteries in the renewable sector is expected to drive the market for battery separators.
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Based on battery type, the lead-acid segment accounted for the largest share, in terms of value, of the overall battery separators market in 2021. Lead-acid batteries are used as energy storage in the renewable energy industry for solar and wind power. Its large current capacity makes it suitable for use in starting internal combustion engines. These batteries are widely used owing to their low material costs, safety, and recyclability. This is further expected to drive the market share of this segment.
Based on material, the polyethylene segment accounted for the largest share, in terms of value, of the overall battery separators market in 2021. Polyethylene (PE) is a thermoplastic material, which is available in various crystalline structures, referred to as high-density polyethylene (HDPE), low-density polyethylene (LDPE), and linear low-density polyethylene (LLDPE). Polyethylene separators are widely used in the production of batteries for consumer electronics and high-power applications. This is further expected to drive the market share of this segment.
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Based on end-use, the automotive segment accounted for the largest share, in terms of value, of the overall battery separators market in 2021. Lithium-ion batteries have become highly adoptable in electric vehicles due to their high energy per unit mass relative to other electrical energy storage systems. Due to the adoption of various environmental norms and emission regulations the market for these vehicles is expected to grow in the near future. This has resulted in an increase in the demand for lithium-ion batteries, which in turn boosts the demand for battery separators.
Based on region, the battery separators market is segmented into Asia Pacific, Europe, North America, the Middle East & Africa, and South America. Asia Pacific was the largest market for battery separators, in terms of value, in 2021. The region consists of emerging nations, such as China and India, and Japan, a developed nation. Asia Pacific has emerged as a hub for automobile production. Recent infrastructure development and industrialization activities in the region’s emerging nations have opened new avenues and opportunities for OEMs. This is further expected to drive the market share of this segment.
Some of the leading players in this market include Shanghai Energy New Materials Technology Co., Ltd. (China), Asahi Kasei Corporation (Japan), SK ie Technology (South Korea), Toray Industries, Inc. (Japan), and Sinoma Science & Technology Co., Ltd. (China), among others.
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