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Solid Electrolyte Market to Reach $56.6 Million by 2030, Growing at 12.1% CAGR

Solid Electrolyte Market 1

WILMINGTON, DE , UNITED STATES, May 30, 2024 / -- The solid electrolyte market size was valued at $17.8 million in 2020, and is projected to reach $56.6 million by 2030, at a CAGR of 12.1% from 2021 to 2030.

Increase in application of solid state batteries in the healthcare, wearable, and drone sectors is one of the major factors responsible for the growth of the global solid state batteries market. In addition, surge in need for solid state batteries in electric vehicles plays an important role in escalating the market growth.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬:
Solid electrolytes are safer, more stable, and have higher energy densities as compared to conventional Li-ion batteries with liquid electrolytes. They are used in a wide range of applications, including consumer electronics, electric vehicle, energy harvesting, medical devices, smart cards, and wireless communication. The global market has been analyzed based on revenue generated from the sales of commercialized solid state batteries.

The solid electrolyte market analysis has been done on the basis of application, type, and region. By type, the solid electrolyte market is divided into ceramic and solid polymer. Solid polymer electrolyte (SPE) has tremendous advantage over other technologies since polymeric backbone of SPE offers mechanical flexibility needed for such batteries. This drives the growth during the solid electrolyte market forecast period.

Based on application, the solid electrolyte market is divided into thin-film battery and electric vehicle battery. Multiple factors, such as government regulations in various regions of the world and technology developments in batteries, are expected to boost the EV market. This acts as the major driving factor for the global solid electrolyte market during the forecast period.

By region, North America is expected to dominate the market, with most of the solid electrolyte demand coming from the U.S. and Canada.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐎𝐧 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭:

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐒𝐞𝐠𝐦𝐞𝐧𝐭𝐬

𝐁𝐲 𝐓𝐲𝐩𝐞

Solid Polymer

𝐁𝐲 𝐀𝐩𝐩𝐥𝐢𝐜𝐚𝐭𝐢𝐨𝐧

Thin-Film Battery
Electric Vehicle Battery
There are a number of benefits that solid-state batteries with solid electrolytes have over conventional lithium-ion batteries, making them a potentially useful technology for electric vehicles. For example, solid-state batteries have a better energy density than other battery types, enabling smaller battery packs and a longer driving range. These may also be charged more quickly, cutting down on the amount of time needed for charging.

Solid electrolytes are solid ionic conductors which are used in electrochemical cells as an electrolyte. A conductor with a high ionic transference number can serve as an electrolyte. It majorly depends on the temperature and the partial pressure of the gas involved in the chemical reaction with the mobile ion.

𝐒𝐨𝐥𝐢𝐝 𝐄𝐥𝐞𝐜𝐭𝐫𝐨𝐥𝐲𝐭𝐞 𝐌𝐚𝐫𝐤𝐞𝐭 𝐂𝐡𝐚𝐥𝐥𝐞𝐧𝐠𝐞𝐬:

1. High Prices of Solid-state batteries: Complicated production process and the high cost of solid-state batteries are holding back the growth of the market. Prices of lithium-ion batteries have fallen as compared to the past 10 years. Tesla also announced their plans to reduce the prices of lithium-ion EV batteries significantly during the next 2-3 years. As currently the solid-state batteries are not manufactured on the mass scale, they are costlier compared to the conventional EV batteries.

2. Technological barriers in the development of solid-state batteries: Challenges include interface issues between the electrolyte and the electrodes, poor solid contact, and lithium dendrites during charging and discharging. Various OEMs and battery manufacturers have addressed these technical challenges and working to develop solid-state batteries.

𝐈𝐟 𝐲𝐨𝐮 𝐡𝐚𝐯𝐞 𝐚𝐧𝐲 𝐪𝐮𝐞𝐬𝐭𝐢𝐨𝐧𝐬, 𝐏𝐥𝐞𝐚𝐬𝐞 𝐟𝐞𝐞𝐥 𝐟𝐫𝐞𝐞 𝐭𝐨 𝐜𝐨𝐧𝐭𝐚𝐜𝐭 𝐨𝐮𝐫 𝐚𝐧𝐚𝐥𝐲𝐬𝐭 𝐚𝐭:

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐭𝐮𝐝𝐲:

By region, the North America solid electrolyte market is projected to grow at the highest CAGR of nearly 12.7%, in terms of revenue, during forecast period.
By type, the solid polymer segment accounted for the largest solid electrolyte market share in 2020.
By application, the electric vehicle battery segment garnered the largest market share in 2020.

𝐊𝐞𝐲 𝐌𝐚𝐫𝐤𝐞𝐭 𝐏𝐥𝐚𝐲𝐞𝐫𝐬:

Empower Materials
lonic Materials Inc.
Ampcera Corp
Toshima Manufacturing Co. Ltd.
Brightvolt, Inc.
Cymbet Corporation
StmicroElectronics N.V.
Ohara lnc.
NEI Corporation

David Correa
Allied Market Research
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