Battery Binders Market by Type (Anode Binder, Cathode Binder), Battery Type (Lithium-ion Batteries, Ni-Cd Batteries), Material (PVDF, CMC), Application (Electric Vehicles, Consumer Electronics), Sector, and Geography - Global Forecast to 2030

The Battery Binders Market is projected to reach $6.4 billion by 2030, at a CAGR of 8.7% from 2024 to 2030. 

The growth of this market is driven by the surge in demand for multitasking battery binders and the rising adoption of electric vehicles. The technological advancements in battery binders and developing infrastructure to charge electric vehicles are expected to offer significant growth opportunities for the stakeholders in the battery binders market. The growing demand for solid state lithium-ion batteries may restrain the market's growth to a certain extent. Furthermore, underdeveloped infrastructure for electric vehicles is expected to pose challenges to the growth of the battery binders market.

Rising Adoption of Electric Vehicles to Fuel the Market’s Growth

According to the International Energy Agency (IEA)(France), the electric cars market is witnessing exponential growth, with over 10 million sales in 2022. Nearly 14% of all new cars sold were electric in 2022, up from around 9% in 2021 and less than 5% in 2020. China was the frontrunner, accounting for around 60% of global electric car sales. More than half of the electric cars on roads worldwide are now in China, and the country has already surpassed its 2025 target for new energy vehicle sales. In Europe, the second-largest market, electric car sales increased by over 15% in 2022, meaning that more than one in every five cars sold was electric. Electric car sales in the United States—the third-largest market—increased by 55% in 2022, reaching a sales share of 8%. This increase in the popularity of electric vehicles has also created the need for more EV charging stations globally. Thus, the increased need for lithium-ion batteries for EV charging ultimately improves the demand for battery binders, supporting the market's growth.

Li-ion batteries are preferred for EVs because they have higher energy density than lead-acid and nickel-metal alternatives. Li-ion battery cells can produce 4.2 volts, significantly higher than other technologies. These batteries can deliver large amounts of electrical current for high-power applications. Li-ion batteries are also relatively low maintenance and do not require cycling to ensure performance and maintain their battery life. Thus, the rising adoption of electric vehicles and growing benefits offered by li-ion batteries significantly increase the demand for lithium-ion batteries, driving the demand for battery binders and supporting the market's growth.

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Some of the recent developments in this market space are as follows:

• In May 2024, BASF (Germany) announced an investment in the production of water-based anode binders to support the lithium-ion battery industry. The new binders will be produced at two existing dispersion plants in Jiangsu and Guangdong, China. Two production plants will be modified to produce a wide range of high-performance Licity and Basonal Power anode binders for lithium-ion batteries. Modifications will enable a capacity of more than 100,000 metric tons per year to support a stable supply of anode binders from mid-2024 onwards to support growth in the EV market
• In March 2024, Solvay SA (Belgium) announced the introduction of a new high-heat and flame retardant grade in the company’s Xydar liquid crystal polymers (LCP) portfolio, which is designed to meet critical safety demands in EV battery components. The new Xydar LCP G-330 HH material addresses challenging thermal and insulation requirements and is targeted particularly at battery module plates of EV models operating with higher voltage systems.

Such developments are expected to support the growth of the market.

Key Findings in the Battery Binders Market Study:

Based on Type, the Anode Binder Segment is Projected to Register the Highest CAGR During the Forecast Period

The growth of this segment is driven by the growing demand for anode binders for lithium-ion batteries due to its significant demand in consumer electronics, electric vehicles, and energy storage systems applications. Furthermore, the growing demand for anode binders for better battery performance and the presence of industry-leading anode binder manufacturers are expected to offer significant opportunities for market players in the coming years.

Based on Battery Type, the Lithium-ion Batteries Segment is Projected to Register the Highest CAGR During the Forecast Period

The growth of this segment is driven by the increasing need for battery binders to hold the active material particles together in lithium-ion batteries and the rising demand for binders for battery cell construction and delivering a range of benefits, from safety enhancements and energy density to capacity, and rising need to lower the cost of battery manufacturing.

Based on Application, the Electric Vehicles Segment is Projected to Register the Highest CAGR During the Forecast Period

The growth of this segment is driven by the rising consumer preference for shared mobility, declining costs of high-capacity batteries, and significant investments by EV manufacturers in developing battery binders. Furthermore, supportive government policies and investment in deploying the public charging infrastructure, coupled with the benefits offered by electric vehicles, are expected to create significant market growth opportunities in the coming years.

Based on Sector, the Energy & Utilities Segment is Projected to Register the Highest CAGR During the Forecast Period

The growth of this segment is driven by the growing need to build grid-level energy storage systems for power generation, the increasing popularity of portable energy storage solutions, and the growing need to implement energy storage systems with high energy density. Furthermore, the growing need to develop lithium-ion batteries to balance the electric grid, provide backup power, and improve grid stability drives the demand for battery binders.

North America: The Fastest-growing Regional Market

North America is projected to register the highest CAGR during the forecast period. The presence of well-established battery binders across the U.S., an increase in sales of electric vehicles, and growing investments toward the installation of batteries in the renewable energy sector drive the growth of this regional market. Furthermore, companies are increasing their efforts to develop PVDF production facilities for battery materials in the region. For instance, in November 2022, Solvay SA (Belgium) and Orbia (Mexico) announced a joint venture framework agreement to create a partnership for the production of suspension-grade polyvinylidene fluoride (PVDF). Such initiatives from major market players are expected to support the growth of this regional market.

Key Players

The report includes a competitive landscape based on an extensive assessment of the key growth strategies adopted by leading market participants in the last 3–4 years. The key players operating in the global battery binders market are Arkema (France), ENEOS Holdings, Inc. (Japan), Zeon Corporation (Japan), BASF Group (Germany), UBE Corporation (Japan), Asahi Kasei Corporation (Japan), Kureha Corporation (Japan), Mitsui Chemicals, Inc. (Japan), Solvay SA (Belgium), Sumitomo Chemical Co., Ltd. (Japan), Toray Industries, Inc. (Japan), Synthomer plc (U.K.), Trinseo PLC (U.S.), Targray Technology International Inc. (Canada), and Sicona Battery Technologies (Australia).

Scope of the Report:

Battery Binders Market Assessment, by Type  

• Anode Binder
• Cathode Binder

Battery Binders Market Assessment, by Battery Type 

• Lithium-ion Batteries
• Nickel-cadmium (Ni-Cd) Batteries
• Nickel-metal Hydride (Ni-MH) Batteries
• Sodium-sulfur (Na-S) Batteries
• Redox Flow Batteries (RFB)
• Other Battery Types (Lead–Acid (PbA) batteries and Flow batteries)

Battery Binders Market Assessment, by Material

• Polyvinylidene Fluoride (PVDF)
• Carboxymethyl Cellulose (CMC)
• Polymethyl Methacrylate (PMMA)
• Styrene Butadiene Copolymer (SBR)
• Other Materials (Materials for Functional Layer and Sealants for Battery Applications)

Battery Binders Market Assessment, by Application

• Electric Vehicles
• Consumer Electronics
• Energy Storage Systems
• Industrial Devices
• Other Applications (Medical Devices & Marine Devices)

Battery Binders Market Assessment, by Sector

• Automotive
• Electronics
• Energy & Utilities
• Consumer Goods
• Aerospace
• Marine
• Medical
• Other Sectors (Telecommunications and Data Centers)

Battery Binders Market Assessment, by Geography

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Rest of Asia-Pacific
• Latin America
  • Mexico
  • Brazil
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Israel
  • Rest of Middle East & Africa

Key questions answered in the report: