The global 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 growth of the market is driven by the increasing demand for plug-in vehicles, smart devices, other consumer electronics, and rising demand for batteries in energy storage systems. The rising need for sustainable and high-performance batteries has led to innovations and technological advances in battery materials, providing opportunities for the further growth of the market.
Due to the rising demand for electrode coating from the automotive and battery production industries, this section of the battery coating market is anticipated to experience the largest growth. Due to its excellent performance and long battery life, electrode coating is in high demand. The electrode coatings are used to extend battery life, increase power density, and increase voltage capacity of the battery in addition to protecting the anode and cathode from corrosion. The market for battery coatings is expanding due to the rising use of portable electronics, electric cars, and renewable energy storage systems.
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Polyvinylidene fluoride, also known as PVDF, has special chemical, physical, and mechanical qualities that make it a good material for coating batteries. It is excellent for use in battery applications because of its strong resistance to corrosion, oxidation, and abrasion. PVDF is a good choice for battery coatings because it has outstanding electrical, chemical, and thermal stability qualities. The overall weight and dimensions of the battery are improved by PVDF's modest weight. This substance is well-liked for battery coatings because it is extremely simple to apply. During the projected period, the market for battery coatings is anticipated to rise due to the rising use of PVDF in battery coatings.
Due to their greater energy density, quicker charging, and longer lifespan as compared to conventional batteries, graphene batteries are anticipated to have the fastest growth. Due to its outstanding electrical and thermal conductivity, graphene is a perfect material for coatings on batteries. Coatings made of graphene provide resistance against corrosion, lower internal resistance, and enhanced conductivity. The expansion of the graphene battery market is anticipated to be fueled by the rising demand for better energy storage options and high-performance batteries from the automotive and consumer electronics sectors.
The Asia Pacific region is expected to be the fastest-growing region in the battery coating market due to rising demand for electric vehicles, increased investment in the renewable energy sector, and rising demand for consumer electronics. The region is home to some of the largest battery manufacturing companies, including Panasonic Corporation, Samsung SDI Co. Ltd., LG Chem Ltd., and BYD Company Ltd., all of which are increasing their investments in battery coating technology.
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Companies such as Arkema SA (France), Solvay SA (Belgium), Asahi Kasei Corporation (Japan), Ube Industries Ltd. (Japan), and PPG Industries, Inc. (US) fall under the winners’ category. These are leading players in the face mask market, globally. These players have adopted the strategies of expansions, agreements, contracts, partnerships, acquisitions, and collaborations, to fulfill the rising demand for face masks on the regional as well as global levels.
In February 2022, Solvay SA invested USD 336 million to support fully integrated and digitalized PVDF operation which is expected to increase capacity at Solvays site in Tavaux, France.
In June 2021, Arkema SA announced a major innovation with the launch of its new sustainable Kynar PVDF range. These new grades are expected to be 100% renewable which is attributed to the carbon derived from crude tall oil bio-feedstock, according to a mass balance approach.
In December 2021, PPG Industries, Inc. announced an investment worth USD 2.7 million to expand its powder coatings manufacturing capabilities at its facility in Sumaré, in the Brazilian state of São Paulo. The project is expected to increase the plant’s production capacity for powder coatings by approximately 40%, beginning the third quarter of 2022.
In June 2020, NEI Corporation introduced three new products, further expanding its product line of Battery Electrode Sheets. The new materials cater the rising need in the industry for high performance cathode and anode electrodes for lithium and lithium-ion batteries. The three new products are NANOMYTE BE-70E, NANOMYTE BE-150E, and NANOMYTE BE- 400E.
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