The global battery coating market is anticipated to grow from USD 604.7 million in 2024 to USD 1,613.6 million in 2030, at a CAGR of 17.8% during the forecast period. The surge in the battery coating market is driven by the increasing demand for high-performance and durable batteries, especially in the electric vehicle (EV) industry. As EV adoption rises globally, the need for efficient and longer-lasting batteries becomes more critical. Battery coatings play a vital role in enhancing the performance of lithium-ion batteries, which are widely used in EVs. These coatings improve battery lifespan by reducing degradation, enhancing thermal stability, and protecting against chemical reactions within the cells, contributing to the development of longer-range EVs and faster charging solutions.
By battery type, the graphene battery segment is estimated to be the fastest-growing battery coating type segment from 2024 to 2030.
Graphene batteries have the highest compound annual growth rate (CAGR) among battery types due to their potential to outperform conventional batteries in terms of energy density, charging speed, and durability. Graphene’s unique properties, such as high electrical conductivity, excellent mechanical strength, and lightweight structure, enable it to enhance battery performance significantly. These batteries can store more energy, charge faster, and maintain stable performance over more charge cycles, making them ideal for applications like electric vehicles (EVs) and consumer electronics.
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In electric vehicles, where battery efficiency and range are critical, graphene batteries offer the potential for longer driving ranges and reduced charging times, key factors driving their rapid adoption. Furthermore, graphene’s thermal conductivity helps prevent overheating, increasing battery safety. The ongoing advancements in graphene battery technology, along with rising investments in research and development, are propelling the growth of this segment. These benefits position graphene batteries as a promising alternative to traditional lithium-ion batteries, driving their high CAGR.
By material, the PVDF segment type will be the largest in the battery coating market 2023.
The PVDF (Polyvinylidene fluoride) segment is the largest in the battery coating market because of its exceptional chemical and thermal stability, strong adhesion properties, and high solvent resistance. PVDF is widely used as a binder and coating material for lithium-ion battery electrodes, particularly in electric vehicles (EVs) and energy storage systems. Its ability to enhance battery components’ durability, conductivity, and mechanical strength makes it an essential material in battery coatings.
In lithium-ion batteries, PVDF coatings help improve the efficiency and lifespan of the battery by reducing degradation during charge and discharge cycles, improving thermal management, and maintaining stability under harsh operating conditions. As the demand for longer-lasting, safer, and more efficient batteries increases, particularly in the rapidly growing EV market, the use of PVDF in battery coatings continues to expand.
Asia Pacific is estimated to be the largest region in the battery coating market in 2023.
The battery coating market has the largest market share in Asia Pacific in 2023. This is because the region is home to various automotive electric vehicle giants. China, in particular, has emerged as a significant player in the EV market, with companies like BYD and SAIC-GM-Wuling producing a wide range of electric vehicles. Other countries in the region, such as Japan, South Korea, and India, are also making significant strides in EV development and adoption. Many companies like Google, Facebook, and Amazon operate in this region. The government policies also push them to minimize their carbon footprint. This region has some vast companies like Mitsubishi Paper Mills Ltd. (Japan), Ube Industries Ltd. (Japan), Tanaka Chemical Corporation (Japan), Asahi Kasei Corporation (Japan), and SK Innovation Co., Ltd. (South Korea) and others, which further solidifies its position in the market.
Companies such as Arkema (France), Solvay (Belgium), Asahi Kasei Corporation (Japan), UBE Corporation (Japan), and PPG Industries, Inc. (US) fall into the winners’ category. These are leading players in the global market. These players have adopted including expansions, agreements, product launches, and partnerships.
ARKEMA (FRANCE)Arkema manufactures and supplies chemical products. It operates through Adhesive Solutions, Advanced Materials, Coating Solutions, Intermediates, and corporate segments. The Advanced Materials segment produces specialty polyamides, PVDF, organic peroxides, thiochemicals, hydrogen peroxide, surfactants & additives, molecular sieves & FEBEX, and UV curing resins (Sartomer), which are used in varied sectors such as transportation, oil extraction, renewable energy, consumer goods, electronics, construction, coatings, and water treatment.
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The Coating Solutions segment sells and manufactures acrylic monomers, coating resins, and photocurable resins. The Intermediates segment manufactures fluoro gases. The Advanced Materials segment sells and manufactures coating materials for batteries. The company marks its global presence by providing its products and solutions through its 151 production plants across 55 countries.
SOLVAY(BELGIUM)Solvay manufactures and distributes chemical and plastic products. It is one of the leading chemical and plastic manufacturers worldwide. The company offers a wide range of products, including soda ash, hydrogen peroxide, functional polymers, silica, surfactants, food and fragrance flavors, and other specialty polymers for applications in aerospace, alternative energy, automotive, chemical, construction, consumer goods, food & beverage, and oil & gas industries. The company also offers a range of customized products in the advanced materials and specialty chemicals sectors. Solvay manages its business through Basic Chemicals, Performance Chemicals, and Corporate & Business Services. It has a wide geographical presence across Europe and North America.
ASAHI KASEI CORPORATION(JAPAN)Asahi Kasei Corporation is a global Japanese chemical company. It is one of the leading manufacturers of lithium-ion batteries and lead-acid battery separators, delivering high-quality, innovative, and sustainable solutions in the battery market. The company has four business segments: Material, Homes, Health Care, and Others. Under the Material segment, it provides various products and solutions, including environmental solutions, mobility and industrial solutions, and life innovation solutions.
The company provides pharmaceuticals, medical care solutions, and acute critical care through its healthcare segment. It also provides construction materials for the home business segment. The company marks its global presence by providing its products and solutions across Japan, the US, China, and other regions.
PPG INDUSTRIES, INC. (US)PPG Industries, Inc. manufactures and distributes paints, coatings, and specialty materials. It supplies coatings and specialty materials for various end uses, including industrial equipment and components, packaging material, aircraft and marine equipment, automotive original equipment, automotive refinish, pavement marking products, and coatings for other industrial and consumer products.
The company operates through the Performance Coatings and Industrial Coatings segments. The Performance Coatings business segment comprises automotive refinish coatings, aerospace coatings, architectural coatings, protective and marine coatings, and traffic solutions operating subsegments. The Industrial Coatings reportable segment comprises automotive OEM coatings, industrial coatings, packaging coatings, specialty coatings, and materials operating subsegments. The Industrial Coatings segment deals with manufacturing and selling battery coating materials.
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The company offers a range of EV battery module and pack solutions that provide dielectric protection, fire protection, thermal management, sealing, bonding, corrosion & impact protection, and EMI/RFI shielding. PPG Industries, Inc. is a global leader, serving sectors such as construction, consumer products, industrial, and transportation markets and aftermarkets. The company has manufacturing facilities and equity affiliates in more than 70 countries in Brussels, Belgium; Bollate, Italy; Aubervilliers, France; Changshu, China; and Alpharetta, Georgia.
UBE CORPORATION(JAPAN)UBE Corporation was established after merging various companies operating under the Anonymous Union Okinoyama Coal Mine Association. These companies had expertise in machinery, cement, and chemicals. However, UBE Corporation has expanded its business and operates under various segments, including Specialty Products, Polymers and chemicals, Machinery, and Others.
The company provides battery coating for the specialty products business segment. UBE Corporation offers a wide range of products that can be summarized as elastomers, engineering plastics, UBE caprolactam, industrial chemicals, liquified gas, separation membranes, ceramics, semiconductor gas products, and pharmaceutical products. The company marks its global presence by providing its products and solutions across Asia Pacific and Europe.
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