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The battery additives market is likely to experience steady growth because of the declining price of Li-ion batteries & rising focus on renewable power generation. Rising at a CAGR of over 11%, the market is estimated to have an incremental growth of USD 834.29 million by 2024 says the report of Technavio.
The global battery additives market might not witness any major impact due to the spread of COVID-19. However, the market outlook might change if the containment efforts go beyond Q2 2020, says an analyst.
The report analysis of battery additives market, includes a detailed examination of its revenue forecasts, including market drivers and challenges, key market participants, and growth opportunities. The study segments the markets in APAC, North America, Europe, MEA, and South America, geographically. The APAC region is expected to have a market share of 66% and will offer significant growth opportunities for market players during the forecast period.
Cell chemistry failures and safety concerns associated with Li-ion batteries might hamper market growth. However, increasing demand for product catalog management by e-commerce merchants and the rising demand for service catalogs will positively influence the growth of the global battery additives market.