The Latest Trends in the Battery Market
Batteries are one of the most valuable components in electronic devices, required for everything from mobile phones and laptops to medical devices and, increasingly, electric vehicles (EVs).
Rapid growth in the electronics industry means demand for batteries, and other types of renewable energy storage systems, is skyrocketing. In fact, the global battery market is projected to reach $423.90 billion by 2030. Here are some of the industry’s biggest trends for 2024, including supply chain challenges, component shortages, and the latest innovations.
Commercial lithium-ion batteries are generally safe, but they can overheat, catch fire, or explode when they are damaged, charged in an unsafe manner, or of poor quality. In recent years, various legislation has been enacted to prevent such occurrences—a trend that will continue into 2024 as new products and new challenges around battery safety emerge.
As the use of Li-ion batteries continues to expand, especially with the growth of electric vehicles and renewable energy storage, the focus on safety will also grow. Future developments may include tighter regulations and more comprehensive standards, both nationally and internationally, innovative safety features integrated into batteries and battery-powered devices, and industry-wide collaborations to share best practices and improve safety standards.
The global market size for lithium-ion batteries is projected to reach $193.13 billion by 2028, but the lithium-ion battery supply chain is plagued with challenges. Lithium-ion battery components, including lithium itself, graphite, cobalt, and copper, are in short supply. China boasts 65% of the world’s lithium processing capacity, and the rapid rise of electric vehicles could see a worrying shortage of raw materials as soon as 2027. This further contributes to the increased demand for alternative battery technologies.
As a result of these ongoing issues, numerous battery alternatives are currently in development, ranging from aqueous magnesium batteries, solid-state batteries, sodium-based batteries, and graphene batteries. The future of solid-state batteries looks particularly promising, with the market size expected to reach $294.1 million by 2027.
As well as addressing supply chain shortages, these batteries may offer a more sustainable and ethical alternative to lithium-ion battery production. Extracting core raw materials like lithium and cobalt requires huge amounts of energy and water and working conditions in the mines are often unsafe.
A Look at Adhesives and Sealants in Battery and Hybrid Electric Vehicles
There are unique challenges and benefits that adhesives and sealants deliver in EV powertrain applications. There is a guide that will provide brief overview of the amount of adhesives used in the electric powertrains of these vehicles. It looks at the primary benefits adhesives and sealants bring to electrified vehicle powertrains including: Joining components while shielding them from damaging shock and vibration; Isolating components from shock and vibration, while creating a pathway to conduct heat away from the cells and modules; Conducting thermal energy to cool the battery cells and modules, but electrically isolating the components to prevent shorts and reduce the risk of fire. View the GUIDE.
Source: ThomasNet and Adhesives.org