LONDON--(BUSINESS WIRE)--The global nanotechnology-enabled battery market is expected to grow at a CAGR of above 17% during the period 2018-2022, according to a new market research study by Technavio.
The report presents a comprehensive research of the global nanotechnology-enabled battery market by application, including automotive and consumer products. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: enhanced consumer spending leading to increase in demand from consumer electronics market
Urbanization and increase in the per capita earning in a family have augmented the disposable incomes globally. Consumer spending is an important economic factor, and it depicts the overall consumer confidence in a country. Thus, high consumer confidence leads to higher levels of consumer spending in the market.
According to a senior analyst at Technavio for energy storage research, “In major emerging markets, the economic recovery will boost the global consumer expenditure. In Asian countries, strong income growth helps in increasing the growth of the middle-class and higher middle-class population. In these emerging economies, considering the large population size, this trend is expected to continue in the coming years.”
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Market trend: legislative support for battery recycling
The most commonly used battery type is lithium-ion batteries, which is used for many applications. Governments around the world are formulating regulations to recycle batteries that have harmful materials such as lithium-ion cells to prevent contamination of groundwater and the environment. Recycling aids in recovering useful metals from the scraped battery, which proves to be useful for manufacturers in overcoming cost issues in the production of new batteries.
Government legislation on battery recycling aims at creating environment-friendly and economically sustainable business models and ensure recycling efficiency. Different benefits are attained when different recycling methods for different battery technologies are adopted. For example, cobalt and lithium concentrate are the end-products of lithium-ion battery recycling, and both of them can be used in industries to reduce the increasing pressure on lithium mining. Thus, efficient recycling can also help achieve ecological sustainability.
Market challenge: restrictions on transporting lithium-ion batteries by air
Lithium-ion batteries are prone to overheating issues because of their chemistry. This can lead to an explosion. These batteries use lithium as the anode because of its high electrochemical potential. As a result, when the lithium-ion moves toward the electrode, it produces significant amounts of energy. Lithium is an excellent component for producing high-capacity batteries due to its low atomic weight, which reduces the mass of lithium-ion batteries; but the same property makes it a highly reactive substance and causes thermal runaway. Based on the battery type, the amount of heat responsible for causing thermal runaway in a battery varies. Thermal runaway can happen if the battery is heated anywhere from 140°F to 350°F. Standard household temperatures ideally do not facilitate thermal runaway, but in the case of battery failure, it can happen.
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