Battery Binder Market Expected to Reach $7.5 Billion by 2032—Allied Market Research

According to a new report published by Allied Market Research, titled, “Battery Binder Market," The battery binder market was valued at $3.5 billion in 2022, and is estimated to reach $7.5 billion by 2032, growing at a CAGR of 7.9% from 2023 to 2032.

Battery binders, known as electrode binders, are essential components in the construction of rechargeable batteries, particularly lithium-ion batteries. These binders play a crucial role in maintaining the structural integrity and overall performance of the battery. They are responsible for holding the active materials within the electrodes together, ensuring good adhesion to the current collectors, and providing mechanical stability during the charge and discharge cycles.

The main function of battery binders is to create a strong and conductive matrix that securely holds the active materials in place within the electrode structure. The active materials typically consist of lithium compounds, such as lithium cobalt oxide (LiCoO2) for the cathode and graphite. The binders help prevent the active materials from detaching or crumbling during battery operation, which may result in reduced performance and capacity degradation.

Battery binders are predominantly polymeric materials that possess adhesive properties. These polymers are typically mixed with the active materials and other additives to form a slurry, which is then coated onto a current collector, such as aluminum foil for the cathode or copper foil. The slurry is dried and compressed to form a solid and compact electrode after coating.

Moreover, battery binders must exhibit high elasticity to accommodate the volume changes that occur in the active materials during charging and discharging. The volume of the active materials expands and contracts as lithium ions intercalate or deintercalated from the electrode materials. The binder is required to be able to withstand these mechanical stresses without cracking or losing adhesion, as it directly affects the long-term stability and cycling performance of the battery.

The approach involves the utilization of conductive polymers as battery binders, to enhance electronic conductivity and may facilitate faster charge and discharge rates. Conductive additives, such as carbon nanotubes or graphene, are often incorporated into the binder formulations to further enhance the electrical conductivity of the electrode. Chemical stability is another critical aspect of battery binders. They are required to be chemically inert and resistant to the corrosive electrolyte environment present within the battery. This ensures that the binder does not degrade or react with the electrolyte, which could result in capacity loss or safety issues.

Rise in demand for multifunctional battery binders drives the growth of battery binders market. Multifunctional battery binders are essential for energy storage systems, including large-scale grid batteries and residential solutions. The demand for efficient and reliable energy storage is increasing due to the expansion of renewable energy sources like solar and wind power. These binders play a crucial role in improving the durability and performance of energy storage systems.

Advancements in battery technology have resulted in the development of new and improved multifunctional battery binders. These binders offer better adhesion, mechanical strength, and thermal stability, addressing the evolving needs of advanced battery chemistries. China's plans to increase non-pumped hydro energy storage installations by 2025 and 2030, along with power tariff adjustments, are expected to drive the demand for battery binders.

The affinity of binders to liquid electrolytes is expected hinder the growth of battery binders market. The interaction between the binder and electrolyte in a battery can impact the movement of ions in the electrode structure. When the binder strongly attracts the electrolyte, it can hinder the diffusion of ions and slow down the charging and discharging processes. Conversely, a binder with a weak attraction to the electrolyte can facilitate ion transport and improve the battery's power capabilities.

Ensuring compatibility between the binder and electrolyte is crucial for the battery's long-term stability. Some binder materials may react with the electrolyte, resulting in the production of unwanted substances or deterioration of the binder itself. These reactions can negatively affect battery performance and lifespan.

The battery binders market is segmented into battery type, material, and region. On the basis of battery type, the market is segmented into lithium-ion, nickel cadmium, lead acid, and others. On the basis of materials, the market is divided into polyvinylidene fluoride (PVDF), carboxymethyl cellulose (CMC), polymethyl methacrylate (PMMA), styrene-butadiene copolymer (SBR), and others. On the basis of region, the market is studied across North America, Europe, Asia-Pacific, and LAMEA.

In addition, the report covers profiles of key industry participants such as I.S.T Corporation Arkema, The Lubrizol Corporation, BASF SE, Solvay S.A., Daikin Industries, Ltd., Zeon Corporation, Targray, I.S.T Corporation, Synthomer PLC, and Trinseo.

Key findings of the study

• By battery type, lithium ion segment dominated the market with accounting more than half of the market revenue in 2022.
• By materials, the polyvinylidene fluoride segment emerged as the leading material in the market, capturing the majority of the market revenue in 2022.
• By region, Asia-Pacific was the highest revenue contributed in 2022, and is estimated to register a CAGR of 8.0%.