The growing need for rechargeable batteries in the transportation and consumer electronics industries is driving the growth of the LiTFSI market. The demand for lithium-ion batteries, which depend heavily on LiTFSI as a raw material, has grown as a result of the increasing use of high-end electronic devices like smartphones, tablets, and laptops. Sales of LiTFSI, which is used in electric vehicle batteries, are increasing as a result of people's increasing concern for environmental protection and the desire to minimise air pollution.
Additional government programmes like tax breaks and subsidies are promoting the sale of electric vehicles, which is raising the demand for LiTFSI. Additionally, there is a major focus on creating new products with enhanced performance capabilities that include LiTFSI as core components and are being developed in response to technical improvements in energy storage systems. This is anticipated to fuel the market's expansion in the ensuing years. A good picture of the market is also being created by the growing demand for LiTFSI from numerous end-use industries, including automotive, e-bikes, and consumer electronics.
The development of the worldwide lithium-ion battery industry depends on the LiTFSI Market. To create batteries that perform better, producers must have access to a dependable and affordable source of high-quality LiTFSI. In order to ensure that they are getting a high-quality product, purchasers must also be able to acquire LiTFSI from reliable vendors. Finally, the market offers scientists and researchers the chance to produce brand-new technologies based on LiTFSI. The requirement for LiTFSI will only rise as the market for lithium-ion batteries expands. The market will also offer a platform for industry cooperation and the exchange of information and research.
Lithium bis (trifluoromethanesulfonyl) imide, or LiTFSI, is a salt having the chemical formula LiN(CF3SO2)2. It is utilised in both lithium-ion batteries and electrochemical capacitors. LiTFSI is a white powder at room temperature that decompresses to a colourless liquid at 54 °C, its melting point. It has a density of 1.73 g/cm3 and a molar mass of 247.92 g/mol. LiTFSI is soluble in water, methanol, ethanol, acetone, acetonitrile, and dimethyl sulfoxide (DMSO). It can be used as a strong supporting electrolyte and is known to increase lithium-ion conductivity. It additionally prolongs the life of the battery by stabilising lithium metal anodes. Additionally, LiTFSI has been used to improve the electrodes in electrochemical capacitors' cycle stability and rate capability.
The global LiTFSI market is projected to grow at a CAGR of more than 6.5% from 2021 to 2031, from a value of USD 10.5 billion in 2021 to a value of USD 17.9 billion in 2031.
The chemical molecule known as LiTFSI, or lithium bis (trifluoromethanesulfonyl) imide, is primarily utilised in the creation of electrochemical cells and batteries. In lithium-ion batteries, antistatic agents, viscosity reducers, and other applications like metal plating and medical technology, LiTFSI is frequently employed as an electrolyte salt. The market has expanded as a result of the growing need for compact, lightweight batteries with high energy density. Moreover, the market growth has been further aided by the rising demand for electric vehicles.
In addition, it's anticipated that the rising demand for consumer devices powered by refillable lithium-ion batteries will propel the LiTFSI market in the coming years.
The LiTFSI market is constrained by a number of problems, including the high cost of raw materials, strict regulations, and the erratic nature of prices. Since it raises the total cost of production, the high cost of raw materials is a significant barrier to the growth of the LiTFSI market.
The requirement to balance pricing and profitability presents a substantial challenge for firms competing in this industry. A major barrier to the growth of the LiTFSI market is the strict laws, which might differ from region to region and alter over time. Manufacturers find it challenging to stay current with developments and assure compliance as a result. The LiTFSI market faces additional difficulties as a result of price volatility, which can affect the dynamics of supply and demand. This may cause market volatility that is challenging to control. Nevertheless, despite these impediments, the market is anticipated to expand in the next years due to rising consumption for LiTFSI in a variety of applications.
As a result of the presence of numerous small and big producers, the global LiTFSI market is fragmented. Akzo Nobel N.V. (Netherlands), BASF SE (Germany), Celanese Corporation (U.S.), Dow Chemical Company (U.S.), Merck KGaA (Germany), Mitsubishi Chemical Corporation (Japan), Sigma-Aldrich Corporation (U.S.), Solvay SA (Belgium), and others are some of the major competitors in this industry. Many regional and local firms are also offering LiTFSI to the market's various industries.
The LiTFSI Powder Sector emerged as the Most Lucrative Type
The LiTFSI market is divided into two types based on type: LiTFSI powder and LiTFSI solution. During the projection period, the LiTFSI powder sector is anticipated to expand at a faster CAGR. The increasing demand for lithium-ion batteries from numerous end-use sectors is to blame for this growth.
The Most Prominent Application is the Electrolyte Salt Segment
The LiTFSI market is divided into electrolyte salt, antistatic agent, and others based on application. The electrolyte salt sector accounted for the greatest market share in 2019 and is predicted to rise significantly over the coming years. Its exceptional conductivity qualities are responsible for this expansion.
The APAC Region to render Ample Financing Opportunities
The five primary regional divisions of North America, South America, Asia Pacific, Europe, and the Middle East & Africa make up the worldwide LiTFSI market (MEA). Due to increasing demand from end-use industries including the automotive and electronics industries, the Asia Pacific area overtook Europe as the largest regional market in 2020 and will maintain this dominance during the anticipated time period. China was the main driver of this expansion. Additionally, the rising use of mobile devices, the rising demand for lithium-ion batteries from intermittent energy storage solutions, and the expanding trend of powered mobility in the automotive industry are some other factors influencing the growth of the LiTFSI market in this area.
COVID-19 Impact and Market Status
The market for LiTFSI has been significantly impacted by the COVID-19 epidemic. Due to the recession in the electronics industry, a fall in demand is anticipated in the market. However, as the need for electronics rises, the market is anticipated to rebound in the second half of 2020. In addition, the market expansion is anticipated to be fueled by the growing demand for LiTFSI in the automobile industry. Additionally, the market is anticipated to be driven by the rising demand for LiTFSI in electronics and computers and electric cars. LiTFSI is now the most popular battery electrolyte in terms of its market share. Its outstanding performance qualities, including high stability and minimal flammability, are responsible for its widespread use. Additionally, because it is non-flammable, lithium-ion batteries like to use it. As a result of its low price and widespread availability, LiTFSI is also becoming more and more popular in other applications.
Recent Developments in the LiTFSI Market
• LiTFSI (lithium bis(trifluoromethanesulfonyl)imide) is a lithium-ion battery additive that Solvay introduced in March of 2021. This was a part of Solvay's ongoing efforts to diversify the range of its cutting-edge goods. The item is made to increase the temperature stability of lithium-ion batteries, enhancing both their performance and safety.
• The introduction of Arkema's new LiTFSI-based electrolyte solutions with a focus on high-performance lithium-ion battery applications was announced in April 2021. The company's position in the market is anticipated to be strengthened by this move, which will increase the selection of items it offers.
• Albemarle and SK Innovation agreed to a strategic partnership in May 2021 in order to supply LiTFSI-based electrolyte solutions. The action is anticipated to assist Albemarle in meeting the growing demand for its goods and to strengthen its position on the international market.
• A partnership between Merck KGaA and Lechler GmbH for the provision of LiTFSI-based electrolytes was announced in June 2021. This decision is probably going to assist Merck KGaA to boost its position on the international market and increase its presence in Asian countries, particularly China.
LiTFSI Market Scope
|Revenue forecast in 2031
|USD 17.9 billion
|CAGR of 6.5 % during 2021-2031
|Type, Application, Regions
|North America, Europe, Asia Pacific, South America, Middle East and Africa
|Key Players Profiled
|Akzo Nobel N.V. (Netherlands), BASF SE (Germany), Celanese Corporation (U.S.), Dow Chemical Company (U.S.), Merck KGaA (Germany), Mitsubishi Chemical Corporation (Japan), Sigma-Aldrich Corporation (U.S.), Solvay SA (Belgium), and others
Key Segment of Global LiTFSI Market
By Type Overview (USD Billion)
• LiTFSI Powder
• LiTFSI Solution
By Application Overview (USD Billion)
• Electrolyte Salt
• Antistatic Agent
By Region Overview (USD Billion)
• Rest of Asia Pacific
• Rest of North America
• Rest of Europe
Middle East and Africa