Lithium-Ion Battery Separator Market OverviewThe lithium-ion (LIB) battery separator market was valued at USD 5.32 billion in 2020, and it is expected to reach USD 12.42 billion by 2026, registering a CAGR of 16.21% during the forecast period of 2021-2026. The price of lithium-ion batteries has fallen steeply over the past 10 years, driving the demand for the market. Electric vehicle (EV) manufacturers are emerging as a significant customer base for these batteries. The EVs primarily use lithium-ion batteries. The declining lithium-ion battery costs are impacting the cost of EV manufacturing. The EV industry is expected to witness monumental growth. This, in turn, is expected to drive the lithium-ion battery separator market.
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Lithium-Ion Battery Separator Market – Geographical Overview
Asia-Pacific is expected to be the fastest-growing market during the forecast period
The demand for lithium-ion batteries in the region is expected to grow rapidly, owing to the growth in the adoption of new energy vehicles (NEVs) and ESS for on-grid and off-grid applications. The development of NEVs is further boosted by the mandates put forth by the Chinese government. Countries like Australia, India, and Vietnam are also planning to set up li-ion battery manufacturing facilities in their countries in the near future. China has also adopted a national New Energy Vehicle Subsidy Program in April 2020 to boost EVs’ sales further. China is further expected to dominate with a 57% share of the global EV market by 2030.
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Key Highlights of the Lithium-Ion Battery Separator Market
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Mordor Intelligence has segmented the global lithium-ion battery separator market on the basis of geography:
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