Global Nanotechnology-Enabled Battery Market – Trends, Drivers, and Challenges| Technavio

LONDON–(BUSINESS WIRE)–#EnergyStorage–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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