LiTFSI has a huge demand in the Lithium-ion batteries for protecting or eliminating the buildup of static electricity on the electric products. Since electronic products such as smartphones, laptops and tablets have high adoption rate among consumers, which helps to enhance the demand for the LiTFSI market. In addition, increasing use of electric vehicles and electric bicycles or e-bikes is also driving the growth of the LiTFSI market. With the onset of the Covid-19 pandemic, there was decrease in sales in the LiTFSI market since the 1st quarter of 2020 due to decreased demand for the electric vehicles, and e-bikes, across the world. With relaxing lockdown restrictions and resuming economic activities in most of the Asia Pacific countries, the demand for various electric vehicles and consumer electronics have gained momentum thereby, driving the demand for LiTFSI. Since most of the users are currently avoiding the use of public transport to curb the spread of Coronavirus, there has been a growing preference towards electric vehicles and electric bicycles for transportation, which is indirectly driving the LiTFSI market growth.
The global LiTFSI market is categorized on the basis of product type, such as LiTFSI powder and LiTFSI solution. Among these types, LiTFSI solution segment dominated the market in 2019, as it is widely preferred by the customers because it has a higher tendency to migrate over the material surfaces as compared to other forms. Moreover, the global LiTFSI market is categorized on the basis of applications, such as electrical vehicles, e-bikes, smartphones, laptops and power tools. Among these applications, electrical vehicles have the maximum share in the LiTFSI market, because lithium-ion batteries are widely used in the electrical and power hybrid vehicles and lithium batteries have developed itself as one of the primary solution for the manufacturers.
The manufacturers are also focusing on investing in the research and development activities and devising applications in innovative electronic products, where the lithium-ion batteries could be used. Some of the key players in the market include Solvay SA, The 3M Company, Jiangsu Guotai Super Power New Materials Co., Ltd., PERIC Special Gases Co. Ltd., Monils Chemical (Shanghai) Co., Ltd., Ossila Ltd., Tokyo Chemical Industry Co., Ltd., XIAMEN TOB NEW ENERGY TECHNOLOGY Co., LTD., Time Chemical Co Ltd. and MTI Corporation.
Trends and Future Outlook:
- Growing adoption of electric vehicles is anticipated to drive the demand for LiTFSI solution and powder
- Rising investment for developing fast charging batteries that are used in electric vehicles as well as in other consumer electronics
- Growing research towards developing gel polymer electrolyte based on LiTFSI for application in rechargeable lithium metal battery