Dual-ion Batteries Market Size (2024 - 2030)

In 2023, the Global Dual-ion Batteries Market was valued at $0.48 billion, and is projected to reach a market size of $1.39 billion by 2030. Over the forecast period of 2024-2030, market is projected to grow at a CAGR of 16.4%.

DIBs are becoming progressively popular as one of the most capable technologies for storing sustainable energy, have low costs, and the absence of any toxic materials. DIBs use the simultaneous intercalation of anions into the cathode and cations into the anode during the charging process and contrarily deintercalation of ions into the electrolytes during the discharging process. Both types of ions are taken and released from the electrolyte. The anode can be made of a metal like Li (Lithium), Na (Sodium), K (Potassium), or any other material that can facilitate the reversible insertion of cations. The cathode is made of materials that can facilitate the reversible insertion of anions, such as graphite or organic compounds. The utilization of DIBs can provide high voltages and high-energy densities, making them a promising energy storage system. The research on DIBs is in its initial stage with the primary objective of developing a low-cost stationary storage facility without the use of metals like lithium, nickel, and cobalt. These metals have uneven distribution and pose environmental issues. A battery made of more naturally occurring materials, such as graphite, will be more cost-effective and environmentally friendly. Currently, DIBs have only one-third capacity compared to Li-ion batteries but are suitable for high-power applications in grid energy storage. Major companies are focusing on the development of compact-size DIBs so they can be used in portable electronic devices like smartphones, laptops, and tablets. The International Union of Pure and Applied Chemistry (IUPAC) listed DIBs under its top ten emerging technologies in chemistry in the year 2020.

Global Dual-ion Batteries Market Drivers:

The increasing demand for dual-ion batteries in portable electronic devices is fueling the growth of the global dual-ion batteries market.

Dual-ion batteries are becoming popular among individuals as they are seen as a promising solution for mobile devices providing high performance. These batteries use two types of ions to store and release energy, usually, sodium and magnesium, allowing for higher energy density, faster charging times, and potentially lower costs. There are numerous advantages of batteries containing two types of ions for use in portable electronic devices. The utilization of dual-ion batteries can result in noteworthy improvements in the charging speed and battery life of portable electronic devices like smartphones and laptops. These batteries provide individuals, who rely on their mobile devices for work, communication, and entertainment purposes, with immense convenience in their day-to-day lives. Therefore, this factor drives the demand for dual-ion batteries.

The increasing demand for DIBs in the application of EVs is another factor contributing to the growth of the global dual-ion batteries market.

In recent years, the popularity of electric vehicles (EVs) has skyrocketed as individuals seek out greener alternatives to conventional automobiles with internal combustion engines (ICEs). The development of reliable and efficient batteries, however, has been one of the EV sector's greatest hurdles. As a potential and attractive solution, dual-ion batteries have been discovered. Contrary to conventional lithium-ion batteries, which only utilize one type of ion, dual-ion batteries utilize two distinct types of ions—typically lithium and an anode like graphite or aluminum. As a result, charging durations are shortened and energy density is increased. For EVs, dual-ion batteries have enormous potential advantages. They can offer greater driving ranges, faster charging times, and lighter weights in contrast to conventional lithium-ion batteries. Dual-ion batteries might also be more reasonably priced and environmentally beneficial as less rare and inexpensive metals are used in them. Therefore, this factor also drives the demand for dual-ion batteries.

Global Dual-ion Batteries Market Challenges:

The global dual-ion batteries market is encountering challenges, primarily in terms of early-stage development and competition from other battery technologies. Dual-ion batteries are still in the early stages of research and development, and they face obstacles in achieving better energy density, extended cycle life, and improved safety for commercialization and large-scale production. Moreover, the present infrastructure for producing and using lithium-ion batteries may restrict the acceptance of dual-ion batteries. In addition, the possible emergence of other cutting-edge battery technologies threatens dual-ion batteries' cost efficiency and performance. Thus, these challenges inhibit the growth of the global dual-ion batteries market.

Global Dual-ion Batteries Market Opportunities:

Advancements in materials science and technology present a lucrative opportunity in the global dual-ion batteries market. Given the rising demand for dual-ion batteries owing to their advantages like high energy density, longer cycle life, fast charging, enhanced safety, and cost-effectiveness, businesses specializing in the production and distribution of dual-ion batteries can stand to gain significantly from this opportunity by leveraging advancements in materials science and technology, which can lead to improvements in the performance and scalability of dual-ion batteries, making them more competitive in various applications. This development will help companies to increase their customer base and boost their overall revenue. 

COVID-19 Impact on the Global Dual-ion Batteries Market:

The outbreak of the COVID-19 pandemic substantially impacted the global dual-ion batteries market. The implementation of strict lockdowns, traveling restrictions, and social distancing measures across several nations hindered many companies' manufacturing capacities and caused a shortage of skilled workforce. The pandemic caused several disturbances in supply chains and the distribution of goods and services, which greatly affected the production and distribution of dual-ion batteries. Moreover, the demand for dual-ion batteries decreased due to reduced operations of businesses in several industries. These factors negatively impacted the growth of the global dual-ion batteries market. Despite these challenges, the global dual-ion batteries market is projected to recover and grow in the coming years.

Global Dual-ion Batteries Market Recent Developments:

In February 2023, LG Chem Ltd., a South Korea-based leading global chemical company, signed 200,000 metric tons of spodumene concentrate supply with Piedmont Lithium Inc., a US-based mining company. With this deal, LG Chem Ltd. becomes the first Korean company to secure lithium from the region of North America.

• In October 2022, Envision AESC, a Japan-based company specializing in the manufacturing of lithium-ion batteries for electric vehicles (EVs), unveiled a multi-year partnership with BMW Group, a Germany-based multinational manufacturer of luxury vehicles and motorcycles, to supply the latest and most advanced battery cells for BMW's next-generation EVs.
• In November 2021, Sion Power Corporation, a US-based developer of high-energy lithium-metal rechargeable battery technology, signed an agreement with Cummins, Inc., a US-based multinational corporation that designs, manufactures, and distributes engines, filtration, and power generation products, regarding the design and supply of battery cells for commercial electric vehicle applications utilizing its proprietary Licerion Electric Vehicle (EV) lithium metal technology. As part of this agreement, Cummins has invested in Sion Power.

DUAL-ION BATTERIES MARKET REPORT COVERAGE:

Global Dual-ion Batteries Market Segmentation: By Type

• Metal-Organic

• Metal-Metal

• Sodium-Ion

• Zinc-Ion

• Others

In 2022, the sodium-ion segment held the highest market share. The growth can be attributed to the advantages that sodium-ion batteries offer as compared to conventional lithium-ion batteries, including a wider availability, 30% lower cost, better safety characteristics, more environmentally friendly, higher operating temperature range, faster charging rate, and higher lifecycle. Similar to lithium-ion batteries, sodium-ion batteries operate on a similar principle. They also shuttle between the cathode and anode. 

Global Dual-ion Batteries Market Segmentation: By Application

• Electric Vehicles

• Medical Devices

• Portable Electronics

• Renewable Energy Storage

• Others

In 2022, the portable electronics segment held the largest market share. The growth can be attributed to the rising demand for dual-ion batteries for utilization in mobile devices like smartphones, tablets, laptops, and others, as they offer many advantages, including improved charging speed and enhanced battery life. Dual-ion batteries, which store energy using two distinct kinds of ions, have the potential to overpower some of the flaws of conventional lithium-ion batteries, making them an appealing option for utilization in portable electronic devices.

Global Dual-ion Batteries Market Segmentation: By Region

• North America

• Europe

• Asia-Pacific

• South America

• Middle East & Africa

In 2022, the region of Asia-Pacific held the largest share of the global dual-ion batteries market. The growth can be attributed to the rising adoption of electronic vehicles owing to their environmental advantages and government initiatives, the presence of a large consumer base for portable electronic devices, and the increasing investments in research and development activities. In addition, the region is home to several significant market players, including Envision AESC, LG Chem Ltd., Qingtao Energy Development, Jenax Inc., and Power Japan Plus. Due to the increasing developments in the production of electric vehicles and the strong presence of major market players, including Custom Cells Itzehoe GmbH, Faradion Limited, and Tiamat Energy, the region of Europe is anticipated to expand at the quickest rate over the forecast period.

Global Dual-ion Batteries Market Key Players:

1. Envision AESC (Japan)

2. LG Chem Ltd. (South Korea)

3. Sion Power Corporation (United States)

4. Ionic Materials, Inc. (United States)

5. Custom Cells Itzehoe GmbH (Germany)

6. Jenax Inc. (South Korea)

7. Power Japan Plus (Japan)

8. Prieto Battery, Inc. (United States)

9. Qingtao Energy Development (China)

10. Faradion Limited (United Kingdom)