Global Molten Salt Battery Market Report and Forecast 2024-2032

Global Molten Salt Battery Market Outlook

The global molten salt battery market size reached a value of approximately USD 1.57 billion in 2023. The market is further projected to grow at a CAGR of 16.50% between 2024 and 2032, reaching a value of USD 6.28 billion by 2032.

Key Trends in the Market

Molten salt batteries are a type of battery system that uses molten salts as electrolytes and offer a high power density and high energy density with a long lifespan. At room temperature, the components of molten salt batteries are solid, due to which they can be stored in an inactive state for extended periods of time. When the molten salt batteries are activated, the electrolytes, cathodes, and anodes separate, and ionic exchange takes place that generates energy.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

• The use of molten salt batteries has a number of advantages over modern solid-state batteries which is aiding the global molten salt battery market growth. In large-scale applications, batteries with liquid components have a higher current density, a longer cycle life, and a more straightforward production process.

• Molten salt batteries are generating interest as a grid energy storage solution for renewable energy sources. Renewable energy, electric cars, grid storage, and electric vehicles are a few potential uses for the molten salt iron-oxygen battery.

• Technological advancements in molten salt battery design and development are expected to be key trends in the molten salt battery market over the coming years. Development of more efficient and cost-effective molten salt batteries are likely to increase their applications.

Market Analysis

Based on battery type, the market is divided into sodium sulphur, and liquid metal, among others. On the basis of end-use, the market is segmented into power plant, military, and electric vehicles, among others. The regional markets for molten salt batteries are categorised into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the global molten salt battery market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Sumitomo Corporation

• Ambri Incorporated

• BASF SE

• Alfa Laval Corporate AB

• Others

Market Share by End-Use

Electric vehicles account for a sizable share of the molten salt battery market based on end-use, driven by the increasing demand for electric vehicles. The high energy density and high power density characteristics of molten salt batteries make them suited for electric vehicles. Salt-based batteries that combine the performance advantages of a solid-oxide fuel cell and a metal-air battery are recyclable, environmentally beneficial, inexpensive, and safe. Converting molten salt into soft-solid salts utilising solid oxide nano-powders has many potential uses in emerging industries, including renewable energy, by facilitating cutting-edge storage solutions in homes and at the grid level.

Read more about this report - REQUEST FREE SAMPLE COPY IN PDF

Market Share by Region

Regionally, North America occupies a significant share of the molten salt battery market, supported by the growing demand for electric vehicles and extensive military expenditure in countries such as the United States. Importance of renewable energy is also on the rise in North America, which is expected to bolster the market for molten salt batteries in order to effectively store generated power. The presence of key players in the region is also augmenting the market growth of molten salt batteries in North America. Meanwhile, Europe is expected to witness rapid growth in the market for molten salt batteries, which can be attributed to the increasing sales of electric vehicles, particularly in countries like France and Germany.

Competitive Landscape

Sumitomo Corporation, founded in 1919 and with headquarters in Tokyo, Japan, is one of the biggest general trade firms in the world. The company imports and exports a wide range of products, including textiles, metals, machinery, chemicals, gasoline, and food items.

Ambri Incorporated was established in 2010 and is currently headquartered in Massachusetts. The company makes grid-level storage batteries for storing generated electricity from the sun and wind. Ambri systems are dependable and safe as they do not create or exhaust any gases and there is no risk of thermal runaway.

Alfa Laval Corporate AB, a supplier of specialist goods and services for heat transfer, separation, and fluid handling, is based in Lund, Sweden. Founded in 1883, the company provides food production, environmental protection, and energy optimisation. Alfa Laval sells items including evaporators, gasketed plate heat exchangers, spiral heat exchangers, plate heat exchangers, and air heat exchangers, among others.

Other market players include BASF SE, among others.

Key Highlights of the Report