The market demand for lithium battery binders is growing steadily and the industry has good development prospects

Lithium battery binder is an important component of the positive and negative electrode materials of the battery. It is mainly used to bond and maintain electrode activity, and to better stabilize the structure of the pole pieces. There are two main types of lithium battery binders, namely oil-soluble and water-soluble. Common products include PVDF, SBR and other types. The upstream raw materials for lithium battery binders mainly include 1,3-butadiene, styrene, vinylidene chloride, and hydrofluoric acid, while the downstream materials include power batteries, consumer batteries, and energy storage batteries.

In recent years, my country’s new energy industry has developed rapidly, lithium batteries are widely used, and lithium battery production continues to rise, reaching 19 billion in 2020. The growth in lithium battery production has driven up the market demand for lithium battery binders. my country’s lithium battery binder production has also grown steadily, reaching about 50,000 tons in 2021.

According to the “China Lithium Battery Binder Project Investment Feasibility Research Report 2022-2026” released by the Industrial Research Center, with the As the demand for lithium battery binders continues to grow, the market size of lithium battery binders will rise accordingly. In 2017, my country’s lithium battery binder market size was approximately 2.2 billion yuan, and will grow to more than 5 billion yuan by 2021. In the lithium battery binder market, PVDF has high market demand as a binder due to its good properties, accounting for about 55%. In 2020, the PVDF binder market size was 2.4 billion yuan.

There is little research on PVDF binders in my country, and the market is occupied by foreign companies. Companies such as Solvay, Kureha Co., Ltd., and Amaco Group have great influence in the domestic market and overseas markets. Currently, local companies that can produce PVDF binders include Shandong Dongyue, Zhejiang Funolin, Shanghai Sanaifu, etc. In the SBR binder market, domestic companies have gradually realized domestic substitution. The domestic market is occupied by companies such as JRS, Fabia Corporation, and Zeon Co., Ltd. Among them, local Fabia Corporation has a market share of more than 45% in the negative electrode binder market.

Jingrui Co., Ltd. is an important enterprise in the domestic adhesive market. Its products have been used in the field of new energy vehicles and the market demand is high. Benefiting from the drive of market demand, the revenue of Jingrui Co., Ltd. has shown a growth trend. In 2021, the revenue of Jingrui Co., Ltd.’s lithium battery binder will reach about 300 million yuan.

Binders account for a small proportion of electrodes, but they are indispensable raw materials for lithium electronic batteries. Lithium batteries are gradually developing towards high safety, high power, and low cost. In order to adapt to market changes, binders will continue to improve in the future. Bonding strength, tensile strength, new multi-functional adhesive products have been developed.

Industry analysts said that lithium battery binders play an important role in lithium battery production and have benefited from new energy sources in recent years. Driven by terminals such as automobiles and energy storage, my country’s lithium battery production has grown steadily, driving the market demand for binders to continue to rise, and the industry has good development prospects. In the current market, the market demand for SBR binders and PVDF binders is high, but both are occupied by foreign companies. In particular, PVDF binders have a large space for localization in the future.