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Battery Materials Market Research by Expert: Growth Rate, Industry Statistics

The global battery materials market size is expected to reach USD 60.61 billion by 2027 while exhibiting a CAGR of 5.9% between 2020 and 2027. This is attributable to the increasing demand for electric vehicles and the favorable government regulations that promote the adoption of green energy sources that will favor the adoption of advanced battery materials across the globe. This information is published by Fortune Business Insights, in its latest report. The report further mentions that the market stood at USD 47.75 billion in 2019 and is projected to gain momentum in the forthcoming years.

List of the Companies Profiled in the Global Market for Battery Materials:

  • NICHIA CORPORATION (Tokushima, Japan)
  • NEI Corporation (Somerset, U.S.)
  • TCI Chemicals (India) Pvt. Ltd. (Chennai, India)
  • Targray Technology International (Quebec, Canada)
  • Mitsubishi Chemical Holdings (Tokyo, Japan)
  • Hitachi Chemical Co., Ltd. (Tokyo, Japan)
  • TORAY INDUSTRIES, INC. (Tokyo, Japan)
  • Shanghai Shanshan Tech Co., Ltd. (Shanghai, China)
  • Kureha Corporation (Tokyo, Japan)
  • BASF SE (Ludwigshafen, Germany)
  • Asahi Kasei (Tokyo, Japan)
  • Umicore Cobalt & Specialty Materials (CSM) (Brussels, Belgium)
  • Other Key Players

Disruption in Procurement of Raw Materials amid COVID-19 to Limit Growth Prospects

The global pandemic, COVID-19, has led to significant disruption in supply chain across the globe. This has completely paralyzed the growth prospects of several industries. The difficulty in procurement of raw materials amid the novel coronavirus has led to major delays in production and manufacturing activities across the automotive, logistics, and electronics sector. This is likely to hinder the growth of the market to some extent. However, once the condition improves the market will showcase considerable growth in the forthcoming years.

Battery materials consist of several metals such as lithium, graphene, nickel, lead, coppers, manganese, and aluminum, among others. Additionally, it involves two types mainly cathode materials and anode materials. The cathode materials include lithium iron phosphate, lithium cobalt oxide, lithium manganese oxide, and lithium nickel cobalt aluminum oxide. The anode materials are generally graphite.

DRIVING FACTORS

Increasing Demand for Electric Vehicles to Promote Growth

The stringent government regulations to limit the emission norms are propelling the demand for advanced electric vehicles. The EVs consists of battery materials such as Li-ion batteries that are stable and can be recharged several hundred times. Additionally, they posses high energy density, along with excellent voltage capacity, compared to other rechargeable batteries. Therefore, the increasing focus on developing energy-efficient automotive by the manufacturers is expected to contribute to the growth of the global battery materials market in the forthcoming years.

SEGMENTATION

Lead Acid Segment Held 35.10% Market Share in 2019

The lead acid segment, based on battery type, held a market share of about 35.10% in 2019 and is expected to gain momentum owing to the increasing demand for passenger vehicles that is likely to surge the adoption of advanced battery materials in countries such as India and China.

REGIONAL INSIGHTS

Increasing Consumer Spending on Electric Vehicles in Asia-Pacific to Favor Growth

Among all the regions, Asia-Pacific stood at USD 18.39 billion in 2019 and is expected to hold the highest position in the global battery materials market during the forecast period. This is attributable to the rising consumer spending on electric vehicles in countries such as China, India, South Korea, and Japan in the region.

The market in Europe is expected to showcase considerable growth during the forecast period. This is ascribable to factors such as the growing adoption of advanced battery materials from automotive and electronics industries in countries such as Germany between 2020 and 2027.

Source:https://www.fortunebusinessinsights.com/industry-reports/battery-material-market-101074

COMPETITIVE LANDSCAPE:

Facility Expansion by Major Players to Develop Advanced Battery Products

The global battery materials market is fragmented by the presence of several major players that are focusing on expanding their facility to develop innovative battery materials to improve their efficiency and shelf life. Adoption of strategies such as merger and acquisition, collaboration, and partnership by key companies is further expected to contribute to the growth of the market in the forthcoming years.

Industry Development

  • June 2020 – POSCO Chemical announced the expansion of its facility at Sejong to increase the capacity of production of anode materials. The expansion is expected to propel the production of battery materials by over 44 KT annually.

Alex Ainslie

Hello, I'm Alex Ainslie, a passionate wordsmith driven by creativity and a profound love for storytelling. I've dedicated myself to unraveling the intricacies of language and sharing captivating narratives with you.With a rich background in literature and a diverse range of interests, I bring a unique perspective to my writing. Whether I'm delving into topics like home improvement, lifestyle, business, healthcare, environment, or adventure, I approach each subject with curiosity and a commitment to delivering engaging content.My writing not only informs but also captivates, inviting you to see the world through fresh eyes and fostering connections through shared experiences. I strive for excellence in every piece, aiming to make a positive impact through the art of storytelling.When I'm not penning down my thoughts, you'll find me lost in the pages of a good book, immersing myself in nature, or experimenting with new recipes in the kitchen. With a heart full of wanderlust and a mind bursting with ideas, I'm here to make a lasting impression on the world of written expression.

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