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.
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.
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
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.
Information Source: https://www.fortunebusinessinsights.com/industry-reports/battery-material-market-101074
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 share 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.
COMPETITIVE LANDSCAPE:
Facility Expansion by Major Players to Develop Advanced Battery Products
The global battery materials market share 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.
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