High demand for smart devices is one of the significant factors influencing the market growth.
According to a recent analysis by Emergen Research, the market for battery materials market worldwide is anticipated to reach USD 89.75 billion by 2027. Due to the rising demand for lead-acid and lithium-ion batteries, among others, in applications like consumer electronics, transportation, and grid storage, among others, the market for battery materials is expanding quickly. Due to the rise in popularity of laptops and other smart gadgets like smartphones and tablets in recent years, the demand for lithium-ion batteries has been increasing exponentially. The sale of lithium-ion (Li-ion) battery materials is being driven by an increase in the overall shipment of smartphones on a global scale and their rechargeable nature.
The global market for battery materials is one that is expanding quickly. Manufacturing firms, academic institutes, and battery producers are making significant investments in the development of these batteries’ technology. These investments are being made to develop environmentally friendly batteries with high power density, long life cycles, low cost, and great performance. Materials are in high demand on a global scale, and Asian nations like Japan, China, and South Korea are primarily responsible for their manufacturing. In this sector, low-cost batteries are in high demand right now, and manufacturers want to use high-performance materials that are also cost-effective. Batteries used in portable electronics, automobiles, industrial machinery, and power tools are among the major applications of battery materials.
The report also studies the key companies of the Battery Materials market along with analysis of their business strategies, M&A activities, investment plans, product portfolio, financial standing, gross profit margin, and production and manufacturing capacities.
Key participants include Asahi Kasei Corporation, Hitachi Chemicals, Umicore, POSCO, Mitsui Mining & Chemical Company, Johnson Matthey, Kureha Corporation, Mitsubishi Chemical Holdings, Toray, and Dow Chemical, among others.
The market for battery materials is one where Umicore is a major player. The business is involved in recycling, energy & surface technology, and catalysis. The energy & surface technologies section produces cathode materials for lithium-ion batteries. The business is committed to conducting research and development (R&D) for clean technologies, such as catalysts for pollution control, materials for rechargeable batteries, and recycling. In order to meet the growing demand for electric vehicles, the company announced plans in 2017 to invest roughly USD 339 million between 2017 and 2019 to increase its production of NMC (nickel, manganese, and cobalt) cathode materials for lithium-ion rechargeable batteries. NMC is the most popular cathode material for these rechargeable batteries.
The battery type segment of the market for battery materials is anticipated to grow at the fastest rate over the anticipated time frame. Since several nations and their governments have taken initiatives to promote a greener environment and lower CO2 emissions, automakers have begun concentrating on EVs. During the forecast period, the market for lithium-ion battery materials is projected to be driven by the rising use of EVs and portable electronic devices.
The lead-acid application segment’s automotive sub-segment is anticipated to increase at the fastest rate throughout the projected period. The rise in demand for SLI batteries in the automotive sector in industrialised nations like China and the US is responsible for this surge.
The projection period is expected to have the highest growth in the APAC region. The growing demand for lithium-ion batteries in APAC nations is what is fueling the expansion of this industry. The market for battery materials in APAC is being driven by the rising demand for batteries from the automotive industry due to the rise in the use of EVs and industrial sectors propelled by usage in telecom, railways, power, and other industrial applications.
The report further divides the Battery Materials market into key segments such as types, applications, end-user industries, technologies, and key regions of the market. The report also sheds light on the segment and region exhibiting promising growth in the Battery Materials market.
Emergen Research has segmented the global battery materials market on the basis of battery type, material type, application, and region:
Battery Type Outlook (Revenue, USD Billion; 2017-2027)
Material Type Outlook (Revenue, USD Billion; 2017-2027)
- Metal & Metal Oxides
- Other Chemical Compounds
Application Outlook (Revenue, USD Billion; 2017-2027)
- Consumer Electronics
- Grid Storage