The global battery materials market is projected to reach USD 60.61 billion by 2027, growing at a compound annual growth rate (CAGR) of 5.9% from 2020 to 2027. This growth is driven by the increasing demand for electric vehicles and supportive government regulations promoting green energy adoption, which will boost the use of advanced battery materials worldwide. According to the latest report by Fortune Business Insights, the market was valued at USD 47.75 billion in 2019 and is expected to gain momentum in the coming years.
Companies Profiled in the Global Battery Materials Market:
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
Battery materials include various metals such as lithium, graphene, nickel, lead, copper, manganese, and aluminum. They are mainly categorized into:
Cathode Materials:
Lithium Iron Phosphate
Lithium Cobalt Oxide
Lithium Manganese Oxide
Lithium Nickel Cobalt Aluminum Oxide
Anode Materials:
Primarily Graphite
Increasing Demand for Electric Vehicles to Promote Growth
Stringent government regulations to reduce emissions are significantly driving the demand for advanced electric vehicles (EVs). EVs utilize battery materials such as lithium-ion (Li-ion) batteries, known for their stability, rechargeability, high energy density, and excellent voltage capacity. The emphasis on developing energy-efficient vehicles by manufacturers is expected to contribute substantially to the growth of the global battery materials market in the coming years.
Lead Acid Segment Held 35.10% Market Share in 2019
In 2019, the lead acid segment, based on battery type, accounted for approximately 35.10% of the market share. This segment is anticipated to grow due to the increasing demand for passenger vehicles, particularly in countries like India and China, which will drive the adoption of advanced battery materials.
Asia-Pacific
Asia-Pacific held a market value of USD 18.39 billion in 2019 and is expected to dominate the global battery materials market during the forecast period. This growth is attributed to rising consumer spending on electric vehicles in countries such as China, India, South Korea, and Japan.
Europe
The market in Europe is projected to show considerable growth during the forecast period, driven by the growing adoption of advanced battery materials in the automotive and electronics industries in countries like Germany from 2020 to 2027.
Source:https://www.fortunebusinessinsights.com/industry-reports/battery-material-market-101074
Facility Expansion by Major Players to Develop Advanced Battery Products
The global battery materials market is characterized by the presence of several major players focusing on expanding their facilities to develop innovative battery materials that enhance efficiency and shelf life. Key companies are adopting strategies such as mergers and acquisitions, collaborations, and partnerships to further contribute to market growth in the forthcoming years.