The global battery materials market size is anticipated to reach USD 60.61 billion by 2027, exhibiting a CAGR of 5.9% from 2020 to 2027. This growth is driven by the rising demand for electric vehicles and supportive government regulations promoting green energy adoption, which will enhance the use of advanced battery materials worldwide. This information is detailed in the latest report by Fortune Business Insights. The report also notes that the market was valued at USD 47.75 billion in 2019 and is expected to gain momentum in the coming years.
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 comprise various metals such as lithium, graphene, nickel, lead, copper, manganese, and aluminum. They are categorized mainly into cathode materials (including lithium iron phosphate, lithium cobalt oxide, lithium manganese oxide, and lithium nickel cobalt aluminum oxide) and anode materials (primarily graphite).
Increasing Demand for Electric Vehicles to Promote Growth
Stringent government regulations to reduce emissions are driving the demand for advanced electric vehicles. EVs utilize battery materials like Li-ion batteries, which are stable, rechargeable multiple times, and offer high energy density along with excellent voltage capacity. The focus on developing energy-efficient vehicles by manufacturers is expected to contribute significantly 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, held a market share of approximately 35.10%. This segment is expected 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
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.
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