By 2033, the value of the global battery materials market is expected to reach US$ 102.8 billion, up from US$ 57.9 billion in 2023. Sales of battery components are expected to increase globally over the forecast period at a CAGR of 5.9%.
The lead-acid battery segment is expected to create a higher demand for battery materials during the assessment period. This is due to the high adoption of lead-acid batteries across diverse industries for their cost-effectiveness, reliability, and other advantages. The target segment is forecast to expand at 5.7% CAGR through 2033.
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Driving Forces Behind the Global Battery Materials Industry Growth
Several factors are expected to drive growth in the worldwide battery materials industry. These include the growing popularity of electric vehicles and renewable energy sources, favorable government support, and advancements in battery materials.
Materials used to make electrodes, electrolytes, separators, and other components of batteries are called battery materials. They are essential for developing renewable energy storage, electric vehicles, and other emerging technologies.
Surging demand for electric and hybrid vehicles globally is anticipated to fuel sales of battery materials, such as lithium, nickel, and cobalt. Today, consumers seek more sustainable and fuel-efficient transportation options, increasing the popularity of electric vehicles (EVs).
Governments worldwide are also introducing new initiatives, regulations, and incentives to reduce carbon emissions and encourage the adoption of clean technologies like electric cars. This, in turn, is expected to create growth opportunities for battery material producers.
Large investments are being made into renewable energy sources like solar and wind. This is projected to create demand for energy storage systems, eventually fostering the growth of battery materials.
Another prominent factor expected to uplift global battery materials is the rising adoption of consumer electronic devices like smartphones and laptops. This is because these consumer electronic products rely on batteries for power.
Top companies are constantly focusing on developing and exploring novel battery materials to improve safety and performance of batteries. For instance, new cathode materials with higher energy densities are being developed.
Key Takeaways from the Battery Materials Market Report:
The global battery materials industry is forecast to total US$ 102.8 billion by 2033.
By battery type, lead-acid segment is projected to thrive at 5.7% CAGR through 2033.
Based on application, the automotive segment is expected to progress at 5.4% CAGR.
The United States market size is set to reach US$ 18.0 billion by 2033.
The Japanese market is predicted to reach a high of US$ 10.1 billion by 2033.
The United Kingdom industry is expected to progress at 6.8% CAGR from 2023 to 2033.
Sales revenue in China is forecast to total US$ 14.9 billion by 2033.
Demand in South Korea is anticipated to increase at 8.3% CAGR through 2033.
"The spread of electric mobility and increasing usage of renewable energy are expected to create high demand for energy storage devices like batteries. This will bode well for the battery materials industry during the forecast period," - says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.).
Who is Winning?
Asahi Kasei Corporation, BASF SE, Dow, Inc., DuPont de Nemours, Inc, Entek International, Gravita' India Limited, Hitachi Chemical Co., Ltd., Johnson Matthey PLC, Kureha Corporation, and Mitsubishi Chemical Corporation are few of the leading battery material manufacturers listed in the report.
These key players are continuously innovating to develop novel materials to meet evolving requirements of end users like automotive and consumer electronics. They also employ strategies like acquisitions, facility expansions, joint ventures, mergers, partnerships, alliances, and collaborations to expand their portfolios and footprint.
Recent Developments in the Battery Materials Market:
In March 2023, ENTEK unveiled the location of the first lithium battery separator plant in Indiana to support the region's booming electric vehicle (EV) industry.
In May 2023, new polyurethane, carbon nanotube, and epoxy materials to boost battery performance and protection were developed by Huntsman.
More Insights Available:
Future Market Insights (FMI), in its new offering, presents an unbiased analysis of the global battery materials market presenting historical data (2018 to 2022) and forecast statistics for the period from 2023 to 2033.
The study reveals market projections based on battery type (lead-acid, lithium-ion, and others), application (automotive, EVs, portable devices, industrial, and others), and region (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia and Pacific, and Middle East and Africa).