New York, USA, Sept. 30, 2022 (GLOBE NEWSWIRE) -- Battery Materials Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Battery Materials Market Information by Type, Battery Type, Application, and Region - Forecast till 2030”, the market is estimated to grow at a 8.75% CAGR to reach USD 62 Billion by 2030.
Market Synopsis
Battery materials can be described as raw materials as well as compounds within the battery supply chain and primarily contain metals like Cobalt, Nickel, and Lithium, among others. They are sourced from upstream mining operations involving the conversion of mineral ores or seawater brines into processed battery metals.
The end products of battery materials are battery packs, which have uses in numerous industries like consumer electronics, energy storage devices, and automotive. The highest demand in the market is seen by lithium-ion batteries, which are extracted from mineral ores such as lepidolite and spodumene. Other than lithium, batteries also contain nickel, manganese, and cobalt, to some level.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 62 Billion |
| CAGR | 8.75% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Type, by Battery Type, by Application, and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rapid development in the automotive sector |
| Increasing demand for consumer electronics |
Market Competitive Landscape:
The affluent firms in the battery materials industry are:
- 3M (US)
- BASF SE (Germany)
- DowDuPont (US)
- Celgard, LLC (US)
- Solvay (Belgium)
- Mitsubishi Chemical Corporation (Japan)
- Entek (UK)
- Ecopro (South Korea)
- Hitachi Chemical Co. Ltd (Japan)
- Nippon Denko Co., Ltd (Japan)
Market USP Covered:
Market Drivers:
The world over, the demand for clean energy has surged considerably, in order to ensure zero carbon emission. The latest battery technology ensures that there the emission norms and policies are catered to and more. Governments everywhere are encouraging the use of electric vehicles with policy changes, regulations, and subsidies on carbon emissions. Electric vehicle sales have surged tremendously over the years, with China taking the lead. As the biggest market for EVs, China sold nearly 4.5 million electric cars higher than the total sales in 2020 worldwide.
Lithium-ion and lead-acid batteries have extensive use in energy storage devices, delivering impressive performance as well as significant power output in various applications. Datacenters need a smooth power supply all the time and therefore, make use of uninterrupted power supply or UPS that delivers power to load. Energy storage devices also help generate renewable energy as well as hybrid automotive systems.
Although renewable energy sources are considered crucial components in the advancement of a sustainable society, they are completely contingent on the long-term viability and efficiency of energy storage technology. The emergence of battery storage systems utilizing ecologically friendly and economical materials is vital for the sustainable energy technology concept. When it comes to operational performance and efficiency, lithium-ion batteries are way ahead of various rechargeable battery technologies in the market.
Market Restraints:
The long-term viability of lithium-ion batteries is still under a lot of doubt, given the high materials costs, element abundance, and cell component toxicity. This could be a key challenge for battery material companies in subsequent years.
Another huge challenge for the battery materials market can be the high concentration of battery metal reserves in just a handful of countries, which can lead to supply shortages in case of any imposition of export limits.
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COVID 19 Analysis
The COVID-19 outbreak’s significant impact has led to numerous repercussions on everyone’s health status globally. The aftermath is closely related to the substantial social and economic burden on people worldwide. While policymakers are coming up with new frameworks and industries are making use of advanced models of business expansion to remain relevant, people are facing a series of mental trauma.
Around the world, the rising cases have spurred mental, and economic issues, especially among the elderly. Additionally, the younger populace has been dealing with challenges owing to loss of livelihoods and is opting for family care to address the repercussions. The focus is largely on the treatment of COVID-19 and the development of a vaccine. This has affected the battery materials market in a big way, in view of the lower demand for the key materials and the financial slowdown.
Market Segmentation
By Type
The various types of battery materials in the market are anode, cathode, electrolyte, separator, and more.
The cathode types are lithium manganese oxide, lithium Cobalt oxide, lithium nickel cobalt aluminum oxide, lithium nickel manganese oxide, as well as lithium iron phosphate. Anode segment is again divided into artificial graphite, natural graphite, and more.
The highest achiever in the market is the cathode segment with the biggest share.
By Battery Type
Different battery types studied in the MRFR report are lead-acid, Li-ion, Ni-cd, nickel-metal hydride, and more.
The Li-ion segment can expect to head the worldwide market in the following years, thanks to the escalating use of Li-ion in electric vehicles. It also finds deployment in electronic devices considering its tint memory effect, low self-discharge, and high energy density. It has applications in electronics, automotive, and more.
Lead-acid batteries enjoy substantial demand owing to their impressive characteristics such as high tolerance to wear and tear, reliability, ability to tolerate overcharging, ability to generate high currents and ease of purchase.
By Application
Primary applications of battery materials are power storages, portable devices, automotive, electronic items, and more.
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Regional Insights
The Asia Pacific is the biggest market for battery materials, thanks to the massive demand in the electronics sector, especially in China. In addition to the advancing economic conditions, low electronics costs, and high incomes, the surge in the automotive sector will also foster the demand for battery materials.
North America will be recording a stunning CAGR from 2020 to 2027, on account of the adoption of the latest manufacturing technologies and the flourishing automotive industry in the United States.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
