Wellesley, Mass, April 11, 2017 (GLOBE NEWSWIRE) -- New proprietary research by BCC Research reveals that battery and fuel cell industries are poised to begin unprecedented expansion based on increased demand, opportunities to commercialize new technologies, and new applications and markets. In 2022, the market is expected to total $32.8 billion, nearly $10 billion more than in 2016.
BCC Research's Advanced Materials for Advanced Batteries and Fuel Cells reports that the fortunes of batteries and fuel cells are tied to the materials used to create them. Battery and fuel cell demand have revitalized a number of raw material markets, and many material suppliers are counting on new battery and fuel cell markets to drive growth.
Research Highlights
- Advanced battery lead is expected to reach about $7.4 billion in 2017 (4.2% CAGR).
- Consumption of nickel-cadmium and associated cadmium is dropping.
- Raw nickel battery and fuel cell value will fall due to peaking nickel metal hydride hybrid car batteries and elimination of nickel-cadmium batteries.
"Other advanced battery materials such as antimony, tin, selenium, tellurium, sulfuric acid and even arsenic are posting excellent growth," says Kevin Fitzgerald, BCC Research editorial director. "These alloy components and electrolytes are used at much higher weight percentage levels in advanced lead-acid batteries than they are in the automotive battery market."
Lithium Batteries Powering Up in Hybrid/Electric Car Markets
Lithium batteries, a giant portable product market, are increasingly becoming a hybrid and electric car power source. The annual, uncompounded lithium battery material market totaled about $601 million in 2017.
"This market should grow to nearly $893 million by 2022, courtesy of an 8.2% CAGR," says Fitzgerald. "Thereafter, even larger increases in lithium battery materials are anticipated as giant large format battery plants in North America and the Far East come on-line and/or ramp up production capacity to meet demand for electric vehicles and large format stationary batteries."
About BCC Research
BCC Research is a publisher of market research reports that provide organizations with intelligence to drive smart business decisions. By partnering with industry experts worldwide, BCC Research provides unbiased measurements and assessments of global markets covering major industrial and technology sectors, including emerging markets. For more information about BCC Research, please visit bccresearch.com. Follow BCC Research on Twitter at @BCCResearch.