New York, United States , March 27, 2023 (GLOBE NEWSWIRE) -- The Global Battery Materials Market Size is to grow from USD 54.03 Billion in 2021 to USD 105.9 Billion by 2030, at a Compound Annual Growth Rate (CAGR) of 9.1% during the forecast period. The rising use of battery materials in various industries such as automotive, household appliances, consumer electronics, grid storage, telecommunication, and others will drive the growth of the battery materials market.
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Increasing consumer demand for electric vehicles, improved industrial manufacturing quality in developing nations, and higher demand for energy storage systems in power generation are the primary factors driving the battery material market expansion. Lithium-ion batteries (LIBs) are the most extensively used EV technology at the moment2. A typical vehicle LIB's cathode is composed of lithium (Li), cobalt (Co), and nickel (Ni), whilst the anode is composed of graphite and various cell and pack components such as aluminum and copper. Automobile manufacturers might see a surge in the use of batteries due to their low self-heating rate, which makes them particularly helpful in electric vehicles, increasing the need for battery raw materials.
The increased efforts to decrease greenhouse gas emissions, as well as the implementation of high-speed and sophisticated charging stations, are likely to improve electric vehicle sales and hence the battery material industry. Increased demand for laptops, UPS, and smart gadgets, among other consumer electronics products that require batteries for operation and portability, is also driving demand for battery materials. However, as a result of the Ukraine conflict, raw material prices such as steel, copper, lithium, and plastic have increased over the year.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Battery Materials Market Size, Share, and COVID-19 Impact Analysis, By Battery Type (Lead-Acid, Lithium-Ion, Others), By Material Type (Cathode, Anode, Electrolyte, Separator, Others), By Application (Automotive, Household Appliances, Consumer Electronics, Grid Storage, Telecommunication, Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2021 – 2030." Get Detailed Report Description Here:
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The lithium-ion segment accounted the largest market share over the forecast period.
On the basis of battery type, the global battery materials market is segmented into lead-acid, lithium-ion, and others. Among these, the lithium-ion segment is dominating the market and is going to continue its dominance over the forecast period. Lithium-ion batteries are currently the most widely utilized energy storage technology due to their high energy density, low discharge frequency, and voltage capacity.
The cathode segment is dominating the market with the largest revenue share over the forecast period.
On the basis of material type, the global battery materials market is segmented into cathode, anode, electrolyte, separator, and others. Among these, the cathode segment is dominating the market with the largest revenue share of 26.5% over the forecast period. The cathode segment is divided into the following constituents: lithium cobalt oxide, lithium iron phosphate, lithium manganese oxide, lithium nickel cobalt aluminium oxide, and lithium nickel manganese oxide.
The automotive segment accounted the largest revenue share of more than 76.2% over the forecast period.
On the basis of application, the global Battery Materials market is segmented into automotive, household appliances, consumer electronics, grid storage, telecommunication, and others. Among these, the automotive segment accounted for the largest revenue share of over 76.2% over the forecast period. Vehicles with multiple functions are the result of technology advances in the automobile industry. Throughout the projection period, the consumer electronics industry is expected to develop at the fastest Rate.
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Asia Pacific dominates the market with the largest market share over the forecast period.
Asia Pacific is dominating the market with more than 65.9% market share over the forecast period. China, Japan, and South Korea use a significant proportion of battery raw materials since they constitute the world's largest battery manufacturers. The increasing use of portable and rechargeable battery packs in consumer electronics goods such as laptops, smartphones, and other portable electronic devices is likely to drive the battery material market in the region.
North America is predicted to grow rapidly as a result of technical improvement, increased demand for electric vehicles, and rising consumer electronics consumption. Europe, on the other hand, is expected to see significant revenue growth throughout the forecast period.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Battery Materials Market include Schaeffler AG, Tenneco Inc., Harman International Industries, Inc., Samsung SDI Co., Ltd., Shaanxi Fast Auto Drive Group AG, Johnson Matthey, Honda Manufacturing, BYD Automobile Industry Co., Ltd., Umicore, Asahi Kasei, Norlisk Nickel, and many others.
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Key Market Developments
In February 2023, NanoGraf, a start-up battery Materials Company and enabler of the world's most energy-dense lithium-ion 18650 cells, announced a USD 65 million Series B fundraising round. Volta Energy Technologies and CC Industries co-led the investment round (CCI). In accordance with President Biden's Inflation Reduction Act, NanoGraf's Series B investment supports the onshoring of its silicon anode production in Chicago, as well as the continuous development, production, and delivery of innovative lithium-ion technology.
In February 2023, Umicore agreed to a long-term supply arrangement with Terrafame Ltd. for low-carbon, sustainable high-grade nickel sulfate. Umicore and Terrafame's collaboration reaffirms their unwavering commitment to building a sustainable battery materials value chain in Europe. This arrangement will cover a significant portion of Umicore's future nickel demand at its cathode materials unit in Poland. This is Europe's first gigafactory dedicated to cathode materials.
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