Dubai, UAE, Nov. 10, 2023 (GLOBE NEWSWIRE) -- As per a recent report released by Kings Research, the global Battery Materials Market size is anticipated to grow from USD 1.20 billion in 2022 to USD 4.35 billion by 2030, depicting an astonishing CAGR of 17.50% through the forecast period of 2023-2030. The primary factors fostering market growth are the widespread application of lithium-ion batteries and the relatively low cost of lithium compounds. Additionally, increasing focus on environmental sustainability is driving advancements in battery materials.
Governments globally are implementing policies and offering incentives such as subsidies, tax credits, and regulations to encourage the adoption of electric vehicles and renewable energy. Furthermore, continuous research and development efforts have resulted in significant advances in battery technologies, including increased energy density, faster charging times, longer lifespan, and improved safety measures. All these factors are contributing to the battery materials market growth.
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Competitive Landscape
Prominent players in the industry employ various business strategies to enhance their product portfolio and expand their market share. These strategies include forming partnerships, engaging in mergers and acquisitions, fostering product innovations, and establishing joint ventures. Through these endeavors, they aim to strengthen their presence across different regions.
Key companies profiled in the global battery materials market include:
- Stratus Materials Inc.
- Mitsubishi Chemical Group
- Asahi Kasei Corporation
- Nippon Carbon Co Ltd.
- Sumitomo Metal Mining Co., Ltd.
- Kureha Corporation
- NEU Battery Materials
- POSCO
- 3M
- BASF SE
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Trending Now: X-BATT and CONSOL Innovations Partner to Develop Coal-Based Batteries
X-BATT, a leader in next-generation battery materials, and CONSOL Innovations, a branch of CONSOL Energy Inc., have partnered to develop coal based batteries in 2023. This technology could provide a more environmentally friendly and domestically-sourced alternative to lithium-ion batteries.
The joint venture, called C-BATT Innovations LLC, will oversee the operational and research endeavors of the partnership. Battery technology is constantly evolving and sourcing materials domestically holds the promise of both environmental and economic benefits.
The global Battery Materials Market is segmented as:
By Application
- Automotive
- Household Appliances
- Consumer Electronics
- Grid Storage
- Telecommunication
- Others
Increasing Utilization of Batteries in Consumer Electronics Applications to Boost Market Proliferation
Based on application, the consumer electronics segment dominated the global battery materials market in 2022. The increasing utilization of batteries in various electronic devices and the rising demand for these devices are anticipated to fuel the growth of this segment over the projected timeframe. Additionally, there is a growing need to reduce carbon dioxide and sulfur dioxide emissions resulting from traditional fuels like petrol and diesel, which has led to an increased demand for electric and hybrid vehicles. This, in turn, is increasing the application of battery materials in consumer electronics.
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By Material
- Cathode
- Anode
- Electrolyte
- Separator
- Others
Demand for Cathode in Electronic Devices and Automobiles to Bolster Market Progress
On the basis of materials, the cathode segment is projected to dominate the market in terms of revenue over the forecast period. While other battery components possess some potential energy, it is primarily the cathode that ensures optimal capacity and impressive power delivery for batteries. As the demand for cathodes continues to rise, driven by increased battery consumption in electronic devices and automobiles, it contributes to the growth of the battery materials market.
Rising Concerns Towards Clean Energy Sources to Augment Market Expansion
One of the main drivers is the expanding electric vehicle market, as well as the increasing use of consumer electronics such as smartphones and laptops. The rising demand for battery materials such as lithium, cobalt, and nickel due to the surge in electric vehicle production globally spurs market demand. Furthermore, the shift towards clean energy sources and the rise in crude oil prices have also played a significant role in boosting global electric vehicle sales.
Governments around the world have implemented favorable policies and financial incentives such as grants or tax rebates to encourage consumers to purchase electric vehicles. Additionally, there is a growing demand for new consumer electronics. Furthermore, advances in battery materials have not only been focused on improving the electrolyte, separator, and current collector components, but also on enhancing batteries' energy density, life span, safety measures, and charging speed. These improvements are driving the expansion of the industry.
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Surging Demand for Electric Vehicles to Drive Battery Materials Market Demand in APAC
Asia Pacific is anticipated to witness the fastest growth due to the surging demand for electric vehicles. Governments are adopting sustainable transportation solutions due to increasing pollution and climate change concerns. Regulatory reforms promoting the use of electric vehicles are expected to have a positive impact on market growth. Ongoing research and development efforts, as well as advancements in battery materials, are driving improvements in performance, safety, and cost efficacy.
The demand for battery materials for on-grid energy storage is increasing as governments in the region invest in grid modernization and sustainability. This growth is further supported by advances in battery technology, which have led to the development of new materials with improved performance, safety, and cost efficiency. With technology advancements and a shift towards clean energy solutions, the battery materials market is foreseen to experience substantial growth and drive innovation.
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Key Points from TOC:
1 Introduction of the Global Battery Materials Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions
2 Executive Summary
3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach
4 Global Battery Materials Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter’s Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis
5 Impact of Russia-Ukraine War
6 Global Battery Materials Market, By Battery Type
7 Global Battery Materials Market, By Material
8 Global Battery Materials Market, By Application
9 Global Battery Materials Market, By Geography
10 North America
11 Europe
12 Asia Pacific
13 Middle East & Africa
14 Latin America
15 Global Battery Materials Market Competitive Landscape
16 Company Profiles
16.1 Stratus Materials Inc.
16.1.1 Key Facts
16.1.2 Financial Overview
16.1.3 Type Benchmarking
16.1.4 Recent Developments
16.1.5 Winning Imperatives
16.1.6 Current Focus & Strategies
16.1.7 Threat from competition
16.1.8 SWOT Analysis
16.2 Mitsubishi Chemical Group
16.2.1 Key Facts
16.2.2 Financial Overview
16.2.3 Type Benchmarking
16.2.4 Recent Developments
16.2.5 Winning Imperatives
16.2.6 Current Focus & Strategies
16.2.7 Threat from competition
16.2.8 SWOT Analysis
16.3 Asahi Kasei Corporation
16.3.1 Key Facts
16.3.2 Financial Overview
16.3.3 Type Benchmarking
16.3.4 Recent Developments
16.3.5 Winning Imperatives
16.3.6 Current Focus & Strategies
16.3.7 Threat from competition
16.3.8 SWOT Analysis
16.4 Nippon Carbon Co Ltd.
16.4.1 Key Facts
16.4.2 Financial Overview
16.4.3 Type Benchmarking
16.4.4 Recent Developments
16.4.5 Winning Imperatives
16.4.6 Current Focus & Strategies
16.4.7 Threat from competition
16.4.8 SWOT Analysis
16.5 Sumitomo Metal Mining Co., Ltd.
16.5.1 Key Facts
16.5.2 Financial Overview
16.5.3 Type Benchmarking
16.5.4 Recent Developments
16.5.5 Winning Imperatives
16.5.6 Current Focus & Strategies
16.5.7 Threat from competition
16.5.8 SWOT Analysis
Continued……….
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