Chicago, Dec. 04, 2023 (GLOBE NEWSWIRE) -- The Lithium-ion Battery Materials Market is projected to grow from USD 34.2 billion in 2023 to USD 97.5 billion by 2028, at a CAGR of 23.3% from 2023 to 2028, as per the recent study by MarketsandMarkets™. The market growth is expected to be driven by high energy density and efficiency of lithium-ion batteries, ongoing technological advancements, and a growing focus on sustainability and recycling. Government initiatives, such as incentives and subsidies for renewable energy and electric vehicle adoption, present significant opportunities for the lithium-ion battery market, leading to an increase in demand for lithium-ion battery materials.
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Browse In-Depth TOC On "Lithium-ion Battery Materials Market”.
285 - Market Data Tables
56 - Figures
234 - Pages
List of Key Players Lithium-ion Battery Materials Market:
- BASF SE (Germany)
- Umicore (Belgium)
- 3M (US)
- Sumitomo Metal Mining Co., Ltd. (Japan)
- Resonac Holding Corporation (Japan)
- POSCO FUTURE M (South Korea)
- Tanaka Chemical Corporation (Japan)
- Toda Kogyo Corp. (Japan)
- LDF CORP. (South Korea)
- JFE Chemical Corporation (Japan)
- SGL Carbon (Germany)
- NEI Corporation (US)
- KUREHA CORPORATION (Japan)
- BTR New Material Group Co., Ltd. (China)
- UBE Corporation (Japan)
Drivers, Restraints, Opportunities and Challenges in Lithium-ion Battery Materials Market:
- Drivers: Growth in the production of lithium-ion batteries
- Restraints: Availability of substitute
- Opportunity: Growing R&D to enhance efficiency and upgrade lithium-ion battery
- Challenges: Fluctuating raw material prices
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Key Findings of the Study:
- By battery chemistry, the lithium nickel manganese cobalt oxide (NMC) segment is estimated to be the largest segment of lithium-ion battery materials market during 2023 to 2028.
- By material, the cathode material segment is projected to be the largest growing segment of lithium-ion battery materials market during forecast period.
- By application, the portable devices is projected to account for the second-largest-growing segment of the lithium-ion battery materials market during the forecast period.
- By region, Asia Pacific is estimated to account for the fastest-growing segment of lithium-ion battery materials market during 2023 to 2028.
Based on battery chemistry, the lithium nickel manganese cobalt (NMC) is projected to be the largest segment during 2023 to 2028. NMC chemistry provides a balance between high energy density, extended cycle life, and improved thermal stability, making it a preferred choice for diverse applications. It caters to the requirements of consumer electronics, electric vehicles, and renewable energy systems. The surge in electric vehicle adoption, stringent environmental regulations, and continuous technological advancements related to NMC's is expected to enhance the demand for the segment.
Based on material, the cathode materials is projected to be the largest segment during 2023 to 2028. Cathode materials play a crucial role in enhancing battery performance, offering higher energy density, longer cycle life, and improved safety. They are vital component for lithium-ion batteries that are used in various applications, such as consumer electronics and electric vehicle sector. Additionally, growing environmental regulations prioritize cleaner energy solutions, enhancing the significance of cathode materials, leading to an increase in demand for cathode materials.
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Based on application, electric vehicle segment is estimated to be the fastest growing segment during the forecast period. The growing adoption of electric vehicles is driven by a global shift toward sustainable transportation, reinforced by stringent emissions regulations and consumer demand for cleaner, cost-effective mobility. Lithium-ion batteries are the preferred energy storage solution for electric vehicles due to their high energy density, fast charging capabilities, and extended cycle life. Furthermore, ongoing advancements in battery technology and the expanding electric vehicle infrastructure support the growing dominance of lithium-ion battery market, making this a driving factor for Lithium-ion battery material market.
Based on region, Asia Pacific is projected to be the largest region for lithium-ion battery materials market during 2023 to 2028. Asia Pacific, has witnessed a substantial surge in electric vehicle (EV) adoption, supported by government incentives related to clean energy goals. As a result, in the growth of EV production and technology innovation, the region has a massive demand for lithium-ion batteries, which has propelled the demand for lithium-ion battery materials market. Moreover, Asia Pacific's growing consumer electronics sector and renewable energy projects further fuel the demand for the market.
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