Dublin, Aug. 23, 2024 (GLOBE NEWSWIRE) -- The "Lithium-Ion Battery Materials Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The Lithium-Ion battery materials market is projected to rise at a compound annual growth rate (CAGR) of 15.41% to reach a market valuation of US$93.273 billion by 2029, from US$34.200 billion in 2022
The Lithium-Ion Battery Material Market is influenced by many factors, encompassing technological innovations, economic considerations, and environmental imperatives. Ongoing research and development endeavours focused on novel materials and chemistry are resulting in batteries with heightened energy density, enabling extended ranges for electric vehicles and prolonged usage times for electronic gadgets. Furthermore, continuous progress in manufacturing techniques and material extraction processes is driving down the overall cost of lithium-ion batteries, rendering them more accessible across diverse applications. 
As per data from iea.org, the capacity of Solar PV electricity stood at 1177.4GW in 2022, projected to reach 2835.5GW by 2026. This underscores the growing need for effective energy storage solutions to seamlessly integrate renewable energy sources like solar and wind power into the grid. Consequently, the demand for lithium-ion batteries in grid storage applications is experiencing a significant boost.
Increasing demand for electric vehicles (EVs) propels the market.
The increasing demand for electric vehicles emerges as a pivotal driver, given their substantial reliance on large lithium-ion batteries. Government incentives and regulatory measures aimed at promoting the adoption of electric vehicles further augment market growth. Notably, the surge in global electric vehicle sales, which escalated from 2.97 million cars in 2020 to 10.2 million in 2022, underscores the rapid adoption of electric vehicles worldwide, consequently propelling the demand for lithium-ion batteries prominently utilized in electric cars.
Additionally, the burgeoning demand for new consumer gadgets is expected to drive battery production. Consumer electronics, like smartphones, necessitate enhanced battery capacity to prolong their usability. Moreover, as disposable income rises, the appetite for consumer electronics is expected to surge, thereby propelling growth in the battery materials market over the projected time period.
The market is projected to grow in the North American region.
The lithium-ion battery materials market is projected to rise at a subsequent growth rate. The industry is expected to be affected by changing environmental and governmental regulations, which are anticipated to challenge market growth as well. In addition, the increasing advancements and market developments, including product launches, collaborations, agreements, acquisitions, and other related factors. The market is also expected to be dependent on certain industries. The lithium-ion battery materials market growth is primarily driven by several key factors. Firstly, the increasing demand for EVs and portable electronics fuels the need for advanced battery technologies.
Additionally, the push towards renewable energy storage solutions to mitigate climate change contributes to market expansion. Technological advancements leading to higher energy density, longer battery life, and improved safety further propel growth. Government incentives and regulations promoting clean transportation and energy storage also play a significant role. Moreover, the declining costs of battery production and the expanding infrastructure for charging stations bolster market uptake.
Key Players:
- BASF SE,a leading global chemical company, plays a pivotal role in the lithium-ion battery materials market. Leveraging its expertise in material science, BASF develops innovative solutions for lithium-ion batteries, enhancing their performance, durability, and safety. With a focus on sustainability, BASF is committed to developing eco-friendly battery materials, meeting the growing demand for EVs and energy storage systems. Its comprehensive portfolio includes cathode materials, electrolytes, and additives, catering to diverse applications across automotive, electronics, and renewable energy sectors.
- 3M,renowned for its diversified portfolio of innovative products, is a key player in the lithium-ion battery materials market. The company's advanced materials division specializes in developing high-performance components for lithium-ion batteries, such as separators and electrodes. 3M's relentless pursuit of research and development enables the creation of cutting-edge materials that enhance battery efficiency, longevity, and safety. With a global presence and a strong focus on technological advancements, 3M continues to drive innovation in the lithium-ion battery materials industry, addressing the evolving needs of electric mobility and energy storage markets.
- Tanaka Chemical Corporation,a prominent player in the lithium-ion battery materials market, excels in the production of specialty chemicals and materials essential for battery manufacturing. Tanaka Chemical's expertise lies in the development of high-purity metals, including lithium, cobalt, and nickel, crucial for cathode and anode formulations. With a commitment to quality and reliability, the company ensures that its materials meet stringent industry standards, enabling the production of high-performance lithium-ion batteries. Tanaka Chemical Corporation's contributions to the battery materials market are instrumental in facilitating the widespread adoption of electric vehicles and renewable energy solutions, driving the transition towards a more sustainable future.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 142 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value (USD) in 2022 | $34.2 Billion |
| Forecasted Market Value (USD) by 2029 | $93.27 Billion |
| Compound Annual Growth Rate | 15.4% |
| Regions Covered | Global |
Companies Featured
- BASF SE
- 3M
- Tanaka Chemical Corporation
- Sumitomo Metal Mining Co., Ltd.
- Resonac Holdings Corporation
- Umicore
- SGL Carbon
- UBE Corporation
- NEI Corporation
Segmentation:
By Battery Chemistry:
- LMO
- NCA
- LCO
- LFP
- NMC
By Material:
- Anode
- Cathode
- Electrolyte
By Application:
- Electric Vehicle
- Industrial
- Portable Device
By Geography
- North America
- United States
- Canada
- Mexico
- South America
- Brazil
- Argentina
- Europe
- United Kingdom
- Germany
- France
- Italy
- Spain
- Middle East and Africa
- Saudi Arabia
- UAE
- Asia Pacific
- Japan
- China
- India
- South Korea
- Taiwan
- Thailand
- Indonesia
- Others
For more information about this report visit https://www.researchandmarkets.com/r/o7p2wk
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