Austin, Dec. 11, 2024 (GLOBE NEWSWIRE) -- Market Size & Growth Insights:
According to the SNS Insider, “The Battery Materials Market Size was valued at USD 43.63 billion in 2023 and is expected to reach USD 89.27 billion by 2032, growing at a CAGR of 8.31% over the forecast period 2024-2032.”
Rising Demand for Energy Storage Drives Growth in the Battery Materials Market
The Battery Materials Market is experiencing rapid growth due to the increasing demand for energy storage across various industries. As more individuals and companies transition to electric vehicles (EVs), the demand for advanced batteries and their materials has surged. In 2023, lithium demand reached approximately 140 kilotonnes (kt), accounting for 85% of total lithium demand, with cobalt demand standing at 150 kt, making up 70% of total cobalt demand. Governments are pushing for cleaner transportation solutions, with hybrid and electric vehicles reducing life-cycle emissions by up to 89%. Additionally, the rise in portable electronics and renewable energy sources is driving the need for efficient, long-lasting batteries. Technological advancements in next-generation batteries like solid-state and silicon-anode variants are also fueling market growth.
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Leading Market Players with their Product Listed in this Report are:
- CATL (Lithium Iron Phosphate, NMC)
- LG Chem (NCM, LFP)
- Panasonic (Lithium-ion batteries, EV Batteries)
- Samsung SDI (NCA, LFP)
- SK Innovation (NCM, Lithium-ion Batteries)
- BYD (Li-ion batteries, NMC)
- A123 Systems (LiFePO4 batteries, PHEV Batteries)
- Northvolt (Lithium-ion batteries, NMC)
- Sion Power (Lithium-sulfur batteries, Battery technology)
- Toshiba (SCiB, Lithium-ion batteries)
- Contemporary Amperex Technology Co. Limited (CATL) (NCM, LFP)
- Umicore (NMC, Cobalt)
- FMC Corporation (Lithium, Lithium Hydroxide)
- Tianqi Lithium (Lithium Hydroxide, Lithium Carbonate)
- Albemarle Corporation (Lithium Hydroxide, Bromine)
- Livent (Lithium Hydroxide, Lithium Carbonate)
- Ganfeng Lithium (Lithium Hydroxide, Lithium Carbonate)
- Ferroglobe (Graphite, Carbon materials)
- Korean Chemicals (NCM, Li-ion battery materials)
- EVE Energy Co., Ltd. (Lithium-ion batteries, LiFePO4 batteries)
- Sila
- TDK.
Battery Materials Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 43.63 Billion |
| Market Size by 2032 | USD 89.27 Billion |
| CAGR | CAGR of 8.31% From 2024 to 2032 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Battery Type (Lithium Ion, Lead Acid, Other Batteries) • By Type (Cathode, Anode, Electrolyte, Separator, other) • By Application (Portable Devices, Automotive, Electronics Items, Industrial, Others) |
| Key Drivers | • Driving Demand for Advanced Battery Materials in Renewable Energy Storage Solutions for a Sustainable Future. • Rising Demand for Advanced Battery Materials Fuels Innovation in Consumer Electronics and Smart Devices. |
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Battery Materials Market: Dominance of Lead Acid and Growth of Lithium-Ion and Key Segments
By Battery Type
The Lead Acid batteries segment led the market with a 62% share in 2023, dominating sales across automotive and industrial applications. Their reliability, low initial cost, and strong performance under demanding conditions have made them a preferred choice for SLI applications in vehicles and backup power in UPS systems.
The Lithium-ion batteries segment is expected to grow rapidly, maintaining the fastest CAGR from 2024 to 2032. With advantages such as higher energy density, lighter weight, longer cycle life, and faster charging, Lithium-ion batteries are gaining traction in electric vehicles, portable electronics, and renewable energy applications.
By Type
In 2023, the Cathode segment led the market with a 37% share, driven by its critical role in battery performance, especially in lithium-ion technology. The cathode stores and releases lithium ions during charging and discharging, making it essential for high-energy-density applications like electric vehicles and portable electronics. This growth has prompted significant investments in advanced cathode materials.
The Anode segment, however, is expected to experience the fastest growth from 2024 to 2032, driven by innovations in silicon-based anode materials that offer higher energy capacities than traditional graphite. These advancements will enhance battery performance and lifespan, especially in EVs.
By Application
The automotive sector led the market with a 43% share in 2023 and is expected to grow at the fastest CAGR from 2024 to 2032. The increasing demand for electric vehicles, driven by consumer preferences and government initiatives for sustainable transportation, is spurring the need for advanced battery materials, especially lithium-ion, to improve vehicle performance, range, and efficiency.
Regional Dynamics Driving the Growth of the Battery Materials Market
Asia-Pacific led the battery materials market in 2023 with a 35% share, driven by robust manufacturing capacity, strong EV demand, and investments in renewable energy. Countries like China, Japan, and South Korea dominate production and technology, with China being a major lithium producer and the largest supplier of lithium-ion batteries. China's rapid adoption of EVs, supported by government incentives and infrastructure, has solidified the region’s leadership.
North America, however, is poised to experience the fastest growth in the coming years, fueled by rising interest in sustainability and clean energy. U.S. government initiatives, such as EV incentives and charging infrastructure plans, alongside increasing EV production by companies like Tesla, are propelling demand for advanced battery materials. Additionally, growing battery recycling efforts in North America are strengthening the market’s sustainable supply chain.
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Recent Development
- 2024-09-17: Breakthrough in Commercial Vehicle Electrification - CATL Unveils TECTRANS Battery SystemAt IAA Transportation 2024, CATL launched its revolutionary TECTRANS battery system, featuring unmatched energy density, fast charging, and improved durability. The TECTRANS - T Superfast Charging Edition can charge 70% in just 15 minutes, reducing downtime and optimizing fleet operations.
- Jun 17, 2024: Panasonic’s Automotive Battery Plant in Kansas Drives EV Adoption and CO₂ Reduction Panasonic has supplied batteries for over three million electric vehicles, contributing significantly to the reduction of CO₂ emissions. The company is advancing its sustainability goals with the construction of the world’s largest automotive battery plant in Kansas, aimed at accelerating EV adoption and fighting climate change.
- Aug 01, 2024: Samsung Unveils Solid-State EV Battery with 600-Mile Range and 9-Minute ChargingSamsung showcased its solid-state battery breakthrough, offering 600 miles of range in just 9 minutes of charging and a 20-year lifespan. The new battery, with double the energy density of current EV batteries, marks a major step toward mass production by 2027.
Table of Contents - Major Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Battery Materials Production Capacity, by Region, (2020-2023)
5.2 Battery Materials Recycling Rates, by Region, (2020-2023)
5.3 Battery Materials Technological Advancements
5.4 Battery Materials End-User Analysis
6. Competitive Landscape
7. Battery Materials Market Segmentation, by Battery Type
8. Battery Materials Market Segmentation, by Type
9. Battery Materials Market Segmentation, by Application
10. Regional Analysis
11. Company Profiles
12. Use Cases and Best Practices
13. Conclusion
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