Battery Materials Market
The report “Battery Materials Market by Battery Type (Lead-Acid, Lithium-ion), Material (Cathode, Anode, Electrolyte), Application (Automotive, EV, Portable devices, industrial), and Region (Aisa Pacific, North America, Europe, RoW) – Global Forecast to 2027″, size is estimated to be USD 57.8 billion in 2022 and is projected to grow at a CAGR of 15.8% during the forecast period to reach USD 120.4 billion by 2027. improving battery technology, coupled with supporting regulatory norms, are driving the demand for battery materials. Moreover, the increasing demand for sustainable vehicles and energy storage system across the globe play a key role in driving the growth of the battery materials market.
The battery materials market includes major Tiers I and II suppliers like Umicore, Asahi Kasei, Posco, Johnson Matthey, and Mitsubishi chemical holdings. These suppliers have their manufacturing facilities spread across various countries across Asia Pacific, Europe, North America, South America, and RoW.
The Lead-acid battery is expected to account for the second largest share of the battery materials market, by battery type, during the forecast period, in terms of value.
The lead-acid battery is estimated to have the second largest market share by value. The lead-acid battery is a sustainable energy storage system and the growth of the lead acid is mainly driven by automotive and industrial applications. The lead-acid battery is recyclable up to 99% and has good energy storage capacity. Lead-acid batteries are used in various applications such as automotive, industrial, and stationary energy storage systems.
Portable device application to account for the second largest share of lithium-ion battery material in the forecast period, in terms of value.
The lithium-ion battery is used in a large number of applications, including EVs, Potable devices, industrial, and others. The Asia Pacific is expected to drive the demand for these battery materials due to the high demand from the portable device market. China is a key driver in the portable device battery market. In the last few years, China become a hub for the manufacturing of portable electronic devices and it is expected to boost the portable device market in the forecast period.
The industrial application of the lithium-ion battery is projected to register the second-highest CAGR during the forecast period.
Industrial application of the lithium-ion battery accounts the second highest CAGR in the forecast period. The market is mainly driven by developing country such as China, India, South Korea, and other APAC countries. The growth is mainly due to government initiatives and regulations related to environmental concerns and increasing awareness about clean and sustainable fuel.
Automotive application to account for the largest share of lead acid battery materials market during the forecast period in terms of value.
Based on Applications, automotive is estimated to account for the largest share of the market during the forecast period. The growth of the automotive sector and public awareness in the Asia Pacific region are expected to boost the battery materials market in the region. China and India are likely to generate a positive impact on the market in automotive applications.
Asia – Pacific battery materials market is projected to register the largest market share during the forecast period.
The Asia Pacific is the fastest-growing market for battery materials mainly due to the high economic growth, and heavy investment in industries such as electric vehicles, electronics products, portable devices, and manufacturing. In this report, the Asia Pacific region is segmented into China, India, Japan, South Korea, and the Rest of Asia Pacific. Considered the most promising market, Asia Pacific is expected to continue on these lines during the forecast period. The continuous rise in the manufacturing of products for consumption and also for exports is driving the demand for battery materials in the region. China is an industry hub, with increasing demand for battery materials. In 2021, Around 3 million EVs are sold in china and in the first quarter 2022, it is performing well. The demand for EVs in china is expected to boost the battery material market in the forecast period.
Albemarle Corporation, Asahi Kasei Corporation, BASF SE, Entek International Ltd., Johnson Matthey, Livent, Mitsubishi Chemical Holdings Corporation, Nichia Corporation, Showa Denko K. K., Sumitomo Chemical Co. Ltd., Targray Technology International Inc. and Umicore N.V. and others leading global players are adopting various strategies to increase their market share in the region’s battery materials market.
These insights are based on a report on Battery Materials Market by MarketsandMarkets
