What Is The Projected Market Size And Growth Rate For The Global Battery Materials Market?
The battery materials market size has seen a rapid growth in recent years and is expected to grow from $63.54 billion in 2024 to $70.68 billion in 2025 at a compound annual growth rate (CAGR) of 11.2%. This growth can be attributed to the rise in portable electronics, improvements in energy storage, consumer demand for longer battery life, renewable energy integration, government initiatives and subsidies, demand for lightweight materials, and increased funding for research and development.
The market size is projected to grow to $107.25 billion in 2029 at a CAGR of 11.0%. This growth is expected due to the transition to solid-state batteries, advancements in lithium-sulfur batteries, demand for low-cost materials, expansion of energy storage systems, material innovations for high temperatures, and global efforts for carbon neutrality. Trends for the forecast period include cobalt reduction and alternative chemistries, advancements in anode materials, recycling of battery materials, emerging markets for energy storage, and investments in raw material exploration and mining.
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What Are The Growth Drivers Of The Battery Materials Market?
The growth of the battery materials market is driven by the increasing adoption of electric vehicles. Electric vehicles run on an electric motor rather than an internal combustion engine which requires battery materials that provide high energy density, a low self-discharge rate, low maintenance, and more charge cycles. According to the International Energy Agency, new electric car registrations in the United States were 1.4 million in 2023, an increase of more than 40% compared to 2022. Therefore, the rising adoption of electric vehicles is a major driver of the battery materials market.
What Are The Major Segments Within The Global Battery Materials Market?
The battery materials market is segmented by:
1) Type: Cathode, Anode, Electrolyte, Separator, Other Types
2) Battery Type: Lithium Ion, Lead Acid, Other Battery Types
3) Application: Automobile Industry, Household Appliances, Electronics Industry, Other Applications
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Who Are The Major Players In The Battery Materials Market?
Major players in the battery materials market include Asahi Kasei Corporation, BASF SE, Mitsubishi Chemical Holdings Corporation, Sumitomo Corporation, Umicore NV, Albemarle Corporation, Livent Corporation, Nichia Corporation, Toray Industries Inc., POSCO Holdings Inc., Showa Denko KK, Hitachi Chemical Company Limited, China Molybdenum Company Limited, Ganfeng Lithium Co. Ltd., MMC Norilsk Nickel PJSC, Ningbo Shanshan Company Limited, Saudi Basic Industries Corporation (SABIC), Ensinger Group, DIC Corporation, Celanese Corporation, Johnson Matthey PLC, Lanxess AG, Glencore PLC, Norilsk Nickel, Panasonic Holdings Corporation, NEC Corporation, LG Chem, Toshiba Corporation, Amperex Technology Limited, BAK Group.
What Emerging Trends Are Occurring In The Battery Materials Market?
Technological advancements have emerged as a key trend in the battery materials market. Major companies are introducing innovative technologies to stay competitive. For example, in May 2023, Cabot Corporation launched ENTERA Aerogel Particles for enhancing thermal barriers in lithium-ion batteries. This material is designed to address critical elements like thermal management and safety, reflecting the industry’s push towards sustainable and efficient battery technologies.
Which Region Dominates The Battery Materials Market?
Asia-Pacific was the largest region in the battery materials market in 2024, followed by Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Battery Materials Market Report 2025 Offer?
Battery materials are the raw materials used in cell electrodes, electrolytes, and separators that are composed of various metals and chemical components. These materials are vital to a battery’s capacity, lifespan, performance, and environmental impact. The Battery Materials Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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