The Business Research Company’s report on the Battery Materials Market provides insights into the global market size, growth rate, regional distribution, competitive landscape, key segments, emerging trends, and strategic opportunities.
What are the key drivers behind the battery materials market’s growth in recent years?
The increase in adoption of electric vehicles is expected to propel the growth of the battery materials market going forward. Electric vehicles can be referred to as cars that run on an electric motor rather than an internal combustion engine. A substantial traction battery pack powers the electric motor materials that are used in electric vehicles to provide high energy density, a low self-discharge rate, low maintenance, and more charge cycles For instance, in March 2024, according to the reports published by the International Energy Agency, a US-based organization, in the United States, new electric car registrations totalled 1.4 million in 2023, increasing by more than 40% compared to 2022. Therefore, the increasing adoption of electric vehicles is driving the growth of the battery materials market.
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How does the future projection of the battery materials market size compare to its historical growth?
The battery materials market size has grown rapidly in recent years. It will grow from $63.54 billion in 2024 to $70.68 billion in 2025 at a compound annual growth rate (CAGR) of 11.2%. The growth in the historic period can be attributed to growth in portable electronics, advancements in energy storage, consumer demand for longer battery life, renewable energy integration, government initiatives and subsidies, demand for lightweight materials, research and development funding.
The battery materials market size is expected to see rapid growth in the next few years. It will grow to $107.25 billion in 2029 at a compound annual growth rate (CAGR) of 11.0%. The growth in the forecast period can be attributed to 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, global efforts for carbon neutrality. Major trends in the forecast period include cobalt reduction and alternative chemistries, advancements in anode materials, recycling of battery materials, emerging markets for energy storage, investments in raw material exploration and mining.
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Which key players are shaping the future of the battery materials market?
Major companies operating in the battery materials market are 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 trends will propel the growth and evolution of the battery materials market?
Technological advancements have emerged as a key trend gaining popularity in the battery materials market. Major companies operating in the market are introducing new technologies to sustain their position in the market. For instance, in May 2023, Cabot Corporation, a US-based manufacturer of materials, launched ENTERA Aerogel Particles for Use in Thermal Barriers for Lithium-ion Batteries aimed at enhancing thermal barriers in lithium-ion batteries. This innovative material is designed to improve battery performance by addressing critical issues such as thermal management and safety. The introduction of advanced materials like ENTERA aligns with the industry’s push towards higher performance and sustainability in battery technologies. Cabot’s focus on developing materials that enhance safety and efficiency reflects broader industry trends aimed at improving lithium-ion battery technology as electric mobility expands globally.
Which regions are expected to become dominant players in the battery materials market?
Asia-Pacific was the largest region in the battery materials market in 2024. The regions covered in the battery materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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What are the emerging key segments in the battery materials market, and how are they evolving?
The battery materials market covered in this report is segmented –
1) By Type: Cathode, Anode, Electrolyte, Separator, Other Types
2) By Battery Type: Lithium Ion, Lead Acid, Other Battery Type
3) By Application: Automobile Industry, Household Appliances, Electronics Industry, Other Application
Subsegments:
1) By Cathode: Lithium Cobalt Oxide (LCO), Lithium Iron Phosphate (LFP), Nickel Manganese Cobalt (NMC), Nickel Cobalt Aluminum Oxide (NCA), Other Cathode Materials
2) By Anode: Graphite, Silicon-Based Anodes, Lithium Titanate, Other Anode Materials
3) By Electrolyte: Liquid Electrolytes, Solid Electrolytes, Gel Electrolytes, Polymer Electrolytes
4) By Separator: Polyethylene (PE), Polypropylene (PP), Ceramic-Coated Separators, Other Separator Materials
5) By Other Types: Conductive Additives, Binders, Current Collector
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How is the battery materials market defined?
Battery materials refer to the raw materials found in cell electrodes, electrolytes, and separators that are made up of various metals and chemical components. These materials are crucial for determining a battery’s capacity, lifespan, performance, and environmental impact.
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