The global Battery Materials Market Growth Accelerated by Increasing Demand for Electric Vehicles
Battery materials are vital components of various batteries used in devices such as smartphones, laptops, power tools, and electric vehicles (EVs). Battery materials allow for efficient energy storage and help maximize the performance of batteries. Advances in battery technology have increased the demand for high-performance battery materials that can provide longer battery life and quick charging.
The global Battery Materials Market is estimated to be
valued at US$ 50.6 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over
the forecast period 2023 to 2030, as highlighted in a new report published by
Coherent Market Insights.
Market key trends:
The increasing demand for electric vehicles is one of the major trends driving
the growth of the battery materials market. Various governments around the
world are promoting the adoption of electric vehicles to reduce emissions from
gasoline-powered vehicles. As electric vehicles require large batteries for
longer range on single charge, the demand for high-quality battery materials
from companies such as Albemarle, Co., and Umicore is increasing exponentially.
Major automakers are also investing heavily in the development of affordable
EVs, which will further augment the demand for battery materials over the
forecast period.
Segment Analysis
The global battery materials market is dominated by the lithium-ion battery segment. Lithium-ion batteries have emerged as the most widely used battery material due to its high energy density and longer lifespan. It has applications in consumer electronics such as smartphones, laptops, power tools and electric vehicles. Within lithium-ion battery materials,cathode materials accounts for the largest share as it determines the energy density of the battery. Lithium cobalt oxide is currently the most dominant cathode material; however, its market share is expected to reduce over time due to safety issues. Lithium nickel manganese cobalt oxide and lithium iron phosphate cathodes are emerging as its substitutes due to their stability and safety.
Key Takeaways
The global battery materials market is expected to witness high growth over the forecast period driven by increasing demand for lithium-ion batteries from electric vehicles and electronics industries. The global Battery Materials Market is estimated to be valued at US$ 50.6 Bn in 2023 and is expected to exhibit a CAGR of 6.0% over the forecast period 2023 to 2030.
Regional analysis: Asia Pacific region currently dominates the global battery materials market and is expected to continue its dominance during the forecast period supported by presence of major battery and consumer electronics manufacturers in China, Japan and South Korea. In addition, government initiatives to promote environment-friendly electric vehicles in China and Japan are further propelling the battery materials demand.
Key players: Key players operating in the battery materials market are Albemarle, Clariant, CMC Materials, DuPont, Exide Technologies, FMC Corporation, Ganfeng Lithium, Hitachi, International Lithium Corporation. Albemarle is one of the leading battery materials manufacturers with wide range of lithium compounds portfolio. Clariant is a specialized chemical company focuses on flame retardants, pigments and specialty additives including battery materials.
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