Battery Materials market size is expected to reach USD 89.75 Billion by 2027 | At a CAGR 8.3%
High demand for smart devices is one of the significant factors influencing the market growth.
Global Battery Materials market size is expected to reach USD 89.75 Billion by 2027, according to a new report by Emergen Research.
The demand for lithium-ion batteries has witnessed a spiraling growth, owing to a surge in demand for laptops and smart devices such as smartphones and tablets in recent years. The global increase in the overall shipment units of smartphones is fuelling the sale lithium-ion (Li-ion) battery materials for its rechargeable characteristics.
Batteries are beneficial in observing and regulating the electrical energy with precision by aiding customers to decrease the cost incurred in energy consumption and offer a power pack-up for critical loads. Energy storage systems find widespread usage in commercial and industrial applications.
The Global Battery Materials Market report comprises of vital details of the Battery Materials business sphere that aims to offer the reader a comprehensive understanding of the Battery Materials market and identify optimum growth prospects to gain a competitive edge over other competitors.
Key participants include Asahi Kasei Corporation, Hitachi Chemicals, Umicore, POSCO, Mitsui Mining & Chemical Company, Johnson Matthey, Kureha Corporation, Mitsubishi Chemical Holdings, Toray, and Dow Chemical, among others.
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The growing demand for lithium-ion batteries for energy storage and renewable energy is a significant factor in driving the battery materials market growth. Battery energy storage systems are deployed for storage of generated electrical power in power plants, mostly renewable power plants.
Emergen Research has segmented the global battery materials market on the basis of battery type, material type, application, and region:
- Battery Type Outlook (Revenue, USD Billion; 2017-2027)
- Material Type Outlook (Revenue, USD Billion; 2017-2027)
- Metal & Metal Oxides
- Other Chemical Compounds
- Application Outlook (Revenue, USD Billion; 2017-2027)
- Consumer Electronics
- Grid Storage
Regional Analysis of the Battery Materials Market includes:
- North America (U.S., Canada)
- Europe (U.K., Italy, Germany, France, Rest of EU)
- Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
- Latin America (Chile, Brazil, Argentina, Rest of Latin America)
- Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
The market in North America held the second-largest battery materials market share in 2019 and is estimated to grow at a rate of 7.1% in the forecast period. The high demand in the region is due to the growing adoption of electric vehicles, especially in the US. Further the growing storage requirements from renewable energy generation plants is causative of the market growth.
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Elements analyzed in the report:
The Global Battery Materials Market report offers an elaborate analysis of the different elements of the industry, such as product development and technological advancements, product types, applications, and major expansion strategies undertaken by prominent companies.
Some Key Highlights From the Report
- By battery type, lead-acid battery, in terms of market size, held the largest market share in 2019. These batteries are used by several end-users owing to the offering of advantages, including better corrosion & gassing resistance, overcharging, and self-discharge protection, as well as cost and energy efficiency.
- By material type, metal & metal oxides contributed to the largest battery materials market share in 2019 and are likely to grow at a rate of 8.1% in the forecast period. These materials are primarily used in the making of cathode and anode, both of which are required to possess good electrical conductivity, as well as oxidizing or reducing property, respectively.
- By application, consumer electronics contributed to the largest market share in 2019. Growing demand for laptops, UPS, and smart devices, among other consumer electronics devices that require batteries for operation and or portability, is driving the demand for battery materials.
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