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A recent report published by Infinium Global Research on battery materials market provides in-depth analysis of segments and sub-segments in the global as well as regional battery materials market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional battery materials market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of global battery materials market.
Increasing applications of batteries in household, commercial, and vehicle applications, increasing sales of EVs and battery and hybrid vehicles, and growing preferences for renewable energy are the factors driving the growth in the market. On the other hand, fluctuating prices of battery materials are likely to act as one of the major factors restraining the growth in the battery materials market globally. Moreover, stringent regulatory compliances along with the high costs associated with battery materials such as Lithium are likely to hinder the growth of the battery materials market.
Growing demand for batteries in household, commercial, and vehicle applications drives the demand for battery materials worldwide. The global demand for batteries is rising rapidly, driven by their expanding applications in household, commercial, and vehicle sectors. In residential settings, the need for power storage from solar installations and other uses such as inverter power backups and HVAC systems has increased battery demand. In 2022, the global trade of household batteries is reported to be over USD 10 billion, and it is expected to grow in the years to come. Countries such as Italy, Spain, Australia, Japan, and Korea among others are expected to boost the demand for household batteries in the near future. The commercial sector, encompassing utilities, data centers, retail shops, healthcare, telecommunications, logistics, and banking, further boosts the demand for batteries, which in turn drives the demand for the battery materials market. Additionally, the surge in electric vehicle (EV) adoption is driving the growth of the battery materials market. As environmental concerns and government incentives grow, the global shift towards eco-friendly EVs with low or zero carbon emissions is intensifying. According to the International Energy Agency, electric vehicle sales are expected to reach 14 million by the end of 2023. This increasing popularity of EVs, supported by governmental policies and incentives, is significantly propelling the demand for lithium-ion batteries and their materials. Moreover, Consumer electronics also play a crucial role in the growing battery materials market. The demand for efficient, high-capacity batteries in portable devices like smartphones, laptops, wearables, and tablets is surging. Lithium-ion batteries, known for their high energy density and durability, are increasingly used in these applications. The popularity of wearable gadgets like smartwatches and fitness trackers further drives the need for advanced battery materials that improve efficiency and capacity.
However, the stringent environmental regulations and price fluctuations of raw materials are hindering the growth of the market. Regulatory restrictions on the use of toxic metals such as lithium, nickel, cobalt, and cadmium, due to their environmental and health hazards, are hampering market growth. Fluctuations in the prices of these materials, influenced by supply chain dynamics, regulatory policies, and geopolitical factors, also pose significant challenges.
Nonetheless, the development of advanced recycling technologies and alternative battery materials offers opportunities for market growth. Effective recycling procedures can recover valuable materials and minimize waste, ensuring a consistent supply of essential components. Exploring alternative materials like sodium-ion, sodium-sulfur, lithium-sulfur, iron-air, aluminum-air, and zinc-air batteries offers sustainable and cost-effective solutions. Innovations in battery technology, such as gold nanowire batteries and cobalt-free lithium-ion batteries, are expected to drive further market growth in the forecasted period.
The global battery material market is divided into four main geographic regions North America, Europe, Asia Pacific, and the rest of the world. The Asia Pacific region leads the global battery material market in terms of revenue during the projected period. This is mainly due to rapid industrialization, significant growth in electric vehicle adoption, and increasing investments in renewable energy projects in countries such as China, India, Japan, and South Korea. The presence of major battery manufacturers and raw material suppliers in this region also contributes to its strong position in the market. China, in particular, wields significant influence over the global battery market due to its extensive battery manufacturing capacity and significant investments in renewable energy and electric vehicles (EVs). Furthermore, the increasing demand for consumer electronics in the Asia Pacific region is contributing to the growth of the battery materials market. The widespread use of smartphones, laptops, tablets, and wearable devices in this region is driving the need for high-capacity, efficient batteries. Moreover, the North America region is expected to grow with a significant growth rate during the forecasted period. North America, particularly the United States and Canada, is experiencing rapid growth in the adoption of electric vehicles. Major automakers in the region are heavily investing in EV production, increasing the demand for battery materials. Government policies and incentives aimed at reducing carbon emissions and promoting clean energy are also driving this growth. Additionally, the growing demand for consumer electronics, such as smartphones, laptops, tablets, and wearable devices, is contributing to the growth of the battery materials market in North America.
| Report Coverage | Details |
|---|---|
| Market Size in 2023 | USD 59.70 Billion |
| Market Size by 2032 | USD 104.05 Billion |
| Growth Rate from 2024 to 2032 | CAGR of 6.50% |
| Largest Market | Asia-Pacific |
| No. of Pages | 180 |
| Market Drivers |
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| Market Segmentation | By Battery Type, and By Material |
| Regional Scope | North America, Europe, Asia Pacific, and RoW |
The report on provides a detailed analysis of segments in the market based on Battery Type, and Material.
· Lead Acid Battery Materials
o Cathode Materials
o Anode Materials
o Electrolytes
· Lithium Battery Materials
o Cathode Materials
o Anode Materials
o Electrolytes
· Other Battery Materials
o Cathode Materials
o Anode Materials
o Electrolytes
· Lead Acid Battery Materials
o Cathode Materials
o Anode Materials
o Electrolytes
· Lithium Battery Materials
o Cathode Materials
o Anode Materials
o Electrolytes
· Other Battery Materials
o Cathode Materials
o Anode Materials
o Electrolytes
· LG Chem
· UBE Corporation
· Umicore
· Asahi Kasei Corporation
· Mitsubishi Chemical Group Corporation
· POSCO FUTURE M
· Sumitomo Metal Mining Co., Ltd.
· BASF SE
· MITSUI & CO., LTD.
· Albemarle Corporation
The report provides deep insights into demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the battery materials market. Moreover, the study highlights current market trends and provides forecasts from 2024-2032. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.