They help store electricity from renewables – such as wind or solar - in order to use it at a later stage when it is needed most. They are also used to ensure back-up power in critical facilities such as hospitals and telecommunication installations.
Market Dynamics:
The battery materials market is expected to expand at a high CAGR during the forecast period owing to the growing demand for electric vehicles (EVs), electronics product, portable device, and industrial applications. Moreover, technological advancements in the automotive industry have enabled multi-functionality automobiles, which exert significant load on vehicular batteries and require high energy density battery materials. This is again creating demand for battery materials. Furthermore, government initiatives in several countries towards clean environment and minimizing carbon emissions are fuelling the demand for EVs, thereby propelling battery material market growth.
On the other hand, environmental concerns related to mining of battery materials is expected to hamper the market growth.
Key features of the study:
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