Growth Factors of Battery Material Market
The global battery materials market has experienced significant growth in recent years, driven by the increasing demand for electric vehicles (EVs), renewable energy storage solutions, and consumer electronics. According to a report by Fortune Business Insights, the market was valued at USD 47.75 billion in 2019 and is projected to reach USD 60.61 billion by 2027, exhibiting a compound annual growth rate (CAGR) of 5.9% during the forecast period .
Market Dynamics
The primary drivers of this growth include:
Electric Vehicles (EVs): The shift towards EVs has created a surge in demand for high-performance batteries, particularly lithium-ion batteries, which are favored for their energy density and efficiency.
Renewable Energy Storage: As the world transitions to renewable energy sources, the need for efficient energy storage solutions has increased, further boosting the demand for advanced battery materials.
Consumer Electronics: The proliferation of smartphones, laptops, and other portable devices continues to drive the need for reliable and long-lasting batteries.
However, the market faces challenges such as the limited availability of raw materials and supply chain disruptions, which can hinder growth .
Market Segmentation
The battery materials market can be segmented based on battery type, material, and application:
By Battery Type:
Lithium-Ion Batteries: Dominant in the market due to their high energy density and widespread use in EVs and consumer electronics.
Lead-Acid Batteries: Widely used in automotive applications but facing competition from more efficient battery technologies.
By Material:
Cathode Materials: Materials like lithium cobalt oxide (LCO), lithium nickel manganese cobalt (NMC), and lithium iron phosphate (LFP) are essential for battery performance.
Anode Materials: Graphite remains the most commonly used anode material, though alternatives like silicon are being explored.
Electrolytes and Separators: Critical for battery safety and efficiency.
By Application:
Automotive: The largest segment, driven by the rise in EV production.
Consumer Electronics: Continues to be a significant contributor to market demand.
Energy Storage Systems: Growing in importance as renewable energy adoption increases.
Regional Insights
Asia Pacific held the largest market share in 2019, accounting for 38.51% of the global market. This dominance is attributed to the presence of major battery manufacturers and the high demand for EVs in countries like China and Japan. The United States is also experiencing significant growth, with projections estimating the battery materials market in the U.S. to reach USD 11.54 billion by 2032, driven by the rise of electric vehicles, demand for energy storage solutions, recycling initiatives, and consumer electronics demand .
Future Outlook
The future of the battery materials market looks promising, with advancements in battery technology and recycling processes expected to play a crucial role. Innovations such as solid-state batteries and improvements in lithium extraction methods are anticipated to address some of the current challenges, including raw material shortages and environmental concerns.
In conclusion, the battery materials market is poised for continued growth, driven by technological advancements and the global shift towards sustainable energy solutions. Stakeholders across the value chain, from raw material suppliers to end-users, must collaborate to ensure a steady supply of high-quality materials to meet the increasing demand.
ATTRIBUTE DETAILS
Study Period 2016-2027
Base Year 2019
Forecast Period 2020-2027
Historical Period 2016-2018
Unit Value (USD Billion)
By Battery Type
Lithium-Ion
Lead Acid
Others
By Material
Lithium-Ion
Cathode
Lithium Cobalt Oxide (LCO)
Lithium Nickel Manganese Oxide (NMC)
Lithium Nickel Cobalt Aluminum Oxide (NCA)
Lithium Manganese Oxide (LMO)
Lithium Iron Phosphate (LFP)
Anode
Artificial Graphite
Natural Graphite
Others
Electrolyte
Separator
Others
Lead Acid
Cathode
Anode
Electrolyte
Separator
Others
By Application
Lithium-Ion
Consumer Electronics
Automotive
Industrial
Others
Lead Acid
Automotive
Industrial
Others
By Geography
North America
U.S.
Canada
Europe
Germany
UK
France
Italy
Rest of Europe
Asia Pacific
China
India
Japan
South Korea
Rest of Asia Pacific
Latin America
Brazil
Argentina
Rest of Latin America
Middle East & Africa
South Africa
Rest of Middle East & Africa
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- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 3.4. Emerging Trends
- 4. Key Insights
- 4.1. Key Emerging Trends – For Major Countries
- 4.2. Industry SWOT Analysis
- 4.3. Regulatory Analysis
- 4.4. Recent Industry Developments - Policies, Collaboration, New Product Launches, and Mergers & Acquisitions
- 5. Global Battery Materials Market Analysis, Insights and Forecast, 2016-2027
- 5.1. Key Findings / Summary
- 5.2. Market Size Estimates and Forecast
- 5.2.1. By Battery Type (Value)
- 5.2.1.1. Lithium-ion
- 5.2.1.2. Lead Acid
- 5.2.1.3. Others
- 5.2.2. By Material (Value)
- 5.2.2.1. Lithium-ion
- 5.2.2.1.1. Cathode
- 5.2.2.1.1.1. Lithium Cobalt Oxide (LCO)
- 5.2.2.1.1.2. Lithium Nickel Manganese Oxide (NMC)
- 5.2.2.1.1.3. Lithium Nickel Cobalt Aluminium Oxide (NCA)
- 5.2.2.1.1.4. Lithium Manganese Oxide (LMO)
- 5.2.2.1.1.5. Lithium Iron Phosphate (LFP)
- 5.2.2.1.2. Anode
- 5.2.2.1.2.1. Artificial Graphite
- 5.2.2.1.2.2. Natural Graphite
- 5.2.2.1.2.3. Others
- 5.2.2.1.3. Electrolyte
- 5.2.2.1.4. Separator
- 5.2.2.1.5. Others
- 5.2.2.2. Lithium-ion
- 5.2.2.2.1. Cathode
- 5.2.2.2.2. Anode
- 5.2.2.2.3. Electrolyte
- 5.2.2.2.4. Separator
- 5.2.2.2.5. Others
- 5.2.3. By Application (Value)
- 5.2.3.1. Lithium-ion
- 5.2.3.1.1. Consumer Electronics
- 5.2.3.1.2. Automotive
- 5.2.3.1.3. Industrial
- 5.2.3.1.4. Others
- 5.2.3.2. Lead acid
- 5.2.3.2.1. Automotive
- 5.2.3.2.2. Industrial
- 5.2.3.2.3. Others
- 5.2.4. By Region (Value)
- 5.2.4.1. North America
- 5.2.4.2. Europe
- 5.2.4.3. Asia Pacific
- 5.2.4.4. Latin America
- 5.2.4.5. Middle East & Africa
- 6. North America Battery Materials Market Analysis, Insights and Forecast, 2016-2027
- 6.1. Key Findings / Summary
- 6.2. Market Size Estimates and Forecast
- 6.2.1. By Battery Type (Value)
- 6.2.1.1. Lithium-ion
- 6.2.1.2. Lead Acid
- 6.2.1.3. Others
- 6.2.2. By Material (Value)
- 6.2.2.1. Lithium-ion
- 6.2.2.1.1. Cathode
- 6.2.2.1.1.1. Lithium Cobalt Oxide (LCO)
- 6.2.2.1.1.2. Lithium Nickel Manganese Oxide (NMC)
- 6.2.2.1.1.3. Lithium Nickel Cobalt Aluminium Oxide (NCA)
- 6.2.2.1.1.4. Lithium Manganese Oxide (LMO)
- 6.2.2.1.1.5. Lithium Iron Phosphate (LFP)
- 6.2.2.1.2. Anode
- 6.2.2.1.2.1. Artificial Graphite
- 6.2.2.1.2.2. Natural Graphite
- 6.2.2.1.2.3. Others
- 6.2.2.1.3. Electrolyte
- 6.2.2.1.4. Separator
- 6.2.2.1.5. Others
- 6.2.2.2. Lithium-ion
- 6.2.2.2.1. Cathode
- 6.2.2.2.2. Anode
- 6.2.2.2.3. Electrolyte
- 6.2.2.2.4. Separator
- 6.2.2.2.5. Others
- 6.2.3. By Application (Value)
- 6.2.3.1. Lithium-ion
- 6.2.3.1.1. Consumer Electronics
- 6.2.3.1.2. Automotive
- 6.2.3.1.3. Industrial
- 6.2.3.1.4. Others
- 6.2.3.2. Lead acid
- 6.2.3.2.1. Automotive
- 6.2.3.2.2. Industrial
- 6.2.3.2.3. Others
- 6.2.4. By Country (Value)
- 6.2.4.1. U.S.
- 6.2.4.2. Canada
- 7. Europe Battery Materials Market Analysis, Insights and Forecast, 2016-2027
- 7.1. Key Findings / Summary
- 7.2. Market Size Estimates and Forecast
- 7.2.1. By Battery Type (Value)
- 7.2.1.1. Lithium-ion
- 7.2.1.2. Lead Acid
- 7.2.1.3. Others
- 7.2.2. By Material (Value)
- 7.2.2.1. Lithium-ion
- 7.2.2.1.1. Cathode
- 7.2.2.1.1.1. Lithium Cobalt Oxide (LCO)
- 7.2.2.1.1.2. Lithium Nickel Manganese Oxide (NMC)
- 7.2.2.1.1.3. Lithium Nickel Cobalt Aluminium Oxide (NCA)
- 7.2.2.1.1.4. Lithium Manganese Oxide (LMO)
- 7.2.2.1.1.5. Lithium Iron Phosphate (LFP)
- 7.2.2.1.2. Anode
- 7.2.2.1.2.1. Artificial Graphite
- 7.2.2.1.2.2. Natural Graphite
- 7.2.2.1.2.3. Others
- 7.2.2.1.3. Electrolyte
- 7.2.2.1.4. Separator
- 7.2.2.1.5. Others
- 7.2.2.2. Lithium-ion
- 7.2.2.2.1. Cathode
- 7.2.2.2.2. Anode
- 7.2.2.2.3. Electrolyte
- 7.2.2.2.4. Separator
- 7.2.2.2.5. Others
- 7.2.3. By Application (Value)
- 7.2.3.1. Lithium-ion
- 7.2.3.1.1. Consumer Electronics
- 7.2.3.1.2. Automotive
- 7.2.3.1.3. Industrial
- 7.2.3.1.4. Others
- 7.2.3.2. Lead acid
- 7.2.3.2.1. Automotive
- 7.2.3.2.2. Industrial
- 7.2.3.2.3. Others
- 7.2.4. By Country (Value)
- 7.2.4.1. Germany
- 7.2.4.2. UK
- 7.2.4.3. France
- 7.2.4.4. Italy
- 7.2.4.5. Rest of Europe
- 8. Asia Pacific Battery Materials Market Analysis, Insights and Forecast, 2016-2027
- 8.1. Key Findings / Summary
- 8.2. Market Size Estimates and Forecast
- 8.2.1. By Battery Type (Value)
- 8.2.1.1. Lithium-ion
- 8.2.1.2. Lead Acid
- 8.2.1.3. Others
- 8.2.2. By Material (Value)
- 8.2.2.1. Lithium-ion
- 8.2.2.1.1. Cathode
- 8.2.2.1.1.1. Lithium Cobalt Oxide (LCO)
- 8.2.2.1.1.2. Lithium Nickel Manganese Oxide (NMC)
- 8.2.2.1.1.3. Lithium Nickel Cobalt Aluminium Oxide (NCA)
- 8.2.2.1.1.4. Lithium Manganese Oxide (LMO)
- 8.2.2.1.1.5. Lithium Iron Phosphate (LFP)
- 8.2.2.1.2. Anode
- 8.2.2.1.2.1. Artificial Graphite
- 8.2.2.1.2.2. Natural Graphite
- 8.2.2.1.2.3. Others
- 8.2.2.1.3. Electrolyte
- 8.2.2.1.4. Separator
- 8.2.2.1.5. Others
- 8.2.2.2. Lithium-ion
- 8.2.2.2.1. Cathode
- 8.2.2.2.2. Anode
- 8.2.2.2.3. Electrolyte
- 8.2.2.2.4. Separator
- 8.2.2.2.5. Others
- 8.2.3. By Application (Value)
- 8.2.3.1. Lithium-ion
- 8.2.3.1.1. Consumer Electronics
- 8.2.3.1.2. Automotive
- 8.2.3.1.3. Industrial
- 8.2.3.1.4. Others
- 8.2.3.2. Lead acid
- 8.2.3.2.1. Automotive
- 8.2.3.2.2. Industrial
- 8.2.3.2.3. Others
- 8.2.4. By Country (Value)
- 8.2.4.1. China
- 8.2.4.2. India
- 8.2.4.3. Japan
- 8.2.4.4. South Korea
- 8.2.4.5. Rest of Asia Pacific
- 9. Latin America Battery Materials Market Analysis, Insights and Forecast, 2016-2027
- 9.1. Key Findings / Summary
- 9.2. Market Size Estimates and Forecast
- 9.2.1. By Battery Type (Value)
- 9.2.1.1. Lithium-ion
- 9.2.1.2. Lead Acid
- 9.2.1.3. Others
- 9.2.2. By Material (Value)
- 9.2.2.1. Lithium-ion
- 9.2.2.1.1. Cathode
- 9.2.2.1.1.1. Lithium Cobalt Oxide (LCO)
- 9.2.2.1.1.2. Lithium Nickel Manganese Oxide (NMC)
- 9.2.2.1.1.3. Lithium Nickel Cobalt Aluminium Oxide (NCA)
- 9.2.2.1.1.4. Lithium Manganese Oxide (LMO)
- 9.2.2.1.1.5. Lithium Iron Phosphate (LFP)
- 9.2.2.1.2. Anode
- 9.2.2.1.2.1. Artificial Graphite
- 9.2.2.1.2.2. Natural Graphite
- 9.2.2.1.2.3. Others
- 9.2.2.1.3. Electrolyte
- 9.2.2.1.4. Separator
- 9.2.2.1.5. Others
- 9.2.2.2. Lithium-ion
- 9.2.2.2.1. Cathode
- 9.2.2.2.2. Anode
- 9.2.2.2.3. Electrolyte
- 9.2.2.2.4. Separator
- 9.2.2.2.5. Others
- 9.2.3. By Application (Value)
- 9.2.3.1. Lithium-ion
- 9.2.3.1.1. Consumer Electronics
- 9.2.3.1.2. Automotive
- 9.2.3.1.3. Industrial
- 9.2.3.1.4. Others
- 9.2.3.2. Lead acid
- 9.2.3.2.1. Automotive
- 9.2.3.2.2. Industrial
- 9.2.3.2.3. Others
- 9.2.4. By Country (Value)
- 9.2.4.1. Brazil
- 9.2.4.2. Argentina
- 9.2.4.3. Rest of Latin America
- 10. Middle East & Africa Battery Materials Market Analysis, Insights and Forecast, 2016-2027
- 10.1. Key Findings / Summary
- 10.2. Market Size Estimates and Forecast
- 10.2.1. By Battery Type (Value)
- 10.2.1.1. Lithium-ion
- 10.2.1.2. Lead Acid
- 10.2.1.3. Others
- 10.2.2. By Material (Value)
- 10.2.2.1. Lithium-ion
- 10.2.2.1.1. Cathode
- 10.2.2.1.1.1. Lithium Cobalt Oxide (LCO)
- 10.2.2.1.1.2. Lithium Nickel Manganese Oxide (NMC)
- 10.2.2.1.1.3. Lithium Nickel Cobalt Aluminium Oxide (NCA)
- 10.2.2.1.1.4. Lithium Manganese Oxide (LMO)
- 10.2.2.1.1.5. Lithium Iron Phosphate (LFP)
- 10.2.2.1.2. Anode
- 10.2.2.1.2.1. Artificial Graphite
- 10.2.2.1.2.2. Natural Graphite
- 10.2.2.1.2.3. Others
- 10.2.2.1.3. Electrolyte
- 10.2.2.1.4. Separator
- 10.2.2.1.5. Others
- 10.2.2.2. Lithium-ion
- 10.2.2.2.1. Cathode
- 10.2.2.2.2. Anode
- 10.2.2.2.3. Electrolyte
- 10.2.2.2.4. Separator
- 10.2.2.2.5. Others
- 10.2.3. By Application (Value)
- 10.2.3.1. Lithium-ion
- 10.2.3.1.1. Consumer Electronics
- 10.2.3.1.2. Automotive
- 10.2.3.1.3. Industrial
- 10.2.3.1.4. Others
- 10.2.3.2. Lead acid
- 10.2.3.2.1. Automotive
- 10.2.3.2.2. Industrial
- 10.2.3.2.3. Others
- 10.2.4. By Country (Value)
- 10.2.4.1. South Africa
- 10.2.4.2. Rest of Middle East & Africa
- 11. Competitive Matrix
- 11.1. Business Strategies Adopted by Leading Players
- 11.2. Global Battery Materials Market Revenue Share/Ranking Analysis, By Key Manufacturer
- 12. Company Profiles
- 12.1. NICHIA CORPORATION (Tokushima, Japan)
- 12.1.1. Overview
- 12.1.2. Description
- 12.1.3. Product Portfolio
- 12.1.4. Financials (Data as available in public domain and/or on paid databases)
- 12.1.5. Recent Developments
- 12.2. NEI Corporation (Somerset, U.S.)
- 12.2.1. Overview
- 12.2.2. Description
- 12.2.3. Product Portfolio
- 12.2.4. Financials (Data as available in public domain and/or on paid databases)
- 12.2.5. Recent Developments
- 12.3. TCI Chemicals (India) Pvt. Ltd. (Chennai, India)
- 12.3.1. Overview
- 12.3.2. Description
- 12.3.3. Product Portfolio
- 12.3.4. Financials (Data as available in public domain and/or on paid databases)
- 12.3.5. Recent Developments
- 12.4. Targray Technology International (Quebec, Canada)
- 12.4.1. Overview
- 12.4.2. Description
- 12.4.3. Product Portfolio
- 12.4.4. Financials (Data as available in public domain and/or on paid databases)
- 12.4.5. Recent Developments
- 12.5. Mitsubishi Chemical Holdings (Tokyo, Japan)
- 12.5.1. Overview
- 12.5.2. Description
- 12.5.3. Product Portfolio
- 12.5.4. Financials (Data as available in public domain and/or on paid databases)
- 12.5.5. Recent Developments
- 12.6. Hitachi Chemical Co., Ltd. (Tokyo, Japan)
- 12.6.1. Overview
- 12.6.2. Description
- 12.6.3. Product Portfolio
- 12.6.4. Financials (Data as available in public domain and/or on paid databases)
- 12.6.5. Recent Developments
- 12.7. TORAY INDUSTRIES, INC. (Tokyo, Japan)
- 12.7.1. Overview
- 12.7.2. Description
- 12.7.3. Product Portfolio
- 12.7.4. Financials (Data as available in public domain and/or on paid databases)
- 12.7.5. Recent Developments
- 12.8. Shanghai Shanshan Tech Co., Ltd. (Shanghai, China)
- 12.8.1. Overview
- 12.8.2. Description
- 12.8.3. Product Portfolio
- 12.8.4. Financials (Data as available in public domain and/or on paid databases)
- 12.8.5. Recent Developments
- 12.9. Kureha Corporation (Tokyo, Japan)
- 12.9.1. Overview
- 12.9.2. Description
- 12.9.3. Product Portfolio
- 12.9.4. Financials (Data as available in public domain and/or on paid databases)
- 12.9.5. Recent Developments
- 12.10. BASF SE (Ludwigshafen, Germany)
- 12.10.1. Overview
- 12.10.2. Description
- 12.10.3. Product Portfolio
- 12.10.4. Financials (Data as available in public domain and/or on paid databases)
- 12.10.5. Recent Developments
- 12.11. Asahi Kasei (Tokyo, Japan)
- 12.11.1. Overview
- 12.11.2. Description
- 12.11.3. Product Portfolio
- 12.11.4. Financials (Data as available in public domain and/or on paid databases)
- 12.11.5. Recent Developments
- 12.12. Umicore Cobalt & Specialty Materials (CSM) (Brussels, Belgium)
- 12.12.1. Overview
- 12.12.2. Description
- 12.12.3. Product Portfolio
- 12.12.4. Financials (Data as available in public domain and/or on paid databases)
- 12.12.5. Recent Developments
- 12.13. Other Key Players
- 12.13.1. Overview
- 12.13.2. Description
- 12.13.3. Product Portfolio
- 12.13.4. Financials (Data as available in public domain and/or on paid databases)
- 12.13.5. Recent Developments
- 13. Appendix
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