Battery Materials Market Size to Reach USD 53,980 Million by 2026 at CAGR 4.9% | Valuates Reports

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Mar 09, 2021, 11:00 ET

BANGALORE, India, March 9, 2021 /PRNewswire/ -- The Battery Materials Market is Segmented Type(Cathode, Anode, Electrolyte, Separator, Binder, Packaging materials), Application(Automobile Industry, Household Appliances, Electronics Industry, Other) : Global Opportunity Analysis and Industry Forecast, 2021-2026. This report is published on Valuates Reports in the Power Supplies Category.

The global Battery Materials market size is projected to reach USD 53,980 Million by 2026, from USD 40,540 Million in 2020, at a CAGR of 4.9% during the forecast period 2021-2026.

Major factors driving the growth of battery market size are extensive usage of batteries in electric vehicles, rising demand in consumer electronic products, along with high investments in R&D and manufacturing of raw materials.

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TRENDS INFLUENCING THE BATTERY MATERIALS MARKET SIZE

Increasing demand for electric vehicles to drive the battery materials market size. With the ongoing changes in the automotive industry, rapid evolution drives the market for electric vehicles around the world. The demand for zero-emission electric vehicles has surged with favorable government rules regarding subsidies, tax rebates, and new car registration.

Furthermore, electric vehicles sales are likely to be fueled by the rising need to reduce carbon emissions and the introduction of fast and advanced charging stations. This invariably will increase the growth of battery material market size.

Increasing demand for consumer electronics is expected to aid the growth of battery materials market size. The increase in production of electronics products is attributed to the increasing demand for computers, televisions, mobile phones, and other devices.

Advancement in technology is also expected to drive the growth of battery materials market size. Technological advancements will lead to new product innovations in the electronics market, which in turn increases the use of battery materials.

Moreover, factors such as raising awareness of the sustainable supply of battery materials, recycling, and efficient disposal of battery waste are expected to provide lucrative growth opportunities for the battery material market players.

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BATTERY MATERIALS MARKET SHARE ANALYSIS

The automobile industry segment is expected to witness the highest growth in the battery material market share based on application.

This rapid growth of the automobile industry segment is due to the increasing penetration of the electric vehicle. On the other hand, electronics is expected to hold the largest battery material market share during the forecast period. The electronics industry is a mature market, and the industry is expected to find scope for growth with the inclusion of newer and smarter electronic devices.

Based on type, the market is segmented into cathode, anode, electrolyte, separator, and others.

During the forecast period, the cathode material segment is expected to hold the largest battery material market share. Cobalt, manganese, and nickel are the primary active components of cathode materials. Cobalt is now partially replaced by nickel (mostly lithium nickel manganese oxide (NMC) and nickel cobalt aluminum oxide (NCA)). Cathode materials require an extremely high level of purity and must be free from unwanted metal impurities, especially sulfur, vanadium, and iron.

Based on region, the North America region is expected to hold the largest battery material market share.

This dominance of the North American region is attributed to the increased adoption of consumer electronics along with the rapidly increasing sale of an electric vehicle. Investors in the renewable and electric vehicle industries are supported by the U.S. government, resulting in the growing demand for battery-based energy storage systems, primarily for lithium-ion batteries, which will facilitate the growth of battery materials market size in the region.

On the other hand, the Asia Pacific region is expected to witness the highest growth during the forecast period.

The main factors driving the battery materials market size in APAC are heavy investments in automotive, electronics, and energy storage systems (ESS).

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TOP COMPANIES IN THE BATTERY MATERIALS MARKET

Companies are investing in resources and the development of efficient and new battery technologies that are likely to increase the market demand for innovative electronics. With increasing dependence on portable power chargers and mobile phones, the use of Lithium-Ion technology is expected to increase during the forecast period.

Some of the top companies in the battery materials market size are,

3M
Asahi Kasei Corporation
Basf
DowDuPont
Celgard
Ningbo Shanshan Company
Ecopro
Entek International
Hitachi Chemical
Itochu
Kureha
Mitsubishi Chemical
Nichia Corporation
Nippon Denko.

Segment by Type, the Battery Materials market is segmented into

Cathode
Anode
Electrolyte
Separator
Binder
Packaging materials

Segment by Application

Automobile Industry
Household Appliances
Electronics Industry
Other

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SIMILAR REPORTS :

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