Battery Materials Market: Recent Developments, Emerging Trends and Business Outlook

Companies Profiled in the Global Battery Materials Market:

• NICHIA CORPORATION (Tokushima, Japan)
• NEI Corporation (Somerset, U.S.)
• TCI Chemicals (India) Pvt. Ltd. (Chennai, India)
• Targray Technology International (Quebec, Canada)
• Mitsubishi Chemical Holdings (Tokyo, Japan)
• Hitachi Chemical Co., Ltd. (Tokyo, Japan)
• TORAY INDUSTRIES, INC. (Tokyo, Japan)
• Shanghai Shanshan Tech Co., Ltd. (Shanghai, China)
• Kureha Corporation (Tokyo, Japan)
• BASF SE (Ludwigshafen, Germany)
• Asahi Kasei (Tokyo, Japan)
• Umicore Cobalt & Specialty Materials (CSM) (Brussels, Belgium)
• Other Key Players

Battery materials comprise various metals such as lithium, graphene, nickel, lead, copper, manganese, and aluminum. They are categorized mainly into cathode materials (including lithium iron phosphate, lithium cobalt oxide, lithium manganese oxide, and lithium nickel cobalt aluminum oxide) and anode materials (primarily graphite).

Driving Factors

Increasing Demand for Electric Vehicles to Promote Growth

Stringent government regulations to reduce emissions are driving the demand for advanced electric vehicles. EVs utilize battery materials like Li-ion batteries, which are stable, rechargeable multiple times, and offer high energy density along with excellent voltage capacity. The focus on developing energy-efficient vehicles by manufacturers is expected to contribute significantly to the growth of the global battery materials market in the coming years.

Market Segmentation

Lead Acid Segment Held 35.10% Market Share in 2019

In 2019, the lead acid segment, based on battery type, held a market share of approximately 35.10%. This segment is expected to grow due to the increasing demand for passenger vehicles, particularly in countries like India and China, which will drive the adoption of advanced battery materials.

Regional Insights

Asia-Pacific

Asia-Pacific held a market value of USD 18.39 billion in 2019 and is expected to dominate the global battery materials market during the forecast period. This growth is attributed to rising consumer spending on electric vehicles in countries such as China, India, South Korea, and Japan.

Europe

The market in Europe is projected to show considerable growth during the forecast period, driven by the growing adoption of advanced battery materials in the automotive and electronics industries in countries like Germany from 2020 to 2027.