IMARC Group’s latest research report, titled “Battery Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” The global battery materials market size reached US$ 50.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 72.6 Billion by 2028, exhibiting a growth rate (CAGR) of 6% during 2023-2028.
Battery Materials Market Overview:
Batteries are products that are utilized in household products and large industrial equipment. They refer to the components present in cell electrodes, electrolytes, and separators. They are mainly equipped with cadmium (Cd), lead (Pb), cobalt (Co), lithium (Li), Silicon (Si), and zinc (Zn). They are widely available in distinct forms, including alkaline, lithium polymer battery (Li-PO), lithium-ion (Li-ion), nickel-metal hydride (NiMH), and lead-acid, and are widely adopted in automotive, industrial, and electronic applications. Besides this, they are also deployed in the production of power backup systems and medical equipment. The rising adoption of lithium batteries due to their effectiveness and high energy density is providing an impetus to the demand for battery materials.
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Global Battery Materials Market Trends:
The global market is primarily driven by the increasing production and sales of consumer electronic devices. Along with this, continual technological advancements in the automotive industry are propelling the market. Moreover, the growing adoption of electric vehicles (EVs) due to an enhanced focus on sustainable development is providing a boost to the sales of battery materials. This can be attributed to numerous initiatives undertaken by the governments of several countries for reducing carbon emissions. Furthermore, the growing investments by leading players in introducing advanced charging stations across several countries are creating a positive market outlook. Other factors, including extensive research and development (R&D) activities conducted by key players to introduce improved product variants and rapid digitization and industrialization, are also positively influencing the market.
Top Manufacturers In Battery Materials Industry:
- Albemarle Corporation
- Asahi Kasei Corporation
- BASF SE
- Entek International Ltd.
- Johnson Matthey
- Livent
- Mitsubishi Chemical Holdings Corporation
- Nichia Corporation, Showa Denko K. K.
- Sumitomo Chemical Co. Ltd.
- Targray Technology International Inc.
- Umicore N.V.
Key Market Segmentation:
Breakup by Type:
- Cathode
- Anode
- Electrolyte
- Separator
- Others
Breakup by Battery Type:
- Lithium Ion
- Lead Acid
- Others
Breakup by Application:
- Automobile Industry
- Household Appliances
- Electronics Industry
- Others
Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, Australia, Indonesia, Korea, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa (United Arab Emirates, Saudi Arabia, Qatar, Iraq, Other)
