Battery Materials Market worth $120.4 billion by 2027 Globally, at a CAGR of 15.8%, says MarketsandMarkets™
Chicago, March 16, 2023 (GLOBE NEWSWIRE) — The global Battery Materials Market by Battery Type (Lead-Acid, Lithium-ion), Material (Cathode, Anode, Electrolyte), Application (Automotive, EV, Portable devices, industrial), and Region (Aisa Pacific, North America, Europe, RoW) – Global Forecast to 2027, as per the recent study by MarketsandMarkets™. size is estimated to be USD 57.8 billion in 2022 and is projected to grow at a CAGR of 15.8% during the forecast period to reach USD 120.4 billion by 2027. improving battery technology, coupled with supporting regulatory norms, are the driving the demand for battery materials. Moreover the increasing demand for sustainable vehicles and energy storage system across the globe play a key role in the driving the growth of battery materials market.
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Browse in-depth TOC on “Battery Materials Market”
309 – Market Data Tables
68 – Figures
287 – Pages
List of Key Players in Battery Materials Market:
- Umicore (Belgium)
- Johnson Matthey (UK)
- Asahi Kasei (Japan)
- Mitsubishi Chemical holdings (Japan)
- Posco (South Korea)
- Others
Drivers, Restraints, and Opportunities in Battery Materials Market:
- Driver: Government subsidies and clean energy
- Restraint: Inadequate charging infrastructure
- Opportunity: Use of battery in energy storage devices
- Challenge: Regulation and safety issues related to lead-acid battery materials
Key Findings of the Study:
- Based on battery type, The Lithium-ion battery are projected to be the fastest growing battery type during the forecast period.
- Based on Application, Electric Vehicle segment is estimated to account for the largest share of the market during the forecast period.
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The consumption trend of battery materials depends on growth across various application, such as EVs, Portable device, industrials, and others. The demand for battery materials is mainly increasing due to its rising applications in the EVs (EV Cars, Trucks, Buses, Vans, and others), Portable devices (laptop, mobile, power banks and others), industrial (UPS, stationary applications, and others), and other industries.
Various factors, including environmental regulations & strict government mandate on fuel economy, increasing public awareness regarding the harmful effects of traditional vehicles, and rising demand for various applications are factors offering growth opportunities for the market.
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Asia Pacific is the fastest-growing market for battery materials mainly due to the high economic growth, and heavy investment in industries such as electric vehicles, electronics products, portable device and manufacturing. Asahi Kasei (Japan), Mitsubishi Chemical holdings (Japan), Posco (South Korea), and other leading global players are adopting various strategies to increase their market share in the region’s battery materials market.
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