BURLINGAME, Calif., Dec. 20, 2023 /PRNewswire/ — The battery materials market is estimated to be valued at US$ 50.6 billion in 2022 and is expected to exhibit a CAGR of 6% over the forecast period of 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Coherent Market Insights has published a recent study report titled “Battery Materials Market Share, Size, Trends, Industry Analysis Report, By Material, By Product, By Application; By Region; Segment Forecast, 2022-2030” in its research database.
As per the recent analysis by Coherent Market Insights, the global battery materials market size was valued at US$ 50.6 billion in 2022 and is predicted to reach US$ 80.5 billion by 2030. Also, the study states that the market reveals a robust 6% Compound Annual Growth Rate (CAGR) over the predicted timeframe, 2022-2030.
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Market Dynamics:
The battery materials market is driven by the increasing demand for electric vehicles (EVs) across the globe. EVs are gaining popularity as they offer several advantages over conventional vehicles, such as reduced emissions, improved fuel efficiency, and lower maintenance costs. As a result, the demand for battery materials, such as lithium-ion batteries, is surging to meet the requirements of the growing EV market.
Another driver for the battery materials market is the rising focus on renewable energy storage. Various countries are investing heavily in renewable energy sources, such as solar and wind power, to reduce their dependence on fossil fuels. Battery materials are essential for storing the generated renewable energy, enabling its use during non-peak hours or when there is no sunlight or wind. This factor is further fueling the demand for battery materials in the market.
Market Trends:
One of the key trends in the battery materials market is the increasing adoption of nickel-based cathode materials. Nickel-based cathode materials offer higher energy density and improved performance compared to other materials, such as lithium cobalt oxide. This trend is driven by the need for better battery efficiency and increased energy storage capacity in EVs and other applications.
Another trend observed in the market is the development of solid-state batteries. Solid-state batteries eliminate the need for liquid electrolytes, making them safer, more efficient, and longer-lasting. Moreover, solid-state batteries have the potential to offer higher energy density and shorter charging times. This trend has gained significant attention in the battery materials market, as it could revolutionize the energy storage industry.
Market Opportunities:
Increasing Demand for Lithium Ion Batteries in the Automobile Industry
The lithium ion battery segment is expected to hold a dominant position in the battery materials market. The increasing demand for electric vehicles (EVs) in the automobile industry is one of the key factors driving the growth of the lithium ion battery market. With the rising awareness about environmental sustainability and the need to reduce carbon emissions, governments across the world are promoting the adoption of electric vehicles, thereby driving the demand for lithium ion batteries.
According to recent studies, the global electric vehicle sales are projected to witness significant growth in the coming years, which will subsequently boost the demand for lithium ion batteries. Moreover, advancements in battery technology, such as higher energy density and longer lifespan, are further fueling the demand for lithium ion batteries in the automobile industry. Therefore, the lithium ion battery segment is expected to witness substantial growth during the forecast period.
Growing Adoption of Battery-Powered Household Appliances
The household appliances segment is another key market opportunity in the battery materials market. With the increasing focus on energy efficiency and sustainability, consumers are shifting towards battery-powered household appliances. Battery-powered appliances are not only more convenient and portable but also help in reducing energy consumption.
The demand for battery-powered appliances such as vacuum cleaners, power tools, and kitchen appliances is on the rise. The technological advancements in batteries have led to the development of high-capacity and long-lasting batteries that can power these appliances efficiently. The growing adoption of smart homes and the need for uninterrupted power supply in remote areas are also driving the demand for battery-powered household appliances.
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Recent Developments:
In April 2021, CMOC joined forces with CATL to develop a copper and cobalt mine in the DRC, as CATL makes an equity investment in CMOC Kisanfu project. The collaboration positions CMOC as a reliable cobalt supplier for CATL, boosting its revenue.
In December 2020, Gan Feng planed to boost its annual production of battery-grade lithium hydroxide to 50,000 tons with an expanded plant, resulting in a total production capacity of 81,000 tons. This move is expected to enhance Gan Feng’s position in the lithium supply chain, anticipating future demand for battery materials.
Key Market Takeaways:
The battery materials market is anticipated to witness a CAGR of 6% during the forecast period 2023-2030, owing to the increasing demand for lithium ion batteries in various industries such as automobile, household appliances, and electronics.
On the basis of battery type, the lithium ion segment is expected to hold a dominant position, owing to its increasing adoption in the automobile industry. The demand for electric vehicles is growing, leading to a surge in the demand for lithium ion batteries.
In terms of end-use industry, the automobile industry is expected to dominate the battery materials market. The rising adoption of electric vehicles is driving the demand for lithium ion batteries, which are extensively used in EVs.
On the basis of region, Asia Pacific is expected to hold a dominant position over the forecast period. The region is witnessing rapid industrialization and urbanization, which is driving the demand for battery materials in various industries.
Key players operating in the battery materials market include Albemarle, China Molybdenum Co. Ltd., Gan feng Lithium Co., Ltd., Glencore PLC, Livent Corporation, Norlisk Nickel, Sheritt International Corporation, SQM S.A., Targray Technology International Inc., Teck Resources, Tianqi Lithium, and Vale S.A. These players are focusing on strategic collaborations, partnerships, and product innovations to strengthen their market presence and gain a competitive edge.
Overall, the battery materials market is poised for significant growth in the coming years, driven by the increasing demand for lithium ion batteries in the automobile industry and the growing adoption of battery-powered household appliances. The market players need to capitalize on these opportunities by investing in research and development activities to enhance battery performance and meet the evolving consumer demands.
Read complete market research report,”Battery Materials Market, By Battery Type (Lithium Ion, Lead Acid, Others), By End Use Industry, By Geography, Market Size And Share Analysis – Growth Trends And Forecasts 2023-2030“, Published by Coherent Market Insights.
Detailed Segmentation:
Global Battery Materials Market, By Battery Type
Lithium Ion
Lead Acid
Others
Global Battery Materials Market, By End Use Industry
Automobile Industry
Household Appliances
Electronics Industry
Others
Global Battery Materials Market, By Region
North America
U.S.
Canada
Latin America
Brazil
Mexico
Rest of Latin America
Europe
Germany
U.K.
Spain
France
Italy
Russia
Rest of Europe
Asia Pacific
China
India
Japan
Australia
South Korea
Rest of Asia Pacific
Middle East & Africa
South Africa
GCC Countries
Rest of Middle East & Africa
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