According to a recent report by Reports and Data, the battery materials market is projected to reach USD 84.40 billion by 2026. The demand for lithium-ion batteries has increased due to the growing trend towards sustainability, resulting in a positive growth trend in electric vehicles. Earlier, lead-acid batteries were used as a backup in electric vehicles, but now they have been replaced with lithium-ion batteries due to their lower charging capabilities and legal issues surrounding lead-acid batteries. The global market is being driven by the self-sustainability of battery raw materials, which is a critical factor. The supply of raw materials required for battery production, such as natural graphite, manganese, and nickel, is highly concentrated in a few countries.
The most prevalent types of batteries available in the market are Lead-Acid, Lithium-ion (Li-ion), Nickel-Metal Hydride (Ni-MH), Nickel Cadmium (Ni-Cd), and others. The different battery materials have varying performance characteristics, and they are chosen based on the type and application of the battery.
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The APAC region is projected to have the highest CAGR of 8.5% during the forecast period. The region is expected to grow the production of EV in the countries of Asia-Pacific due to productive government policies for electric vehicles adoption, which is anticipated to fuel the market for battery materials in the automotive industry in the region. For instance, the Indian government has allocated USD 1,445 million for the phase two of FAME India (Faster Adoption and Manufacturing of Electric Vehicles in India) policy on 1 March 2019, to encourage the use of electric vehicles in the country. Additionally, the accelerated industrialization in the region is adding to the growth of the product's market.
The following are some of the report's key findings:
- The Battery Materials Market is expected to reach USD 84.40 Billion by 2026, growing at a CAGR of 8.3% during the forecast period.
- The Lead-acid product accounts for a larger share of 59.7% of the market in 2018.
- The metal material is projected to grow at the highest rate of 8.4% during the forecast period.
- The automotive application segment is anticipated to grow at the highest rate of 8.5% during the forecast period.
- The secondary battery type is anticipated to grow at a higher rate of 8.6% during the forecast period.
- North America region accounts for a share of 21.3% of the market in 2018.
- Various players are developing strategies to mark their presence in the industry.
- The Key players in the Battery Materials Market include Toray Industries, Umicore, Asahi Kasei, Mitsubishi Chemical, Henan Yuguang, Glencore, Nyrstar, Sumitomo Metal Mining, Hitachi Chemical, POSCO, and Johnson Matthey.
The market has been segmented by Reports and Data based on Product, Material, Application, Battery Type, and region.
Battery Materials Market: drive factors
The Battery Materials Market is being driven by several factors. The increasing demand for lithium-ion batteries, particularly in electric vehicles, due to growing sustainability trends, is a major driver. The shift from lead-acid batteries to lithium-ion batteries is also contributing to market growth, as the latter has higher charging capabilities and fewer legal controversies.
Another crucial factor propelling the global market is the self-sustainability of battery raw materials. The supplies of raw materials required for manufacturing batteries, such as manganese, natural graphite, and nickel, are concentrated in a few countries. This creates a dependency that can be addressed by developing alternative sources of these materials.
Additionally, the market is being fueled by productive government schemes for electric vehicle adoption in several countries. The automotive industry in the Asia-Pacific region is expected to experience significant growth due to these policies, which will further boost demand for battery materials.
Other factors driving the Battery Materials Market include accelerated industrialization, the development of innovative battery technologies, and the efforts of key players in the industry to expand their presence.
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