According to a research report published by Exactitude Consultancy, Companies covered: BASF SE (Germany), DowDuPont (US), Mitsubishi Chemical Corporation (Japan), 3M (US), Entek (UK), Ecopro (South Korea), Hitachi Chemical Co. Ltd (Japan), Celgard LLC (US), Solvay (Belgium), Nippon Denko Co.Ltd (Japan)
Luton, Bedfordshire, United Kingdom, Aug. 09, 2024 (GLOBE NEWSWIRE) — Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Battery Materials Market.
Battery Materials Market Overview
In 2023, the Battery Materials Market was valued at USD 44.36 billion. It is anticipated to grow from USD 46.14 billion in 2024 to USD 62.12 billion by 2033, reflecting a robust compound annual growth rate (CAGR) of 3.42% over the forecast period (2024-2033).
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Battery Materials Market Trends
Growing Demand for Li-ion Batteries as a Key Market Driver
The escalating demand for lithium-ion (Li-ion) batteries is a crucial factor driving market growth. A notable trend within the market is the increasing focus on recycling Li-ion battery materials. For example, Fortum, a leading provider of clean energy solutions, has revolutionized the battery value chain by enabling the recycling of more than 80% of Li-ion materials for various industrial and EV applications. The company’s industrial-scale, low-CO2 processes allow the recovery of nickel, cobalt, and manganese from used batteries, which are then reprocessed and supplied back to battery manufacturers. This hydrometallurgical recycling process, utilizing chemical precipitation, extracts valuable materials that can be reused to produce new batteries. This growing emphasis on recycling is expected to further fuel market growth in the years ahead.
The increasing adoption of electric vehicles is accelerating due to ongoing innovations and rapid advancements in the automotive industry. Favorable government policies, such as subsidies, tax incentives, and preferential treatment for new car registrations, alongside rising environmental concerns, are driving the demand for zero-emission electric vehicles. As a result, the expansion of quick, high-tech charging infrastructure and the need to reduce carbon emissions are expected to boost the demand for battery materials. Additionally, the commercial electric sector, particularly in China and India, is witnessing substantial growth due to the increased use of electric buses. Lithium-ion batteries, which are predominantly composed of nickel, manganese, cobalt, graphite, and other elements, are at the core of this expansion.
In September 2022, Advanced Battery Concepts introduced an energy-releasing battery system aimed at promoting responsible battery usage. The company’s products are designed with re-manufacturability in mind, ensuring high rates of proper recycling.
Battery Materials Market Segmentation Insights
By Battery Materials Type
The battery materials market is segmented by type into cathode, anode, electrolyte, separator, and others. Among these, the cathode segment currently holds the dominant position in the market. This dominance is expected to continue in the coming years, driven by the growing demand for electric vehicles, the increasing use of cathodes in energy storage systems, and the broader trend of industrialization. Notably, the battery separator segment also experienced significant growth in 2022, with rising demand across multiple industries, including consumer electronics and automotive, expected to drive further expansion during the forecast period.
In April 2022, ENTEK announced its expansion plans in the United States to meet the growing demand for lithium-ion battery separators. The first phase of this development is expected to be completed by 2025, with continued expansion slated through 2027. Once fully operational, ENTEK’s production is anticipated to reach 1.4 billion square meters, providing sufficient separator material to power approximately 1.4 billion electric vehicles.
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Battery Materials Market: Battery Type Insights
The battery materials market is segmented by battery type into lithium-ion, lead-acid, nickel metal hydride (NiMH), nickel-cadmium (Ni-Cd), and others. The lithium-ion segment is expected to lead the market during the forecast period, driven by the growing demand for electric vehicles (EVs). Lithium-ion batteries are favored for portable electronic devices due to their high energy density, low self-discharge, and absence of the “memory effect.” Meanwhile, the lead-acid segment is anticipated to generate significant market revenue over the same period. The expansion of automotive manufacturing hubs, particularly in regions like Germany, the United Kingdom, Brazil, the United States, China, India, and Japan, is expected to fuel growth in this segment.
Battery Materials Market: Application Insights
The battery materials market is also segmented by application, including portable devices, automotive, electronic items, power storage, and others. In 2022, the electronic items category captured a significant share of the market. Factors such as evolving consumer lifestyles, rising disposable incomes, technological advancements, and increased spending on home improvement products are driving demand for various consumer electronic devices. Looking forward, the automotive sector is expected to experience the most substantial growth during the forecast period. The surge in global demand for electric vehicles and their widespread reliance on batteries is a key driver for this segment’s expansion.
Battery Materials Market: Regional Insights
The market analysis provides insights into key regions, including North America, Europe, Asia-Pacific, and the Rest of the World. North America is poised to dominate the battery materials market, fueled by the growing demand for modern consumer goods and electric vehicles. As of December 2021, approximately 2.3 million electric vehicles were on U.S. roads, with the majority concentrated in California and the Northeast. The rapid expansion of the North American market is also supported by stringent government regulations on vehicle emissions, high levels of consumer disposable income, and heightened awareness of sustainability and environmental protection.
Europe holds the second-largest market share in the battery materials industry. By the end of 2021, around 5.6 million plug-in electric vehicles and light trucks were in operation across the continent. Germany, in particular, with its thriving electronics and automotive sectors, presents substantial growth opportunities for the battery materials market. Germany leads the region in market share, while the UK is the fastest-growing market within Europe.
The Asia-Pacific region is expected to achieve the fastest CAGR from 2023 to 2032. In India, numerous companies are forming alliances with foreign firms and establishing new manufacturing facilities to produce EV batteries using domestically sourced materials, thereby driving market growth. During the fiscal year 2022, two-wheelers emerged as the most popular type of electric vehicle in India, with over 231,000 units sold, according to Auto Punditz. In this region, China leads in market share, while India is the fastest-growing market for battery materials.
Battery Materials Market: Key Players & Competitive Insights
Leading companies in the battery materials market are significantly investing in research and development to diversify their product portfolios, driving further growth within the industry. To enhance their market presence, these companies are engaging in various strategic activities such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaborations with other organizations. To thrive in an increasingly competitive and challenging market, the battery materials industry must prioritize the delivery of cost-effective solutions.
A key business strategy employed by manufacturers in the battery materials sector involves localizing production to reduce operational costs, thereby supporting customer needs and expanding market share. In recent years, the battery materials industry has played a pivotal role in advancing technological innovation, particularly in the healthcare sector. Major market players, including DowDuPont (US), Mitsubishi Chemical Corporation (Japan), BASF SE (Germany), 3M (US), and others, are heavily investing in R&D activities to bolster market demand and drive innovation.
For instance, POSCO Chemical Co Ltd, a prominent player in coal chemistry and carbon products, has expanded its operations across multiple sectors, including refractory manufacturing, furnace construction, environmental solutions, comprehensive chemicals, carbon materials, and secondary battery anode materials. In response to the growing demand for secondary battery materials, POSCO Chemical enhanced its production capacity by completing the construction of a second anode material factory in Sejong in June 2020. This facility now has an annual capacity of 44 KT, reflecting the company’s commitment to meeting the increasing demand for high-performance battery materials.
Volkswagen, one of the world’s leading automotive manufacturers, is also making strategic moves to secure its position in the evolving battery materials market. The company’s portfolio includes renowned brands such as Volkswagen Passenger Cars, Audi, Bentley, Lamborghini, Porsche, SEAT, and Skoda, as well as commercial vehicle manufacturers like MAN, Navistar, and Scania. In September 2022, Volkswagen announced a $2.9 billion joint venture with Belgian materials company Umicore, focused on producing battery components. This venture underscores Volkswagen’s strategy to bring battery supply chains closer to its European operations as the automotive industry transitions to electric vehicles. While the raw materials such as lithium, cobalt, nickel, and manganese will continue to be sourced globally, the joint venture will localize cathode production within Europe, likely at Umicore’s facility in Poland. This move aligns with Volkswagen’s broader strategy to secure a sustainable and efficient supply chain for its electric vehicle production.
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Key Companies in the battery materials market include
- BASF SE (Germany)
- DowDuPont (US)
- Mitsubishi Chemical Corporation (Japan)
- 3M (US)
- Entek (UK)
- Ecopro (South Korea)
- Hitachi Chemical Co. Ltd (Japan)
- Celgard LLC (US)
- Solvay (Belgium)
- Nippon Denko Co.Ltd (Japan)
Battery Materials Industry Developments
Company | Development | Impact |
BYD | Chinese electric vehicle giant BYD announced a strategic partnership with Panasonic to co-develop advanced lithium-sulfur batteries. This collaboration aims to enhance energy density while reducing the cost per kilowatt-hour, a crucial factor in making electric vehicles more affordable and efficient. | High |
LG Energy Solution | LG Energy Solution revealed a $4 billion investment in a new battery manufacturing plant in the United States. The facility will focus on producing solid-state batteries, which are expected to offer longer lifespans and improved safety compared to current lithium-ion batteries, marking a significant step towards next-generation energy storage solutions. | High |
South Korea’s SK Innovation | South Korea’s SK Innovation acquired a majority stake in Ascend Elements, a U.S.-based startup specializing in recycling battery materials. This move aims to secure a sustainable supply chain for key materials like lithium, cobalt, and nickel, supporting the growing demand for electric vehicle batteries while promoting environmental sustainability. | Moderate |
Tesla | Tesla unveiled its new “Ultra-Range” battery pack, featuring a novel silicon-based anode that significantly boosts energy density. This development is expected to extend the range of Tesla’s electric vehicles by over 20%, addressing one of the most critical concerns for potential EV buyers—range anxiety. | High |
Panasonic | Panasonic launched a research initiative focused on developing next-generation sodium-ion batteries. This technology promises to reduce reliance on lithium, offering a more abundant and cost-effective alternative for large-scale energy storage systems, particularly in grid applications. | Moderate |
Battery Materials Market Segmentation
By Type
- Cathode
- Anode
- Electrolyte
- Separator
- Others
Battery Materials Battery Type
- Lithium-Ion
- Lead-Acid
- Nickel Metal Hydride (NiMH)
- Nickel Cadmium (Ni-Cd)
- Others
Battery Materials Application Outlook
- Portable Devices
- Automotive
- Electronics Items
- Power Storages
- Others
Battery Materials Regional Outlook
- North America
- Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
- Rest of the World
- Middle East
- Africa
- Latin America
Quantitative Analysis –
– Market size, estimates, and forecasts from 2023 – 2030
– Market size and revenue estimates for products up to 2030
– Market revenue estimates for application up to 2030
– Market revenue estimates for type up to 2030
– Regional market size and forecast up to 2030
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Originally published at https://www.einpresswire.com/article/734285582/battery-materials-market-is-expected-to-be-valued-at-usd-62-12-billion-by-2033-exactitude-consultancy