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 are individual materials potentially present in cell electrodes, electrolytes, and separators. They comprise antimony (Sb), cadmium (Cd), copper (Cu), lead (Pb), silicon (Si), lithium (Li), cobalt (Co), nickel (Ni), zinc (Zn), graphite (C), and manganese (Mn). Among these, C has the highest proportion by volume of all the battery raw materials as it helps avoid dendrite formation and the high reactivity of alkali metal anodes. At present, as batteries find extensive applications in household appliances, military electronics, medical equipment, and portable devices, the demand for battery materials is rising across the globe.
Battery Materials Market Trends:
There is considerable reliance on smartphones, laptops, and other electronic devices worldwide. This represents one of the key factors bolstering the growth of the market. Besides this, governments of numerous countries are offering subsidies and financial incentives like grants or tax rebates to encourage the adoption of electric vehicles (EVs) and reduce carbon emissions. This, coupled with the burgeoning automotive industry, is driving the market. Moreover, there is a rise in the use of lithium-ion batteries (LIBs) around the world on account of their high energy density. They also provide emergency backup power in case of power loss or fluctuation, which is required for office equipment like computers and IT servers. In line with this, they are emerging as an alternative to gasoline and lead-acid batteries in powering speed boats and yachts. In addition, LIBs are utilized in wheelchairs, bikes, scooters, and other mobility aids for individuals with mobility restrictions. Furthermore, key players are increasingly focusing on agreements/partnerships with domestic players to increase their geographical presence, which is fueling the market growth.
Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global battery materialsmarket report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, battery type and application.
Breakup by Type:
Breakup by Battery Type:
Breakup by Application:
Breakup by Region:
Middle East and Africa
The competitive landscape of the industry has also been examined along with the profiles of the key players being 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. and Umicore N.V.
Base Year of the Analysis
Type, Battery Type, Application, Region
Asia Pacific, Europe, North America, Latin America, Middle East and Africa
United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
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. and Umicore N.V.
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Key Questions Answered in This Report
The global battery materials market was valued at US$ 50.6 Billion in 2022.
We expect the global battery materials market to exhibit a CAGR of 6% during 2023-2028.
The extensive applications of batteries in household appliances, military electronics, medical equipment, portable devices, etc., are primarily driving the global battery materials market.
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown regulations across several nations, resulting in the temporary closure of numerous manufacturing units for battery materials.
Based on the type, the global battery materials market can be categorized into cathode, anode, electrolyte, separator, and others. Currently, cathode exhibits clear dominance in the market.
Based on the battery type, the global battery materials market has been segmented into lithium ion, lead acid, and others. Among these, lithium ion represents the largest market share.
Based on the application, the global battery materials market can be bifurcated into automobile industry, household appliances, electronics industry, and others. Currently, the automobile industry accounts for the majority of the total market share.
On a regional level, the market has been classified into North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America, where Asia Pacific currently dominates the global market.
Some of the major players in the global battery materials market include 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., and Umicore N.V.
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