Global Battery Materials Market to Reach US$ 72.6 Billion by 2028, Impelled by Growing Reliance on Electronic Devices

The latest report by IMARC Group, titled “Battery Materials Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global battery materials market size reached US$ 50.6 Billion in 2022. Battery materials refer to various compounds present in cell electrodes, electrolytes, and separators. They mainly consist of metals such as Lithium, Cobalt, and Nickel that are extracted from mining operations and processed afterward. They exhibit high energy-density properties and are compatible with various metals. At present, there is an escalating demand for battery materials due to the increasing applications of batteries in household appliances, military electronics, medical equipment, and portable devices. 

Global Battery Materials Market Trends:

The market is primarily driven by the growing reliance on electronic devices such as smartphones, tablets, and laptops. In addition, the increasing utilization of lithium-ion batteries (LIBs) as an alternative to gasoline in speed boats and yachts, wheelchairs, bikes, scooters, and other mobility aids represents another major growth-inducing factor. Besides this, governments of numerous countries are implementing favorable policies and 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 various technological advancements in the automotive industry, is positively influencing market growth. Moreover, the increasing partnerships, and mergers and acquisitions (M&A) activities amongst key players are also creating a favorable market outlook across the globe. Looking forward, IMARC Group expects the market value to reach US$ 72.6 Billion by 2028, exhibiting a CAGR of 6% during the forecast period (2023-2028).

Market Summary:

• Based on the type, the market has been classified into cathode, anode, electrolyte, separator, and others. 
• On the basis of the battery type, the market has been segregated into lithium-ion, lead acid, and others. 
• Based on the application, the market has been segmented into automobile industry, household appliances, electronics industry, and others. 
• Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
• The competitive landscape of the market has been examined in the report, with some 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.

Report Scope:

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