CLEVELAND, Feb. 26, 2016 /PRNewswire/ -- Global demand for battery materials is forecast to rise 8.3 percent per year to $46.8 billion in 2019. Rapidly expanding production of advanced battery types -- including lithium-ion (Li-Ion) and nickel-metal hydride (Ni-MH) batteries -- will be an important driver of demand in response to growing output of portable electronics, hybrid and electric vehicles (H/EVs), and energy storage products. The continued importance of lead-acid batteries in the automotive sector will also support healthy gains in materials demand. These and other trends are presented in World Battery Materials, a new study from The Freedonia Group, a Cleveland-based industry research firm.
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Demand for metals used in battery production will show healthy gains worldwide, driven primarily by lead, which is used exclusively in lead-acid batteries. According to analyst Christine O'Keefe, "Although conventional motor vehicle production has slowed in more developed regions, growing output of motor vehicles in developing economies will support gains." The chemical segment will experience the fastest gains, with the strongest growth posted by lithium and nickel chemicals.
China will remain the largest national market for battery materials, as domestic battery production will continue to grow at a double-digit rate through 2019. Growth in demand will be restrained by an economy-wide slowdown in the country; however, China will still post the fastest gains of all major global markets. India is also forecast to post above-average gains in battery materials demand, as battery production ramps up to meet growing domestic demand and increasing motor vehicle production and use in the country. Overall, the Asia/Pacific region will post the fastest gains of any region, driven in part by its dominance in advanced secondary battery production.
North America and Western Europe will also see gains, with rapid growth in secondary Li-Ion battery production for H/EVs helping to offset weaker growth in most other applications. In addition, growing demand for battery-based energy storage systems will support strong growth in demand for secondary battery materials. Battery materials demand will also experience strong growth in Central and South America and the Africa/Mideast region as the motor vehicle parks in these regions increase, supporting demand for lead-acid battery materials. Growth in battery material demand in Eastern Europe, in contrast, will be restrained by a declining population and competition from producers in lower-cost manufacturing regions.
About The Freedonia Group – The Freedonia Group, a division of MarketResearch.com, is a leading international industrial research company publishing more than 100 studies annually. Since 1985 we have provided research to customers ranging in size from global conglomerates to one-person consulting firms. More than 90% of the industrial companies in the Fortune 500 use Freedonia Group research to help with their strategic planning. Each study includes product and market analyses and forecasts, in-depth discussions of important industry trends, market share information and profiles of the leading industry players. Reports can be purchased at www.freedoniagroup.com and are also available on www.marketresearch.com and www.profound.com.
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SOURCE The Freedonia Group