Battery Materials Market worth $120.4 billion by 2027 - Exclusive Report by MarketsandMarkets™
CHICAGO, Sept. 15, 2022 /PRNewswire/ -- Battery Materials Market size is estimated to be USD 57.8 billion in 2022 and is projected to grow at a CAGR of 15.8% during the forecast period to reach USD 120.4 billion by 2027, according to a new report by MarketsandMarkets™. Improving battery technology, coupled with supporting regulatory norms, are the driving the demand for battery materials. Moreover, the increasing demand for sustainable vehicles and energy storage system across the globe play a key role in the driving the growth of battery materials market.
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Browse in-depth TOC on "Battery Materials Market"
309 – Tables
68 – Figures
287 – Pages
List of Key Players:
- Umicore (Belgium),
- Asahi Kasei (Japan),
- Mitsubishi Chemical Holdings (Japan),
- Sumitomo Corporation (Japan), and
- Johnson Matthey (UK).
Battery Materials Market Dynamics:
Heavy investments in automotive, electronics, and ESS are the key factors driving the battery materials market across the globe, especially in APAC. Furthermore, government support, presence of a strong manufacturing base, and growing investments by automotive companies in an electric vehicle are driving the battery materials market worldwide.
The battery materials market is a high growth market globally. Manufacturing companies, research institutions, and battery makers are investing heavily in technological advancements of these batteries. These investments are made to create batteries with high power density, long life cycle, low cost, high performance, and that are environment friendly. Materials have high demand at a global level, and their manufacturing is mainly led by the Asian countries such as Japan, China, and South Korea. The current demand is for low-cost batteries in this industry; manufacturers prefer materials that are cost-effective and offer high performance. Major applications of battery materials are in batteries used in portable devices, automotive, industrial, and power tools.
Key Findings of the Study:
- The Lead-acid battery is expected to account for the second largest share of the battery materials market, by battery type, during the forecast period, in terms of value.
- Automotive application to account for largest share of lead acid battery materials market during the forecast period in terms of value.
- Asia – Pacific battery materials market is projected to register the largest market share during the forecast period.
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The Lead-acid battery is expected to account for the second largest share of the battery materials market, by battery type, during the forecast period, in terms of value.
The lead-acid battery is estimated to have the second largest market share by value. Lead-acid battery is a sustainable energy storage system and the growth of the lead-acid is mainly driven by automotive and industrial applications. Lead-acid battery is recyclable upto 99% and has good energy storage capacity. Lead-acid batteries are used in various applications such as automotive, industrial and stationary energy storage system.
Automotive application to account for largest share of lead acid battery materials market during the forecast period in terms of value.
Based on Applications, automotive is estimated to account for the largest share of the market during the forecast period. The growth of the automotive sector and public awareness in the Asia Pacific region are expected to boost the battery materials market in the region. China and India are likely to generate a positive impact on the market in the automotive application.
Asia – Pacific battery materials market is projected to register the largest market share during the forecast period.
Asia Pacific is the fastest-growing market for battery materials mainly due to the high economic growth, and heavy investment in industries such as electric vehicle, electronics products, portable device and manufacturing. Asahi Kasei (Japan), Mitsubishi Chemical holdings (Japan), Posco (South Korea), and other leading global players are adopting various strategies to increase their market share in the region's battery materials market.
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