Battery Materials Market Size Projected to Reach USD 171.0 billion by 2031, With 13.6% CAGR: Transparency Market Research, Inc.
Research and development activities and demand for recycling facilities will create a market for battery materials.
WILMINGTON, Del., Jan. 3, 2024 /PRNewswire/ -- The battery materials industry was worth US$ 54.5 billion in 2022. A CAGR of 13.6% is projected from 2023 to 2031, reaching US$ 171.0 billion. Global efforts to reduce dependency on fossil fuels and transition to renewable energy sources are driving the battery materials market. The storage and efficient utilization of renewable energy depends on batteries.
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Raw material security and supply chain security play a critical role. For battery manufacturers, stable raw material supplies become increasingly important as demand increases. Besides lithium-ion batteries, other chemistries are being explored, including potassium-ion, sodium-ion, and even lithium-sulfur. Increasing demand for batteries is driving the need for recycling and sustainable production. Companies are recovering and reusing discarded batteries in order to reduce their environmental impact and dependence on resources.
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With the advancement of nanotechnology and material science, materials with improved properties have been developed. To improve battery performance and meet specific challenges, other design innovations have been made in addition to nanomaterials and two-dimensional materials. Cobalt mining and its environmental impact have prompted battery formulations to reduce or eliminate cobalt. Battery energy density was increased by nickel, on the other hand, making nickel in high demand.
Next-generation batteries may be possible with solid-state batteries. In addition to increasing energy density, solid-state batteries are potentially safer and less expensive. As solid-state batteries came closer to commercialization, research and development were being conducted to overcome technical challenges. Batteries are increasingly being recycled and a circular economy is being created for battery materials as adoption grows. Concerns about environmental degradation and the need to mitigate resource depletion drove this decision.
Battery Materials Market Report Scope:
Report Coverage Details
Forecast Period
2023-2031
Base Year
2017-2021
Size in 2022
US$ 54.5 Bn
Forecast (Value) in 2031
US$ 171.0 Bn
Growth Rate (CAGR) 13.6 %
No. of Pages
439 Pages
Segments covered Material, Application,
End-user
Key Findings of the Market Report
-- Based on application, demand for primary batteries is expected to drive
the market for battery materials.
-- A greater emphasis on anode materials is likely to create opportunities
for battery materials to thrive in the future.
-- Battery materials are in high demand in the electrical & electronics
industry.
-- The market share of battery materials was held by North America in 2022.
Global Battery Materials Market: Growth Drivers
-- The growing popularity of electric vehicles largely drives the market
growth of battery materials. Rechargeable batteries are increasingly
used in electric vehicles worldwide, which increases battery material
demand.
-- As renewable energy sources like solar and wind power become more
common, energy storage systems, including grid storage and residential
storage, will become more important. The materials used in batteries
enhance enhanced storage capacity and efficiency.
-- Electric vehicles and renewable energy production are being encouraged
worldwide through incentives and policies. As a result, investors are
investing in battery technology, thereby increasing the demand for
battery materials.
-- Researchers are continually researching and developing battery
technology, which leads to improved performance, cost-effectiveness, and
efficiency. Material advancements are incorporated into the market as
new materials are developed.
-- A growing number of electronic devices, such as smartphones, tablets,
laptops, and other electronic devices, create a demand for
high-performance batteries. In turn, this creates a need for more
advanced battery materials. Cleaner energy sources are becoming more
popular as awareness of environmental issues grows. Battery technologies
can enable renewable energy and sustainable transportation.
Global Battery Materials Market: Regional Landscape
-- North America is expected to lead the market for battery materials in
the market. Electric vehicle demand is closely tied to battery materials
in the United States. North America has seen an increase in the number
of electric vehicles being produced, with many automakers planning to
produce more electric vehicles.
-- Government policies and incentives can also affect the demand for
battery materials. North American governments have promoted electric
vehicles and clean energy technologies, which may drive the global
demand for batteries. The demand for energy storage solutions is growing
beyond electric vehicles, such as grid storage and residential storage.
The use of battery technologies in these applications contributes
significantly to battery demand overall.
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Global Battery Materials Market: Key Players
Major battery material manufacturers are using several organic and inorganic growth strategies to expand their market presence. Their production capability is being expanded to meet the increase in demand.
-- BASF SE
-- Mitsubishi Chemical Holdings Corporation
-- Asahi Kasei Corporation
-- FMC Corporation
-- Albemarle Corporation
-- Cabot Corporation
-- Arkema
-- American Elements
-- UBE Corporation
-- Sumitomo Metal Mining Co. Ltd.
Key Developments
-- In December 2023, Hindalco Industries announced that it would increase
its production capacity of fine aluminum foil for rechargeable
batteries, in response to the rapidly expanding electric vehicle (EV)
and energy storage markets.
-- In December 2023, India's leading battery recycling company, Lohum
Cleantech Pvt Ltd (Lohum), has entered the UAE market to build the UAE's
first electric vehicle battery recycling plant by partnering with the
Ministry of Energy & Infrastructure, UAE, and BEEAH, a sustainability
and smart solutions provider in the Middle East.
Global Battery Materials Market: Segmentation
By Material
-- Anode
-- Lithium
-- Cobalt
-- Lead
-- Carbon
-- Graphite
-- Magnesium
-- Others
-- Cathode
-- Magnesium Dioxide
-- Lithium Magnesium Oxide
-- Lead Dioxide
-- Lithium Cobalt Oxide
-- Nickel Magnesium Cobalt
-- Nickel Cobalt Aluminum
-- Electrolyte
-- Ammonium Chloride
-- Zinc Carbon
-- Alkali Metal Hydroxide
-- Sulfuric Acid
-- Others
-- Binder
-- Others
By Application
-- Primary Batteries
-- Secondary Batteries
By End User
-- Transportation
-- Automotive
-- Aerospace
-- Locomotive
-- Marine
-- Consumer Goods
-- Electrical & Electronic Devices
-- Others
-- Industrial
-- Energy Storage
-- Tools & Equipment
-- Others
By Region
-- North America
-- Latin America
-- Europe
-- Asia Pacific
-- Middle East & Africa
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About Transparency Market Research
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