Anode Material for Automotive Lithium-Ion Battery Market to Witness Robust Growth in Coming Years

In a lithium-ion battery for automobiles, the anode is responsible for between 10% and 18% of the total production cost. Therefore, the reduction in the prices of the materials from which it is manufactured is projected to drive the global anode material for automotive lithium-ion battery market to $1,348.6 million in 2030, from $707.2 million in 2019, at a 5.7% CAGR between 2020 and 2030.

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The price slump is supported by, as well as drives, the adoption of electric vehicles (EVs) around the world. With the growing EV demand, the requirement for batteries and its various components is rising. But, since they are expensive, automakers have to charge high prices for EVs, which restrains their adoption to a certain extent. Therefore, original equipment manufacturers (OEMs) in the anode material for automotive lithium-ion battery market are working on producing cost-effective materials, so that the prices of EVs can be reduced and their adoption augmented.

Automotive sales have declined massively during the COVID-19 pandemic, which has reduced the demand for batteries and, in turn, their various components. Further, the anode material for automotive lithium-ion battery market is also being hampered by the closure of manufacturing plants and restrictions on international trade, which have resulted in the low supply of anode material and manufacturing of batteries.

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In the past, the anode material for automotive lithium-ion battery market was dominated by the artificial graphite category, under the type segment. Compared to other materials, artificial graphite is cheaper, offers better recyclability, and has a higher energy density and/or power output.

The passenger car division held the largest share in the anode material for automotive lithium-ion battery market historically, based on vehicle type. In many countries, financial incentives are being offered to the buyers and manufacturers of passenger cars, which is leading to the rising demand for batteries and, subsequently, anode, cathode, and electrolyte materials.

During the next decade, the most-rapid advance in the anode material for automotive lithium-ion battery market would be experienced by Europe. In order to produce automotive lithium-ion batteries domestically, the European Union (EU) is working with commercial lenders and battery manufacturers. For instance, Northvolt Ett was loaned $392.0 million by the European Investment Bank in 2018 to set up a battery factory in Sweden. Similarly, the German government plans to increase the production of automotive lithium-ion battery cells.

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