Lithium-ion Battery Materials Market worth $97.5 billion by 2028 | Key players BASF SE (Germany), Umicore (Belgium), 3M (US), Sumitomo Metal Mining Co., Ltd. (Japan).

According to recent market research the "Lithium-ion Battery Materials Market by Battery Chemistry (LFP, LCO, NMC, NCA, LMO), Material (Cathode, Anode, Electrolyte), Application (Portable Device, Electric Vehicle, Industrial), & Region (APAC, Europe, North America, ROW) - Global Forecast to 2028", is projected to grow from USD 34.2 billion in 2023 to USD 97.5 billion by 2028, at a CAGR of 23.3% from 2023 to 2028. There is a significant increase in demand for electric vehicles and consumer electronics across the globe. This has enhanced the demand for lithium-ion batteries which in return has boosted the market for lithium-ion battery material.

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The lithium nickel manganese cobalt oxide (NMC), by battery chemistry, is projected to be the largest market during the forecast period. This chemistry excels in maintaining a fine equilibrium between high energy density, an extended lifespan, and enhanced thermal resilience, makes lithium nickel manganese cobalt oxide battery suitable for a wide range of applications. The steady rise in electric vehicle needs, coupled with strict environmental standards and ongoing technological breakthroughs, emphasizes the role of NMC that provides reliable, and eco-friendly energy storage solutions.

The cathode material segment ranks as the largest growing sector in the Lithium-ion battery materials market. Cathode materials are a key component of lithium-ion batteries, which are widely used in various applications ranging from portable electronics to electric vehicles and grid energy storage systems. The cathode is responsible for storing and releasing lithium ions during charge and discharge cycles. The lithium-ion cathode materials market is further segmented into lithium iron phosphate (LFP), lithium cobalt oxide (LCO), lithium nickel manganese cobalt (NMC), and lithium manganese oxide (LMO).

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Asia Pacific is the fastest-growing segment of the lithium-ion battery materials market due to a enhanced focus for cleaner energy. This region is witnessing a rise in lithium-ion battery materials, particularly those driven by government initiatives like tax incentives & rebates for EV purchases, subsidies for renewable energy projects, etc. The region's expanding consumer electronics industry and renewable energy initiatives contribute towards the demand for lithium-ion battery materials market in the region.

The major players operating in the lithium-ion battery materials market include BASF SE (Germany), Umicore (Belgium), 3M (US), Sumitomo Metal Mining Co., Ltd. (Japan), Resonac Holding Corporation (Japan), POSCO FUTURE M (South Korea), Tanaka Chemical Corporation (Japan), LANDF CORP. (South Korea), JFE Chemical Corporation (Japan), SGL Carbon (Germany), NEI Corporation (US), KUREHA CORPORATION (Japan), BTR New Material Group Co., Ltd. (China), UBE Corporation (Japan), among others.

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BASF SE is a global leader in the production and supply of advanced materials, chemicals, and solutions. It has diversified operating business segments, namely, chemicals, materials, industrial solutions, surface technologies, nutrition & care, agricultural solutions, and others. The company offers products and solutions such as petrochemical, intermediates, performance material, polyamides raw material, performance chemical, catalyst, personal care & hygiene, oil & gas, and others. BASF SE offers lithium-ion battery materials under the catalysts division of the surface technologies segment. It manufactures and distributes cathode active materials that support lithium-ion batteries for electrified vehicles with energy, density, reliability, and performance. The company operates in more than 80 countries in Europe, North America, Asia Pacific, South America, Africa, and the Middle East.

Umicore is a global material technology and recycling group. The company serves a diverse range of industries, including energy, automotive, recycling, chemicals, manufacturing, optics & displays, precious metals and electronics. It operates through 3 business segments namely, catalysis, energy & surface technologies, and recycling. It offers lithium-ion battery materials under its energy & surface technologies segment. Umicore's under its energy & surface technologies segment offer other products such as cobalt & specialty materials, rechargeable battery materials, metal deposition solutions, and electro-optic materials. The company operates in more than 90 countries across Europe, North America, Asia Pacific, South America, and Africa. The company has more than 40 production sites and 15 R&D/technical centers globally.

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