Press release
Battery Materials Market to Develop New Growth Story 2024 - 2031 | Albemarle, China Molybdenum Co. Ltd.
Battery Materials Market
The global battery materials market size was valued at US$ 50.6 Billion in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 6% from 2023 to 2030.
Market Dynamics:
The battery materials market is expected to witness significant growth owing to the growing demand for electric vehicles around the globe. Many countries have proposed bans on new internal combustion engine vehicles to reduce carbon emissions. For instance, the UK and Europe propose a ban on new gasoline and diesel cars by 2030. Similarly, California aims to phase out new gasoline-powered vehicles by 2035. This increasing shift towards EVs is likely to boost the demand for battery materials over the forecast period. Additionally, the growing adoption of renewable energy is also augmenting the need for energy storage technologies such as batteries, thereby driving the battery materials market growth. However, the high dependence on rare earth materials and volatility in their supply and prices remains a major challenge for market players.
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Major Market Driver: Growing Demand for Lithium-ion Batteries from Consumer Electronics Industry
The rising adoption of consumer electronics such as smartphones, laptops, tablets and others is one of the key factors driving the growth of the battery materials market globally. Lithium-ion batteries are widely used in almost all types of consumer electronics owing to their high energy density, light weight and longer lifespan compared to other battery technologies. According to forecasts, the global sales of lithium-ion batteries are expected to increase from around $40 billion in 2020 to over $80 billion by 2030 as the consumer demand for portable consumer devices remains strong. The growing sales of consumer electronics has encouraged battery materials manufacturers to boost their production capacities of cathode materials such as lithium cobalt oxide, lithium nickel manganese cobalt oxide, and lithium iron phosphate that are key components of lithium-ion batteries.
Major Market Driver: Increased Demand for Electric Vehicles Spurring Adoption of Advanced Battery Materials
The increasing demand for electric vehicles around the world is another major driver for the battery materials market. Most electric vehicles currently use lithium-ion batteries to power their operations due to their high energy density and lesser weight. Government policies and regulations promoting the use of cleaner transport solutions along with rising environmental concerns have spurred the global EV sales in recent years. Total electric car sales surpassed 3 million units globally in 2020 and this momentum is forecast to continue with many countries targeting to completely ban sales of new internal combustion engine vehicles by 2035-2040. The lithium-ion battery capacity needed for a single EV is much greater than those required for consumer electronics, thereby stimulating greater consumption of cathode and anode materials by battery manufacturers. Advanced battery materials like lithium nickel manganese cobalt oxide and silicon-based anodes are also gaining traction for developing high-performance lithium-ion batteries for EVs.
Major Market Opportunity: Emerging Applications Like Energy Storage Opening New Avenues
The growing adoption of battery energy storage systems (BESS) across various applications is opening new growth opportunities for battery materials manufacturers. Battery energy storage is increasingly being used for stabilizing power grids with intermittent renewable energy sources like solar and wind power. It also finds applications in commercial and residential settings for reliably meeting backup power needs. Electrochemical battery technologies like lithium-ion are preferred for large-scale storage projects owing to their high energy density. The global energy storage market is forecast to witness a CAGR of over 15% during 2020-2027. Emergence of microgrids and expansion of electricity networks will further augment the requirement for grid-scale and behind-the-meter batteries. Materials like lithium iron phosphate and lithium nickel manganese cobalt oxide that offer longer lifecycles and better thermal stability are well-suited for stationary energy storage use. This presents an opportunity for battery material producers to broaden their product offerings and gain a foothold in this lucrative application segment.
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Top Companies Featured in This Report:
★ Albemarle
★ China Molybdenum Co. Ltd.
★ Gan feng Lithium Co., Ltd.,
★ Glencore PLC
★ Livent Corporation
★ Norlisk Nickel
★ Sheritt International Corporation
★ SQM S.A.
★ Targray Technology International Inc.
★ Teck Resources
★ Tianqi Lithium
★ Vale S.A.
Market Segmentation:
By Product Type:
★ South Africa, North Africa, and Central Africa and Rest of Middle East
★ Segments covered:
★ By Battery Type: Lithium Ion, Lead Acid, Others
★ By End Use Industry: Automobile Industry, Household Appliances, Electronics Industry, Others
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
The report offers insights on the following aspects:
Chapter 1: Study Coverage
Chapter 2: Executive Summary
Chapter 3: Analysis of Battery Materials Market Competition Landscape by Players
Chapter 4: Assessment of Battery Materials Market Size by Type and Application
Chapter 5: Global and Regional Analysis
Chapter 6: Company Profiles, recent developments, and investments
Chapter 7: Analysis of Market Opportunities, Challenges, Risks, and Influencing Factors
Chapter 8: Evaluation of Value Chain and Sales Channels, including breakthrough product developments
Chapter 9: Research Findings and Conclusion
Chapter 10: Methodology/Research Approach
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Battery Materials sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)
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Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
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