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Battery Materials Market Outlook, Critical Insights, Trends Analysis, Key Players And Forecast To 2033
Battery Materials Market Outlook
As per the report, the battery materials market size has grown rapidly in recent years. It will grow from $57.63 billion in 2023 to $64.58 billion in 2024 at a compound annual growth rate (CAGR) of 12.1%. The battery materials market size is expected to see rapid growth in the next few years. It will grow to $99.14 billion in 2028 at a compound annual growth rate (CAGR) of 11.3%.
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Electric Vehicle Adoption Fueling Growth In The Battery Materials Market
The increase in adoption of electric vehicles is expected to propel the growth of the battery materials market going forward. Electric vehicles can be referred to as cars that run on an electric motor rather than an internal combustion engine. A substantial traction battery pack powers the electric motor materials that are used in electric vehicles to provide high energy density, a low self-discharge rate, low maintenance, and more charge cycles. For instance, in April 2021, an International Energy Agency report, a France-based global energy system intergovernmental agency, 10 million electric vehicles had been sold globally in 2020, up 43% from the prior year and there are about 3 million new electric vehicle registrations. Therefore, the increasing adoption of electric vehicles is driving the growth of the battery materials market.
Technological Advancements Driving Innovation In The Battery Materials Market
Technological advancements have emerged as a key trend gaining popularity in the battery materials market. Major companies operating in the market are introducing new technologies to sustain their position in the market. For instance, in September 2021, Sila Nanotechnologies Inc., a German-based battery materials company that develops lithium-ion batteries, launched Whoop 4.0, a small fitness tracker that works on unique silicon anode battery technology that enables higher energy density without adversely affecting other performance metrics. The battery technology used in the product replaces the graphite anodes that will usher in a new era of energy storage.
The battery materials market covered in this report is segmented -
1) By Type: Cathode, Anode, Electrolyte, Separator, Other Types
2) By Battery Type: Lithium Ion, Lead Acid, Other Battery Type
3) By Application: Automobile Industry, Household Appliances, Electronics Industry, Other Application
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Major companies operating in the battery materials market report are Asahi Kasei Corporation, BASF SE, Mitsubishi Chemical Holdings Corporation, Sumitomo Corporation, Umicore NV, Albemarle Corporation, Livent Corporation, Nichia Corporation, Toray Industries Inc., POSCO Holdings Inc., Showa Denko KK, Hitachi Chemical Company Limited, China Molybdenum Company Limited, Ganfeng Lithium Co. Ltd., MMC Norilsk Nickel PJSC, Ningbo Shanshan Company Limited, Saudi Basic Industries Corporation (SABIC), Ensinger Group, DIC Corporation, Celanese Corporation, Johnson Matthey plc, Lanxess AG, Glencore PLC, Norilsk Nickel, Panasonic Holdings Corporation, NEC Corporation, LG Chem, Toshiba Corporation, Ampere*x Technology Limited, BAK Group
Contents of the report:
1. Executive Summary
2. Battery Materials Market Report Structure
3. Battery Materials Market Trends And Strategies
4. Battery Materials Market - Macro Economic Scenario
5. Battery Materials Market Size And Growth
…..
27. Battery Materials Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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