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Escalating Demand and Future Projections: Battery Materials Market Growth, Global Trends, and Key Industry Players
Escalating Demand and Future Projections: Battery Materials Market Growth
The Global battery materials market continues to see a surge due to advancements in portable electronics and energy storage systems, with a projected growth from $63.54 billion in 2024 to $107.25 billion in 2029.
What Is The Projected Market Size Of The Global Battery Materials Market And Its Growth Rate?
• The market size of battery materials has seen rapid growth in recent years, from $63.54 billion in 2024 to $70.68 billion in 2025, showcasing a CAGR of 11.2%.
• This growth can be attributed to the rising demand for lightweight materials, research and development funding, and increasing integration of renewable energy.
• The market is predicted to grow to $107.25 billion in 2029 at a CAGR of 11.0%, spearheaded by advancements in solid-state batteries, lithium-sulfur batteries, and the demand for low-cost materials.
What Is Driving The Growth In The Battery Materials Market?
The growth in the battery materials market is essentially driven by the increasing adoption of electric vehicles. Electric vehicles, powered by substantial traction battery packs, necessitate high energy density materials, a low self-discharge rate, and numerous charge cycles. The increasing influence is further proven by the surge in new electric car registrations in the United States to 1.4 million in 2023, an increase of over 40% compared to 2022.
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Who Are the Key Players Driving Battery Materials Market Growth?
Key industry players include:
• 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.
What Are The Key Trends In The Battery Materials Market?
Key trends include:
• Transition to solid-state batteries
• Advancements in lithium-sulfur batteries
• Demand for low-cost materials
• Expansion of energy storage systems
• Global efforts for carbon neutrality
What Are The Segments Of The Global Battery Materials Market?
The global market can be segmented into:
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
Which Region Leads The Battery Materials Market?
Asia-Pacific has dominated the battery materials market as the largest region in 2024. The report also covers regions including Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
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What Is Covered In The Battery Materials Market Global Market Report?
- Market Size Analysis: Analyze the Battery Materials Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Battery Materials Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Battery Materials Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Battery Materials Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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