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Battery Material Market to Reach US$84.0 Billion by 2031, Growing at 6.0% CAGR | Asia-Pacific Dominates as Largest and Fastest-Growing Region | DataM Intelligence
Battery Material Market
According to DataM Intelligence, the global battery material market reached US$52.6 billion in 2023 and is expected to reach US$84.0 billion by 2031, growing with a CAGR of 6.0% during the forecast period 2024-2031. This robust growth is propelled by the global transition to electric vehicles (EVs), massive expansion of grid energy storage, surging demand for consumer electronics, supportive government policies for clean energy, and continuous innovation in battery chemistry for higher performance and sustainability.
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Report Details:
• No. of Pages: 180
• Forecast Period: 2024-2031
• Market Size (2023): $52.6 Billion
• Market Size (2031): $84.0 Billion
• Compound Annual Growth Rate: 6.0%
• Regions Covered: Global
Global Recent Developments:
✅ November 2025: CATL unveiled its "Shenxing Plus" LFP (Lithium Iron Phosphate) battery cell, achieving a record energy density of 220 Wh/kg using a novel doped cathode material, extending EV range and reducing cobalt dependency.
✅ November 2025: A consortium including BASF and Umicore launched the first commercial-scale plant in Belgium for recycling EV battery "black mass" into high-purity nickel, cobalt, and lithium, marking a major step in circular economy for battery materials.
✅ October 2025: Tesla and Panasonic announced a breakthrough in dry electrode coating technology for cathode materials, cutting manufacturing energy use by 70% and paving the way for lower-cost, higher-throughput battery cell production.
✅ October 2025: Albemarle Corporation and SQM finalized their joint venture to create the world's largest integrated lithium production facility in Chile, aiming to control 40% of global lithium chemical supply for the lithium-ion battery market by 2028.
✅ September 2025: The European Union's Critical Raw Materials Act came into full force, triggering over €20 billion in announced investments for local refining of battery-grade graphite, silicon, and electrolyte salts to reduce dependence on Asia.
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Competitive Landscape
The market features intense competition between global mining and chemical giants, specialized battery component suppliers, and integrated cell manufacturers.
1. Albemarle Corporation maintained leadership in lithium supply with 22% global market share in key materials, reporting 30% revenue growth in 2024-2025 through long-term EV supply contracts.
2. Umicore captured a leading position in cathode and recycling materials with 20% market share, securing partnerships with European automakers and achieving 25% growth.
3. BASF SE dominated the cathode active material (CAM) segment for NMC batteries with 18% market share, reporting 28% growth through technological innovation and geographic expansion.
4. POSCO Holdings (including POSCO Chemical) led in anode and cathode material integration with 16% market share, achieving 35% growth driven by the Korean and North American EV supply chain.
5. Ganfeng Lithium Group expanded aggressively in the lithium value chain with 15% market share, focusing on vertical integration from mining to lithium compounds with 40% revenue growth.
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Segmentation Analysis
By Battery Type
• Lithium-Ion represents the dominant and fastest-growing segment with over 75% revenue share in 2024, growing at 8.5% CAGR, driven by its unmatched adoption in electric vehicles, consumer electronics, and stationary storage. Growth is fueled by continuous improvements in energy density, cost reduction through chemistries like LFP, and massive global manufacturing scale-up to meet decarbonization targets across transportation and energy sectors.
• Lead Acid maintains a steady share for automotive SLI (Starting, Lighting, Ignition) applications and backup power, while Nickel Metal Hydride and Nickel Cadmium see declining shares due to environmental and performance factors.
By End-User
• Automotive Manufacturers command the largest and fastest-growing share with 55% revenue share in 2024, growing at 9.0% CAGR, driven by the explosive global rollout of electric vehicles. This segment's demand for high-performance, cost-effective, and sustainably sourced cathode (NMC, LFP), anode (graphite, silicon), electrolyte, and separator materials is the primary engine for the entire battery material market, influencing R&D, supply chain investments, and material innovation priorities worldwide.
• Battery Manufacturers are key intermediaries, while Energy Providers are rapidly growing segment for grid storage materials.
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Regional Analysis:
Asia-Pacific Dominates as Largest and Fastest-Growing Region, holding over 65% revenue share in 2024 and projected to expand at 7.5% CAGR through 2031. This dominance is fueled by China's command of the global battery supply chain (from raw material processing to cell manufacturing), South Korea and Japan's leadership in advanced battery tech and materials, Southeast Asia's growing role in nickel processing, and the region's status as the world's largest producer and consumer of EVs and electronics.
North America and Europe are experiencing accelerated growth due to aggressive policies (US Inflation Reduction Act, EU Green Deal) aimed at building localized, secure battery material supply chains to reduce dependency on Asia.
Market Trends & Drivers
The Battery Material Market is experiencing robust, strategically vital growth driven by the global energy transition. Key trends include the rapid rise of LFP chemistry for cost and safety, the development of silicon-dominant anodes and solid-state electrolytes for next-gen performance, intense focus on supply chain security and localization of processing, advancement in sustainable and circular economy practices (recycling, low-carbon refining), and geopolitical policies shaping material flows and investments. The EV revolution, energy security concerns, and technological leaps are significantly contributing to market growth.
Related Reports:
1. Lithium-Ion Battery Market - https://www.datamintelligence.com/research-report/lithium-ion-battery-market?jd
2. Electric Vehicle Battery Recycling Market - https://www.datamintelligence.com/research-report/electric-vehicles-battery-recycling-market?jd
3. Battery Energy Storage System Market - https://www.datamintelligence.com/research-report/battery-energy-storage-systems-market?jd
Contact Us:
Sai Kiran
DataM Intelligence 4market Research LLP
Phone: +1 877-441-4866
Email: Sai.k@datamintelligence.com
About DataM Intelligence
DataM Intelligence is a renowned provider of market research, delivering deep insights through pricing analysis, market share breakdowns, and competitive intelligence. The company specialises in strategic reports that guide businesses in high-growth sectors such as nutraceuticals and AI-driven health innovations.
To find out more, visit https://www.datamintelligence.com/ or follow us on Twitter, LinkedIn and Facebook.
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