Battery Material Market to Reach USD 84.0 Billion by 2031 | Strong 6.0% CAGR | Asia-Pacific Leads with 45% Share | Key Players: LG Chem, CATL, Panasonic, Tesla, BYD, Johnson Controls

Market Overview

The Global Battery Material Market reached US$ 52.6 billion in 2023 and is projected to grow to US$ 84.0 billion by 2031, expanding at a CAGR of 6.0% during the forecast period 2024-2031. The surge in demand for consumer electronics such as smartphones, laptops, and wearable devices is a major factor fueling the market growth, as these devices increasingly rely on lithium-ion batteries for efficient, long-lasting power. Additionally, industrial applications of lithium-ion batteries have expanded rapidly in recent years owing to their high energy density, high power output, lightweight design, and rechargeability. The automotive, aerospace and defense, medical, and energy storage sectors are among the key industries driving the uptake of advanced battery materials.

Get a Free Sample PDF Of This Report (Get Higher Priority for Corporate Email ID):-https://www.datamintelligence.com/download-sample/battery-material-market?Juli

Ongoing research advancements in nanomaterials are further shaping the market landscape. In particular, 2D nanomaterials based on transition-metal diborides (TMDs) have garnered significant attention due to their high rate capability and long cycling stability for lithium-ion storage. These properties arise from the unique honeycomb lattice of boron and multivalent transition-metal atoms, which enhance conductivity and durability. Such innovations are expected to play a crucial role in the development of next-generation batteries for applications in energy storage, catalysis, and electronic systems, positioning advanced materials as a cornerstone of future energy solutions.

Recent Developments

✅ January 2026: The global demand for lithium continued to rise, driven by rapid growth in the energy storage sector. Lithium consumption for stationary storage and electric mobility applications surged as renewable energy adoption accelerated, strengthening the outlook for battery material suppliers worldwide.

✅ January 2026: ProLogium Technology, Kyushu Electric Power, and Nakayama Iron Works announced a collaboration to introduce a 24V solid-state battery module and zero-emission construction machinery, marking a significant milestone for industrial applications of solid-state battery materials.

✅ Late 2025: The solid-state battery materials market achieved notable progress toward large-scale commercialization, with several manufacturers commissioning GWh-level production facilities and refining supply chains for advanced battery chemistries.

✅ October 2025: Toyota and Sumitomo Metal Mining advanced the development of next-generation cathode materials for all-solid-state batteries, targeting mass production and integration into electric vehicles by the late 2020s.

✅ 2025: The global battery materials market continued to expand, supported by the increasing demand for high-performance materials such as lithium, nickel, and cobalt, which are essential for powering electric vehicles, portable electronics, and grid-scale energy storage systems.

✅ On June 19, 2023, EIT InnoEnergy and BASQUEVOLT unveiled Europe's first innovation center to develop 100% European solid-state battery technology.

Mergers & Acquisitions

✅ January 2026: LG Chem completed the acquisition of a European cathode material manufacturer to strengthen its supply chain for high-nickel cathode materials and expand its footprint in the global electric vehicle battery market.

✅ December 2025: BASF SE acquired a minority stake in a North American lithium-ion battery recycling company to secure access to recovered nickel, cobalt, and lithium, reinforcing its commitment to a circular battery materials economy.

✅ November 2025: POSCO Holdings finalized the acquisition of a lithium mining project in Argentina, expanding its raw material base to support the growing demand for battery-grade lithium carbonate and hydroxide.

✅ September 2025: Umicore acquired a next-generation battery materials startup specializing in silicon anode technologies, enhancing its innovation pipeline and diversifying its product portfolio for high-energy-density batteries.

Buy Now & Unlock 360° Market Intelligence:-https://www.datamintelligence.com/buy-now-page?report=battery-material-market?Juli

Key Players:
LG Chem | Panasonic Corporation | Tesla Motors | BYD Company Ltd. | Johnson Controls Inc. | GS Yuasa Corporation | A123 Systems | Samsung SDI Co Ltd | SAFT Corporation

Key Highlights:

• LG Chem - Holds an estimated 15% share, driven by its diversified portfolio of lithium-ion cathode and anode materials for EVs, consumer electronics, and energy storage systems.

• Panasonic Corporation - Holds around 12% share, strengthened by its long-standing partnerships with EV manufacturers and focus on high-performance battery materials.

• Tesla Motors - Estimated 11% share, leveraging proprietary battery technology and in-house material innovations to optimize energy density and cost efficiency.

• BYD Company Ltd. - Holds approximately 10% share, benefiting from integrated battery production and control over raw materials for EV and energy storage applications.

• Johnson Controls Inc. - Estimated 8% share, supplying lead-acid and lithium-ion battery materials for automotive and industrial applications.

• GS Yuasa Corporation - Holds around 7% share, focusing on high-performance lithium-ion materials for automotive, aerospace, and industrial applications.

• A123 Systems - Estimated 6% share, specializing in advanced lithium-ion battery materials for automotive, commercial, and grid-scale storage applications.

• Samsung SDI Co Ltd - Holds approximately 5% share, driven by research in high-energy-density cathode and anode materials for EVs and portable electronics.

• SAFT Corporation - Estimated 4% share, supplying high-performance battery materials for aerospace, defense, and industrial energy storage applications.

Market Segmentation:

➥By battery type, Lithium-Ion batteries dominate the market with an estimated 68% share, driven by their high energy density, rechargeability, and widespread adoption in electric vehicles, consumer electronics, and energy storage systems. The Nickel Metal Hydride (NiMH) segment holds approximately 12%, mainly used in hybrid vehicles and specialty industrial applications. Nickel Cadmium (NiCd) batteries account for around 10%, primarily utilized in aerospace and backup power systems due to their robustness and long cycle life. The Lead Acid segment contributes roughly 10%, remaining relevant in automotive starter batteries, uninterruptible power supplies (UPS), and industrial applications.

➥By end-user, automotive manufacturers represent the largest share at 45%, fueled by the accelerating adoption of electric vehicles and hybrid electric vehicles worldwide. Battery manufacturers hold approximately 30%, as they rely on a stable supply of high-quality materials to meet production demands. Energy providers account for around 15%, reflecting the growing integration of large-scale battery storage systems to support renewable energy and grid stabilization. Research institutions comprise the remaining 10%, focusing on developing next-generation battery materials and improving performance, energy density, and safety standards for commercial and industrial applications.

Speak to Our Analyst and Get Customization in the report as per your requirements:-https://www.datamintelligence.com/customize/battery-material-market?JULi

Regional Insights:

Asia-Pacific dominates the market with an estimated 45% share, driven by major battery material producers in China, Japan, and South Korea, the rapid growth of electric vehicles, and increasing adoption of renewable energy storage systems.

North America holds around 25%, supported by strong investments in EV manufacturing, energy storage infrastructure, and research in advanced battery chemistries. Europe accounts for approximately 20%, fueled by regulatory incentives for EV adoption, government support for energy storage projects, and the presence of leading battery manufacturers in Germany, France, and Sweden.

Market Dynamics:

The increasing adoption of renewable energy sources is a key driver for the global battery material market. As countries invest in solar, wind, and other renewable power technologies, the need for efficient energy storage solutions has surged, driving demand for advanced battery materials. For instance, in 2022, the U.S. passed legislation investing billions in renewable energy technologies, including transmission grids, electric vehicles, and large-scale battery storage systems. These initiatives are expected to accelerate regional battery material demand while supporting sustainability goals, job creation, and emission reductions.

The growing demand for electric vehicles (EVs) is another major market driver. With consumers and automakers seeking to reduce carbon emissions and lower fuel costs, lithium-ion batteries have emerged as the preferred power source due to their efficiency, energy density, and decreasing production costs. Innovations such as lithium-air batteries, researched by Argonne National Laboratory, could further revolutionize EV technology by enabling longer travel ranges and enhanced performance, which would significantly boost the adoption of battery materials in transportation.

However, the high cost associated with manufacturing battery materials poses a significant market restraint. Production requires specialized materials, advanced equipment, and complex processes, all of which increase capital and operational expenditure. Additionally, the concentration of lithium-ion battery component production in China, which controls a large share of the global supply chain, has led to higher costs and supply constraints, impacting global battery production prices and availability.

📌 Request for 2 Days FREE Trial Access: https://www.datamintelligence.com/reports-subscription

☛ Power your decisions with real-time competitor tracking, strategic forecasts, and global investment insights all in one place.

✅ Competitive Landscape

✅ Sustainability Impact Analysis

✅ KOL / Stakeholder Insights

✅ Unmet Needs & Positioning, Pricing & Market Access Snapshots

✅ Market Volatility & Emerging Risks Analysis

✅ Quarterly Industry Report Updated

✅ Live Market & Pricing Trends

✅ Import-Export Data Monitoring

☛ Have a look at our Subscription Dashboard: https://www.youtube.com/watch?v=x5oEiqEqTWg?Juli

Contact Us -
Company Name: DataM Intelligence
Contact Person: Sai Kiran
Email: Sai.k@datamintelligence.com
Phone: +1 877 441 4866
Website: https://www.datamintelligence.com

About Us -
DataM Intelligence is a Market Research and Consulting firm that provides end-to-end business solutions to organizations from Research to Consulting. We, at DataM Intelligence, leverage our top trademark trends, insights and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of syndicate reports and customized reports with a robust methodology.

Our research database features countless statistics and in-depth analyses across a wide range of 6300+ reports in 40+ domains creating business solutions for more than 200+ companies across 50+ countries; catering to the key business research needs that influence the growth trajectory of our vast clientele.

This release was published on openPR.